UAE withdraws from Opec and Opec+ to prioritize national interests
via The Namibian3 min read
The United Arab Emirates has announced its decision to leave the Organisation of the Petroleum Exporting Countries Opec and Opec+, effective May 1. This move is driven by the UAE's long-term strategic and economic vision, aiming to focus on national interests. The UAE energy minister, Suhai al-Mazrouei, stated that the decision followed a careful review of the regional power鈥檚 energy strategies and was not discussed with other countries, including Saudi Arabia. The withdrawal of the UAE, a longstanding Opec member, could weaken the bloc, which has historically strived for a united front despite internal disagreements. The UAE had been a member of Opec since 1967 through Abu Dhabi, and then as its own country from 1971. This departure comes as Opec's market power has waned due to increased US crude oil production. Additionally, the UAE and Saudi Arabia have shown increasing competition in economic and regional political spheres. Rystad Energy noted that losing a member with 4.8 million barrels per day of capacity, and ambitions for more, significantly impacts the group's ability to manage the market, leaving Saudi Arabia with more responsibility for price stability.
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This summary was AI-generated from a story originally published by The Namibian.
Ongwe Minerals Inc. has concluded its capital raise for Namibian investors ahead of schedule, as demand surpassed the available shares. Cirrus Securities, managing the Namibian portion of the capital raise, confirmed that the offer was fully subscribed before the Friday 17:00 deadline, stating that no further subscriptions would be accepted. Ongwe Minerals, a mineral exploration company listed on both Canadian and Namibian stock exchanges, had announced plans to raise up to CAD10 million N$116.5 million through share sales. The offer, which opened on Friday morning, allowed Namibian investors to purchase shares at CAD1.38 each N$16.35. The funds raised are intended for exploration work, primarily on its Namibian properties, and for general corporate purposes and working capital. Ongwe Minerals operates three gold exploration projects in Namibia: the Omajete Gold Project, the Khorixas Gold Project, and the Outjo Gold Project, in addition to a gold exploration project in Egypt. Cirrus Securities had cautioned potential investors about the high risks associated with investing in mineral exploration companies, highlighting the speculative nature and uncertainties involved.
The Ovambanderu community will gather in Okahandja to mark the 130th anniversary of the execution of Chief Kahimemua Nguvauva, an early anti-colonial resistance leader in Namibia. Uazenga Ngahahe, spokesperson for the Ovambanderu Traditional Authority, described Nguvauva as a courageous leader who resisted German colonial expansion in the late 19th century. Ngahahe stated that Nguvauva's efforts to defend his people's land, culture, and independence led to armed conflict with German colonial forces. His execution, along with Nicodemus Kavikunua's, became a symbol of courage and sacrifice, and he is now recognized as a Namibian national hero who laid the groundwork for later struggles against colonial rule. Ngahahe emphasized that Nguvauva fought for all Namibians, not just the Ovambanderu people, to ensure future generations would have land and freedom. He stressed the importance for young Namibians to learn about leaders like Nguvauva and the resistance movements that shaped the country's history. The commemoration program will include praise songs, poetry, historical presentations, and storytelling sessions. The event will also reflect on the persecution faced by Nguvauva's family and clan after his execution. Ngahahe encouraged all Namibians to attend, viewing it as a significant chapter in Namibia's history and its pursuit of freedom and justice, and called for respectful conduct at the sacred remembrance site.
Namibians have donated N$700,000 to Cuba through the Namibia National Solidarity Campaign in Support of Cuba, launched in April. Campaign chairperson Helmut Angula stated the funds will be used to procure critical medical supplies for Cuba, which is facing a humanitarian crisis due to an ongoing commercial and financial blockade by the United States. Angula highlighted that a US-imposed fuel blockade has exacerbated the situation, with only one oil tanker reaching Cuba since January. The campaign aims to ensure life-saving medical supplies reach those in need, though the logistics for sending the supplies have not yet been finalized. Ambassador of Cuba to Namibia Sergio de la Uz thanked Namibians, noting that the situation in Cuba remains dire, with limited electricity and delayed medical operations due to hospital difficulties.