The influx of Russian crude into the Asian markets is changing the market dynamics in the region and easing pricing pressures, to the relief of many buyers.
Saudi Arabia, the world’s largest crude oil exporter, is open to discussing oil trade settlements in currencies other than the U.S. dollar, Saudi Minister of Finance, Mohammed Al-Jadaan, told Bloomberg TV in an interview in Davos on Tuesday.
After a decade of exponential growth, the U.S. shale patch is no longer the swing producer on the global markets. That role is now back in the hands of OPEC and its largest and most influential members in the Middle East, analysts and industry executives say.
President Joe Biden’s decision to authorize U.S. supermajor Chevron to recommence lifting crude oil in Venezuela breathed hope into President Nicolas Maduro’s plans to rebuild the country’s shattered oil industry. The harsh January 2019 sanctions imposed by Biden’s predecessor Donald Trump cut Caracas off from global energy and financial markets, nearly bankrupting Venezuela.
Signs of cautious optimism about a recovery in economies and oil demand have emerged, OPEC Secretary General Haitham Al-Ghais told Bloomberg Television in an interview on Tuesday.
The Bank of Ghana (BoG) has said the country has enough gold reserves to sustain the government’s gold for oil policy.
The Vice President, Dr Mahamudu Bawumia is confident that the gold for oil policy will reduce the pressure on forex and also present the country with cheaper fuel.
Sustainable Energy for All (SEforALL), The African Climate Foundation, Bloomberg Philanthropies, the ClimateWorks Foundation, and the Chinese Renewable Energy Industries Association (CREIA) will launch a new collaborative initiative – green manufacturing initiative to drive large-scale renewable energy manufacturing capabilities and investment in Africa.
The first consignment of petroleum products delivered under the Government’s Gold for Oil Policy can serve consumers between 10 to 15 days, the Bulk Oil Storage and Transportation Company
(BOST) has said.
China’s Panjin Haoye Chemical Co Ltd’s entire oil refinery and petrochemical complex was shut down after a huge explosion killed five people and left eight missing on Sunday, Reuters has reported.