FT News Briefing Djibouti is trying to become the Singapore of Africa
Jun 2, 2021
A high-profile lawsuit against Leon Black adds to the intrigue in recent news. Oil prices soar as Opec continues its cautious supply increase, impacting global markets. In Germany, the Green Party faces challenges ahead of elections, balancing internal divisions with public expectations. Meanwhile, Djibouti aims to position itself as Africa’s logistical powerhouse, drawing inspiration from Singapore's success. Its strategic location and booming economy highlight the complexities of international dynamics in this ambitious pursuit.
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Oil Price Surge
- Despite long-term predictions of decreased oil demand, prices are currently rising due to post-COVID recovery expectations.
- Brent crude reached its highest price since the pandemic began after OPEC+ agreed to gradually increase supply.
Saudi Arabia's Stance on Oil Production
- Saudi Arabia's oil minister dismissed the IEA's warning about restricting oil investment, comparing it to "La La Land."
- He emphasized Saudi Arabia's plan to increase production capacity, highlighting the divide between producers and environmental concerns.
German Green Party's Challenges
- Germany's Green Party, once poised for leadership, faces declining popularity ahead of September elections.
- Proposed policies like increased petrol prices and short-haul flight limitations haven't resonated with voters.