A new refinery in South Africa is likely to be the only one to go ahead in the short-term from a slew of projects proposed in sub-Saharan Africa, analysts say. Dozens of developments have been announced in recent years in countries including Angola, Nigeria and Zimbabwe but most will stay on the drawing board.
Ministers of the Organisation of the Petroleum Exporting Countries (Opec) on Wednesday agreed to keep oil output steady and said record high prices had been driven by factors that were beyond their control. United States crude hit a record of ,95 a barrel on Monday and was trading above on Wednesday.
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/ 22 November 2007
Oil steadied above a barrel on Thursday, after falling just shy of the milestone in the previous session, as the dollar tumbled to fresh record lows. United States light crude for January delivery was down one cent at ,28 a barrel by 2.40pm GMT. Oil briefly surged to a lifetime peak of ,29 a barrel on Wednesday.