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Feed fight: African consumers hit as Asia gobbles up rice supplies

SINGAPORE/MUMBAI/NAIROBI (Reuters) – Tightening global supplies of basic foodstuffs and disruptions to shipping caused by the coronavirus pandemic are driving up the cost of rice, the most important staple food for billions of people worldwide. Rising food prices are a worrying trend in countries that depend

Nigerian Oil Major Focuses On Condensates To Offset OPEC Cuts

The Nigerian National Petroleum Corporation has decided to focus its attention on condensates production to compensate for lost revenue from oil exports due to the country’s commitment to the OPEC+ production cut deal. Nigerian daily This Day quoted the managing director of the NNPC as laying out this

Goldman proclaims the dawn of a new commodity supercycle

Will COVID-19 kick-start a new commodities super cycle? Goldman Sachs thinks so. While last year’s strong rebound in many commodity prices might be viewed as a “V-shaped vaccine recovery,” the bank contends it is just “the beginning of a much longer structural bull market for

Oil falls on mounting COVID-19 cases, supply concerns

Oil edged lower on Friday, falling more than 2% on the week as COVID-19 cases surged globally and oil supply is set to rise in coming weeks. Brent crude futures LCOc1 settled at $41.92 a barrel, down 2 cents, while U.S. West Texas Intermediate (WTI) crude futures CLc1 lost

NIRSAL, Royal Exchange launch hybrid insurance scheme for Nigerian farmers

The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL Plc), in collaboration with Royal Exchange General Insurance Company (REGIC), has developed the Hybrid Multi-Peril Crop Indemnity-Index Insurance (HM-II). A statement from NIRSAL said the move will have a significant positive impact on agricultural productivity