30 July 2024 Morning Biz News: Namibia’s Aquatic Exports Rise Despite Decrease in Landings; TotalEnergies Withdraws from South African Gas Block

1. Namibia’s Aquatic Exports Rise
   Namibia’s export earnings from fish, crustaceans, molluscs, and other aquatic invertebrates reached N$4.1 billion in Q1 2024, a slight increase from N$4.0 billion in Q1 2023. Despite this, High Economic Intelligence (HEI) reports a 16.7% decrease in landings of quota species, down to 97,077 metric tons from 116,471 metric tons in the previous year.
2. TotalEnergies Exits South African Offshore Gas Block
   TotalEnergies has announced its withdrawal from an offshore natural gas block off South Africa’s southern coast, citing commercial challenges. This decision impacts South Africa’s goal of achieving energy independence through its largest offshore gas discoveries.
3. Nigeria Approves Crude Sale in Naira
   The Nigerian government has authorized the sale of crude oil in naira by state oil company NNPC Ltd to the Dangote refinery. This move, aimed at easing foreign exchange pressures, comes as the $20 billion Dangote refinery, Nigeria’s largest, faces challenges in securing enough crude to meet its 650,000-barrel-per-day capacity.
4. Oil Prices Decline Amidst Demand Concerns
   Oil prices fell in early Asian trading on Tuesday, continuing a downward trend. Concerns over demand from China and a market response to potential Middle East conflicts contributed to the dip. Brent crude oil futures decreased by 12 cents to $81.13 per barrel, while U.S. crude futures dropped by 14 cents.

Latest Financial Indicators

• Namibia Dollar: 18.43 to the US$, 19.95 to the Euro, 23.71 to the Pound
• Gold: $2,382.23 per fine ounce
• Brent Crude: $81.13 per barrel
• Bitcoin: N$1,224,736.37