Connect with us

Business

OPEC+ Boosts Oil Output as Markets Reel from US-Israel Strikes That Killed Iran’s Khamenei

Published

on

London / Accra – March 1, 2026 – OPEC+ has agreed to increase oil production by 206,000 barrels per day starting in April, a modest move aimed at calming volatile global oil markets following the dramatic escalation of the Israel-Iran conflict, including joint US-Israeli air strikes that killed Iran’s Supreme Leader Ayatollah Ali Khamenei and triggered widespread retaliatory missile barrages across the Gulf.

In its latest dispatch, the Financial Times reports that the decision—slightly above market expectations but far below levels needed to offset potential supply disruptions—was made amid fears that Iran’s threats to close the Strait of Hormuz could choke off 20% of the world’s seaborne oil trade.

With Khamenei confirmed dead by Iranian state television, the power vacuum in Tehran has intensified uncertainty, with no successor yet named and President Masoud Pezeshkian vowing “vengeance and revenge.”

The strikes and counter-strikes have already caused significant disruptions: shipping through the Strait of Hormuz has slowed to a near standstill as insurers warned of policy cancellations and premium surges; a Saudi Aramco-chartered tanker (MKD Vyom) suffered an explosion and flooding off Iran’s coast; and another vessel (Skylight) was hit, injuring four crew.

Major Japanese shipping lines halted Gulf passages, while CMA CGM suspended Suez Canal transits, diverting vessels around Africa’s Cape of Good Hope—adding weeks and millions in costs to global trade routes.

Oil prices have spiked amid the chaos, with analysts warning that even OPEC+’s additional barrels “serve little purpose if there are no serviceable sea lanes,” as noted by Helima Croft of RBC Capital Markets and Jorge Leon of Rystad Energy. Middle East stock markets plunged—Saudi Arabia’s TASI fell nearly 5% before partial recovery, Egypt’s EGX 30 dropped nearly 6%—while European gas contracts are expected to rise 25%+ due to LNG supply risks from Qatar and the UAE.

The conflict has extended beyond Iran and Israel: US bases in Iraq and the Gulf were targeted; ports in Dubai and Oman sustained damage; Bahrain’s navy base and airport were hit; and GPS jamming affected over 1,100 vessels, raising sanctions compliance concerns for banks and insurers.

For emerging markets like those in Africa—including Ghana—the fallout could be severe.

Higher oil and LNG prices would inflate import bills, push up fuel and electricity costs, fuel inflation, and pressure currencies already strained by global volatility. Shipping diversions via the Cape of Good Hope could raise freight rates for African exports and imports, while broader energy market instability risks derailing post-pandemic recovery in oil-importing nations.

OPEC+’s output increase is seen as symbolic rather than substantive in the face of geopolitical risk. As one Barclays strategist put it, investors may be “underpricing a scenario where containment fails.”

Business

Young Self-Taught Black Inventor Julian Brown Develops Revolutionary Plastic-to-Fuel Technology

Published

on

Atlanta, USA – A young Black inventor from Atlanta, Julian Brown, has stunned the scientific community and gone viral worldwide after developing a backyard process that converts everyday plastic waste into usable diesel, gasoline, and jet fuel.

Born in Tennessee and raised in Atlanta, Brown — a self-taught welder with no formal degree or laboratory — created a system called “Plastoline.”

Using an upgraded form of pyrolysis (a thermal decomposition process), enhanced with microwaves and solar energy for cleaner conversion, he built a small reactor capable of turning discarded plastics back into high-quality fuel.

Independent tests reportedly confirmed that the diesel and gasoline produced are among the most refined seen, and he has successfully powered vehicles with the fuel in live demonstrations.

Brown launched a startup called Nature Jab and began sharing his experiments on Instagram and TikTok, where the videos quickly gained millions of views globally. Despite suffering second-degree burns in a reactor explosion, he refused to abandon the project.

