• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 16 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 15 hours Hopes Are Dashed For International Oil Companies In North Iraq
  • 1 hour 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 1 hour The United Nations' AGENDA 2030 - The vision for One World Governance ...an article by the famous Dr Robert Malone
  • 2 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 4 days Changing Gazprom ADRs to Russian shares
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Conflict In North Africa Threatens Gas Supply To Europe

Conflict In North Africa Threatens Gas Supply To Europe

A political crisis between Morocco…

Erdogan Warns Sweden, Finland NATO Bids Could Still Be Blocked

Erdogan Warns Sweden, Finland NATO Bids Could Still Be Blocked

Turkish President Recep Tayyio Erdogan…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

President Of African Oil Producer Sudan Toppled In Military Coup

Omar al-Bashir, long-term President of Sudan, was toppled from power by the military on Thursday and placed under “heavy guard”, following months of protests against the government and its handling of a severe economic crisis in the country.

Bashir, 75, who had ruled Sudan since 1989, is reportedly being held at the presidential palace, sources told Reuters.

Sudan’s Defense Minister Awad Mohamed Ahmed Ibn Auf said that there would be a two-year transition period of military rule and a council governing the country. Presidential elections will be held after the transition period expires.

Sudan, a relatively small African oil producer, has been plagued by economic hardships since South Sudan seceded in 2011. South Sudan broke from Sudan in 2011 and took with it around 350,000 bpd in oil production.

After South Sudan’s secession from Sudan, the two countries have been mutually dependent on oil revenues, because the south has 75 percent of the oil reserves, while the north has the only current transport route for the oil to international markets.

In November last year, Sudan’s Petroleum Minister Azhari Abdalla said that the country wanted to attract oil investments and would launch an exploration bid round in 2019, probably in the third quarter.

However, with the military coup and the army ruling in the country, uncertainty about Sudan’s plans for oil bid rounds and for attracting oil investments increases.

A severe economic crisis is raging in the country, where banks have put limits on withdrawals. The government has pledged a 15-month austerity program in hopes of stabilizing the economy.

As of the end of last year, Sudan still hoped that it could be able to increase its crude oil production from the current 75,000 bpd to 120,000 bpd within a year. The country also targets to start exports of oil within the next three to five years.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News