The International Monetary Fund (IMF) has downgraded its growth forecast for the Saudi economy due to ongoing oil production cuts by OPEC+. The IMF now sees 2024 growth clocking in at just 1.7%, nearly a percentage point lower than its earlier projection of 2.6%. The effects of the cuts are expected to spill over into the coming year, with the IMF projecting GDP growth of 4.7% in 2025, a downward revision of 1.3 percentage points from April.
The first shipments of Senegalese crude oil from the Sangomar project are on their way to refineries in the Netherlands and Germany, marking a new era for the Senegalese economy.
Members of the Ghana Upstream Petroleum Chamber have held a breakfast meeting with the Vice President Dr. Mahamudu Bawumia to inform him of the challenges facing the sector and discuss how the industry might collaborate with government to address them.
He said Ghana’s fuel specifications, which are set at a sulphur content of 50 parts per million (ppm) in fuel was the cleanest in the West African sub-region.
Growing U.S. oil inventories sent crude oil prices sliding by a dollar a barrel in Wednesday’s trading. Investors fear the growing crude inventory could result in less demand for oil in the nation.
West Texas Intermediate, the US benchmark, dropped $1.23 or 1.6% to settle at $76.64 a barrel on the New York Mercantile Exchange.
Rising geopolitical risk pushed Brent well past $80 last week, but the brief price rally has been dampened by continued economic concerns and a strong supply situation.
China’s onshore oil inventories have fallen, signaling a potential increase in international market purchases.
Beijing’s oil consumption and reserve levels are key to global price trajectories, with moderate restocking expected due to economic struggles.
While China’s crude imports reached a record high in 2023, its strategic reserve replenishment in 2024 is expected to be cautious and focused on refinery use
M&A remains an important means for oil and gas companies to access new reserves and opportunities, despite the challenges.
The $2 million Sentuo Oil Refinery has an initial processing capacity of 40,000 barrels per day, scalable to 100,000 barrels when the facility is fully operational
The bullish case for oil prices was strengthened dramatically this week, with strong U.S. economic data helping to push Brent well past the $80 mark.