Axim is noted for many things in Ghana. Aside it being the area that records the highest rainfall in Ghana, it is also renowned for its people and their love for education. In fact, Ghana’s first leader, Kwame Nkrumah, taught as a pupil teacher here, while dreaming of making it big in politics.
Several shipping companies and a few liquefied natural gas (LNG) tankers have decided to avoid the world’s main East-West trade route, following attacks launched by Yemen’s Houthi group on commercial ships at the southern end of the Red Sea.
The Gold for Oil (G4O) program emerged in response to the 1973 oil crisis, triggered by an oil embargo imposed by OPEC members, particularly Saudi Arabia, on nations perceived as supporting Israel in the Yom Kippur War (Birjandi, 2003). This crisis caused a global energy shortage and a surge in oil prices, prompting negotiations between oil-producing and importing countries to exchange oil for gold instead of conventional fiat currencies, allowing oil exporters to accumulate gold reserves (Falola & Genova, 2005).
As early as next year, almost two-thirds of the gas produced by ORLEN Group on the Norwegian Continental Shelf will come from facilities powered by renewable energy produced onshore and delivered with submarine power cables. Such a solution has already been applied to the platforms at the Gina Krog, Ormen Lange, and Duva fields and will result in the abatement of over 88,000 tonnes of CO2 in 2024. There are also plans to electrify the Fenris and Yggdrasil fields, which are currently under development.
Editor OilPrice.com
Tue, December 19, 2023 at 7:30 PM GMT·2 min read
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+1.1637%
The benchmark U.S. natural gas prices fell by 3% early on Tuesday after the latest models overnight showed that most of the U.S. will see warmer than normal temperatures over the next week.
The Director of the Media Office at the Tripoli based Libyan Ministry of Oil and Gas, Ahmed Al-Tarhouni, told Libya Herald, that talk of the National Oil Corporation’s (NOC) intention to contract with a coalition of Eni / Adnoc /Total and grant them a 40 percent share of production is a legal violation that should be alerted to.
Equinor’s 10-year, €50 billion gas supply agreement with SEFE addresses 33% of Germany’s current industrial demand.
The deal includes an option for a 5-year extension and Equinor also signed a non-binding letter of intent for long-term low-carbon hydrogen supply starting in 2029.
The partnership aims to accelerate the hydrogen economy, with SEFE expected to become a major off-taker of low-carbon hydrogen from Equinor in the future.
U.S. oil production reached a record 13.2 million barrels per day, significantly increasing exports, especially to Europe and Asia.
End-of-year tax considerations are prompting traders to export more oil to reduce taxable inventory, with exports expected to average 5 million barrels per day.
The integration of WTI Midland in the Brent basket and the European embargo on Russian oil have contributed to the growing popularity of U.S. crude in global markets.
Increased distillate production and slowing economic activities have led to rising diesel stocks and falling prices.
Weak manufacturing activity in the U.S. and Europe contributes to reduced diesel demand, easing the market.
Geopolitical tensions near the Red Sea present potential disruptions, threatening to impact diesel supply chains and market stability.
Oil markets are finally focusing on geopolitical risk, with disruptions in the Red Sea pushing Brent up toward $79 and WTI above $73.