Category markets

US Crude Oil Inventories Still in Freefall

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Africa Launches $5 Billion Energy Bank as Western Lenders Retreat

Africa has officially launched a landmark $5 billion energy bank aimed at bridging the continent's severe power deficit as traditional Western lenders increasingly withdraw funding from fossil fuel projects. Spearheaded by the African Petroleum Producers Organization and the African Export-Import Bank, the newly established financial institution will prioritize securing investments for oil, gas, and renewable energy initiatives. By mobilizing domestic and international capital, the initiative seeks to drive industrialization and power millions of homes currently living without electricity. This strategic move highlights Africa's determination to harness its vast natural resources for economic growth on its own terms, despite mounting global pressure to abandon hydrocarbons.