President Donald Trump wasted no time flexing his pro-fossil fuel stance, approving the first LNG export permit since Biden’s controversial pause last year and creating a new energy council to expand U.S. oil and gas production. The move is a sharp policy reversal and seeks to reinforce America’s position as the world’s top hydrocarbon producer.
A peace deal in the Ukraine could lead to the lifting of Western sanctions on Russia, which would in turn boost the availability of Russian oil supply internationally—but only theoretically. The European Union has signaled on a regular basis over the past three years it is willing to keep squeezing Russian energy as much as it possibly could and it’s quite likely the squeeze will continue even after a peace deal is signed—if that happens.
Mr Amoah brings a wealth of experience to his new role, having previously served as Deputy Chief Executive at GNPC and Advisor to the Minister of Energy, where he also held the position of Director of Petroleum.
Despite a steady drop in Brent crude prices and refined petroleum product costs on the international market, the Ghanaian Cedi’s 2.18% fall against the U.S. Dollar is keeping fuel prices volatile.
The Minister for Energy and Green Transition, John Jinapor, has held a meeting with members of the Ghana Upstream Petroleum Chamber to discuss issues affecting the oil and gas sector and how both parties might collaborate to reinvigorate it.
Total petroleum stocks – including crude oil, total motor gasoline, fuel ethanol, kerosene type jet fuel, distillate fuel oil, residual fuel oil, propane/propylene, and other oils – stood at 1.607 billion barrels on February 7, the report revealed. This figure was up 1.5 million barrels week on week and up 16.2 million barrels year on year, the report outlined.
USA Compression Partners LP reported a net income of $25.4 million in the fourth quarter of 2024, doubling the net income reported in the corresponding quarter a year prior. The company noted that its revenues hit a record high in the fourth quarter of 2024, reaching $245.9 million, which compares to $225 million reported in Q3, 2023.
State-owned energy company Petróleo Brasileiro S.A. (Petrobras) completed its first sale of very low sulfur fuel oil (VLSFO) with 24 percent renewable content in the Asian bunker market. The company said in a media release that it sold the VLSFO with Golden Island, a licensed bunker supplier in Singapore, noting that the sale was made in early February, for delivery before the end of the month.
The activist investor has asked BP to slash expenses in a range of areas to bring them more in line with peers, the people said. It’s built up a nearly 5% interest in BP, according to the people, which would be worth around £3.7 billion ($4.6 billion) at BP’s current share price and make it one of Elliott’s biggest-ever bets globally.
West Texas Intermediate ended the session fractionally lower near $71 a barrel after Trump directed his administration to propose new levies on a country-by-country basis that could take weeks or months to complete. The delay reduced concerns that the levies will hamper demand and sparked speculation Trump may not follow through on the measures.