Oil prices retreated from last week’s multi-year highs on Monday as a small number of tankers successfully sailed through the Strait of Hormuz for the first time since the war began, offering traders a first tentative signal that the waterway could partially reopen, though analysts warned that a sustained price retreat remained unlikely without a broader military resolution.
An International Relations Analyst, Ishmael Hlovor, has underscored the importance of continental unity in addressing the challenges African countries face in procuring crude oil from Western nations and the Middle East.
Ghana’s external reserves have strengthened significantly, with the Bank of Ghana reporting an increase to approximately $14.5 billion, providing around 5.8 months of import cover.
The value added of the Gulf oil sector at current market prices reached approximately $561.2 billion in 2024, accounting for a 24.0% share of the regional GDP. At constant prices, the value added stood at $541.9 billion, representing a 29.3% contribution, according to the latest data from the GCC Statistical Centre.
Cuban President Miguel Díaz-Canel has said that his government is in talks with the Trump administration to find solutions to the two countries’ differences, as the Caribbean country continues to face the effects of a US oil blockade.
TotalEnergies SE and its partners have started up the Lapa Southwest project, increasing production capacity in the Lapa field in the Santos basin offshore Brazil to about 60,000 barrels per day (bpd) of oil.
Equinor ASA has signed a two-year contract with Norwegian compatriot Wallenius Wilhelmsen ASA to supply the ro-ro shipper with locally produced bio-methanol from 2026.
The International Energy Agency laid out a timeline for when it expects the 400 million barrels of oil from its emergency reserves to start flowing from global markets.
TotalEnergies has shut down operations in the Middle East for approximately 15% of its total production, the company has said in a statement outlining its exposure to the US-Iran war.
Petronas has confirmed its first hydrocarbons discovery at the Barokah-1 exploration well offshore East Java in Indonesia, the company announced on Thursday.