Oil futures fell by nearly US$1 on Thursday, extending losses from the previous day, as a surprise jump in US crude stocks weighed on the market along with fears of a recession that were heightened by disappointing US retail sales and output data.
Sustainable Energy for All (SEforALL), the African Climate Foundation, Bloomberg Philanthropies, ClimateWorks Foundation, and the Chinese Renewable Energy Industries Association (CREIA) launched the Africa Renewable Energy Manufacturing Initiative (AREMI) on Tuesday at Abu Dhabi Sustainability Week to drive investment and mobilise action in African countries to scale up renewable energy manufacturing capabilities.
The world is in the midst of the first “truly global energy crisis”, the International Energy Agency (IEA) said in its World Energy Outlook in October 2022.
The Ghana National Petroleum Commission (GNPC) is hoping to crown its exploratory efforts in the Voltaian basin by drilling a well between fourth quarter of 2023 and first quarter of 2024.
Energy Minister, Dr. Matthew Opoku Prempeh has called on investors in London to take advantage of the numerous opportunities in Ghana’s upstream petroleum industry.
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.