He attempted to raise $1 million to scale the technology but secured only tens of thousands of dollars. In July 2025, he posted that he was under attack before temporarily vanishing from public view.

He has since re-emerged, with supporters calling for his protection and greater investment in his work.

The innovation has sparked particular excitement across Africa, where plastic waste accumulates in massive quantities in landfills and communities.

Experts say Brown’s technology could offer a practical solution for turning waste into energy, addressing both environmental pollution and fuel shortages on the continent.

Commentators have criticised the lack of substantial support from investors and the broader community, questioning why a breakthrough with such transformative potential, especially from a young Black inventor, has not received wider backing.

Continue Reading

Business

MTN Signals Major Data Center Investment Plans in Ghana

Published

on

Accra, Ghana – MTN Group is exploring significant investments in data centers in Ghana as Part of its digital push.

The telecoms giant says the move is a natural extension of its broader digital infrastructure strategy in one of its most important African markets.

Group Chief Executive Officer Ralph Mupita made the announcement during a strategic visit to Ghana at the beginning of 2026. He said the company is keen to partner with both public and private stakeholders to develop large-scale data centers that would enhance cloud computing, data storage, and digital service capabilities across the country.

Mupita stated that such facilities are critical to supporting Ghana’s long-term digital transformation and economic growth.

He acknowledged, however, that establishing world-class data centers would require addressing key infrastructure challenges, particularly reliable power supply, suitable land, and advanced cooling systems. MTN is therefore considering collaborative models to ensure projects meet both commercial viability and sustainability standards.

During his engagements, Mupita held discussions with MTN Ghana’s leadership, regulators, and senior government officials, including the Bank of Ghana, the Ghana Investment Promotion Centre, and Minister for Communications, Digital Technology and Innovations, Sam George.

He described Ghana as a priority market that “feels like home” and reaffirmed the Group’s commitment to deepening investments in digital infrastructure and financial inclusion.

On the fintech front, Mupita highlighted plans to expand mobile money services while working closely with the central bank to strengthen fraud prevention through artificial intelligence.

The visit underscored MTN’s ambition to remain a key partner in Ghana’s digital economy, driving innovation, job creation, and inclusive growth.

MTN Ghana (Scancom PLC) is the dominant telecommunications market leader in Ghana and has been recognized as a top-performing operation within the MTN Group. The company is actively shifting from a traditional telco to a technology platform company, with a focus on fintech (Mobile Money) and digital inclusion.

Continue Reading

Business

New Cashew Processing Plant and Fertilizer Facility to be Set Up in Ghana

Published

on

Accra, Ghana – Ghana’s Ministry of Food and Agriculture has signed three Memoranda of Understanding with Chinese firm SENTUO Group Limited to drive agro-industrial growth through major new investments in processing, fertiliser production, and farmer support services.

The agreements, signed in Accra on Tuesday, include the establishment of a cashew processing plant at Sampa in the Bono Region and a fertiliser manufacturing facility. SENTUO will also roll out 30 Farmer Service Centres nationwide to improve access to quality inputs, mechanisation services, and technical support for farmers.

The projects are expected to create significant employment opportunities, particularly for young people, while enhancing value addition and reducing Ghana’s reliance on raw commodity exports.

Minister for Food and Agriculture Eric Opoku described the partnership as a major step toward the government’s Agriculture for Economic Transformation Agenda.

“We are ready to industrialise Ghana’s agriculture,” he said, adding that the cashew plant will process both nuts and apples to maximise returns across the entire value chain.

He emphasised the need to move from exporting raw produce to building a vibrant, value-driven agro-industrial economy.

The Chairman of SENTUO Group Limited, Xu Mingjuan, said the company’s nearly 20 years of operation in Ghana and the current government’s 24-hour economy policy had encouraged further investment. He confirmed that engineers have already started preliminary work on the projects.

The deals signal growing Chinese interest in Ghana’s agricultural transformation and are expected to strengthen food security, boost exports, and create sustainable jobs across the value chain.

Continue Reading

Trending