Zimbabwe Online News

The 31 members of the International Energy Agency said Tuesday they’d release 60 million barrels of oil from their strategic reserves to bolster the world’s oil markets in the wake of the Russian invasion of Ukraine.

The United States and large energy-consuming countries in Europe have not sanctioned Russian oil, but prices have spiked since the invasion. On Tuesday, the price of a barrel of oil was more than $100 for the first time since 2014.

Russia is the world’s third-largest producer of oil, accounting for roughly 12% of the oil market. Sixty percent of Russian oil goes to Europe, while about 20% goes to China. The U.S. also imports Russian oil.

The release is "to send a strong message to oil markets" that there will be "no shortfall in supplies" the group said Tuesday.

"The situation in energy markets is very serious and demands our full attention," IEA Executive Director Fatih Birol said.

The U.S. will account for about half of the release announced by the IEA.

The IEA’s action is only the fourth time it has led a coordinated release of strategic oil reserves since reserves were created following the Arab oil embargo of 1974.

It is unclear if releases affect the price of oil.

Last November, amid spiking gas prices, U.S. President Joe Biden released 50 million barrels, a move followed by several other countries. The move had very little impact on the price of gasoline, which has continued to rise. The price of one gallon of gas in the U.S. is now 90 cents more than it was a year ago.

"The release of the reserves is notable, but as we saw back in November, it's just not viewed as a kind of game changer in any way," Craig Erlam, senior market analyst at commodity futures trading firm OANDA, told Reuters.

Source: Voice of America

A leading cybersecurity firm says it has discovered a “highly sophisticated” piece of malware being used by Chinese hacking teams to attack government and critical infrastructure targets.

Symantec, a division of U.S.-based software designer and manufacturer Broadcom, said the earliest known sample of the malware, which has been dubbed Daxin, dates back to 2013, while Microsoft first documented the hacking tool in December 2013.

A report by the company’s Threat Hunter Team says Daxin is “without doubt” the most advanced piece of malware it has seen used “by a China-linked actor.” The unit says Daxin was discovered along with other hacking tools previously used by Chinese cyberattackers.

The hackers have deployed Daxin against “organizations and governments of strategic interest to China.” The malware permits the attackers to communicate directly with infected computers on highly secured networks where direct internet connectivity is not available, allowing them to extract data without raising suspicions.

Vikram Thakur, a technical director with Symantec, told Reuters that Daxin “can be controlled from anywhere in the world once a computer is actually infected.” Thakur said Daxin’s victims included high-level, non-Western government agencies in Asia and Africa, including justice ministries.

Source: Voice of America

Russia's invasion of Ukraine, and the sanctions that followed, has pushed the price of oil to over $100 per barrel, the highest level in eight years. But, it's also opened an opportunity for African oil producers like Nigeria, Angola, Libya, and Algeria to cash in with more crude oil exports. But a lack of refineries in Africa means crude oil exporters will also have to pay more for imported fuels.

The Brent crude oil prices hit $105 per barrel last week, it's highest mark since 2014 and up by 47% since December, amid fears that supplies from Russia may be impacted by crisis.

Russia accounts for a significant amount of the world's total crude oil output between 25-30% making it the second highest producer globally.

But experts say the crisis and sanctions slammed on Russia by Europe and America could significantly impact demand for Russian products and tip the odds in Africa's favor.

"For Africa it's a gain, it's an opportunity, it presents that window of opportunity for African countries to see how they can increase their production capacity and meet the need of global demands of crude oil," says Isaac Botti, a public finance expert.

However, Africa's production combined accounts for less than a tenth of total global output. Nigeria is Africa's largest producer of oil followed by Libya. Other notable producers are Algeria and Angola.

Experts predict oil prices will rise further but worry Nigeria could be facing a backlash.

"At the end of the day it's going to hit on our economy. We may think that we'll gain but remember we don't refine out crude oil," said economic analyst Paul Enyim.

Nigerian refineries have been shut down for about one year. The country depends on imports to meet it's energy needs. Experts say prices paid for imported will also increase.

Authorities are also grappling with huge subsidies to keep pump price of oil products within affordable limits.

Last week Nigeria's minister of state for Petroleum said authorities were not comfortable with the surge in prices of crude oil.

But this week, Algerian state-owned oil and gas giant said it would supply Europe if Russian exports dwindled as a result of the crisis.

Botti says it's a good example for other African nations.

"We need to develop our capacity to produce locally, we need to look at various trade agreements that are existing," he said.

For years African oil producers including Nigeria have been struggling to meet required daily output levels.

Experts however worry African producers may struggle to fit into the big market with increasing global demands for crude oil.

For weeks, Nigeria has been battling to normalize fuel supply in the country after authorities recalled millions of liters of adulterated petrol from circulation causing a major shortage in West Africa's most populous nation.

As the crises between Russia and Ukraine lingers, experts say the shifting focus on Africa could be both a blessing and a burden.

Source: Voice of America

HARARE, Feb 28 (NNN-ALLAFRICA) — A carcass of a White Rhinoceros shot dead by poachers has been discovered in Bikita, Masvingo province, as wildlife poaching escalates in the country.

The Zimbabwe Republic Police (ZRP) national spokesperson, assistant commissioner Paul Nyathi confirmed the discovery of the endangered animal’s carcass made Sunday.

Nyathi said: “The ZRP is investigating a case of poaching which occurred in Bikita, where a white rhinoceros carcass was found slightly buried in a pit approximately 1,5 metres deep with some body parts missing… “

The carcass, which had gunshot wounds, was covered with a black polythene plastic and some tree branches.

“Two gunshot wounds were noted on its shoulder and two bullet heads were recovered from the shoulder after it was cut open,” Nyathi said.

In a related matter, on Feb 21 this year, police in Victoria Falls arrested Leonard Ndebele (36) for unlawful possession of ivory.

The suspect was nabbed by the police after detectives received information to the effect that he had ivory which he intended to sell in Victoria Falls.

Police made some follow-ups leading to Ndebele’s arrest and the recovery of two Elephant tusks, weighing 37,86kgs, which the suspect had hidden in a bush.

Meanwhile, Lupane police recently arrested Bhekhithemba Ndlovu (31) and Eshuet Sitsha (37) for unlawful possession of hazardous substances. The suspects were apprehended by members of the community after they were seen loitering at the Elephant corridor in Zikungwa village.

The pair is believed to have been planning to poison Elephants before removing their tusks for illegal trade.

Source: NAM NEWS NETWORK