Crude oil prices rising above $100 per barrel could soon translate into higher fuel prices across West Africa, according to James Gooder, vice president for crude markets in Europe and Africa at Argus Media.
The Middle East war is creating the biggest oil supply shock in history, the International Energy Agency
warned Thursday, as Iran launched a new wave of attacks against Gulf energy targets that sent prices spiking
above $100 a barrel.
Member countries of the International Energy Agency unanimously agreed Wednesday to release 400 million barrels of oil into the global market – the largest release of emergency oil stocks in history – in a drastic move aimed at shoring up crude supplies and capping a surge in prices caused by the conflict in the Middle East.
The Tema Oil Refinery (TOR) has reaffirmed that it has the technical capacity to refine crude oil produced from Ghana’s oil fields, countering claims suggesting the refinery is unable to process locally sourced crude.
Economist Dr Adu Owusu Sarkodie has stated that the escalating war in the Middle East could unexpectedly increase Ghana’s revenue if global oil prices continue to rise.
Liquefied natural gas suppliers, including Shell Plc, are declaring force majeure on customers across Asia due to the shutdown at the world’s largest export plant in Qatar, according to people with knowledge of the matter.
Equinor has concluded its investigation into a well control incident on the Deepsea Bollsta drilling rig at the Troll field, about 65km west of Kollsnes near Bergen, which involved a release of around 930kg of gas.
Subsea7 has secured additional contract work from the Turkish Petroleum Offshore Technology Center (TP-OTC) pertaining to the Sakarya field development offshore Türkiye.
Russia is ready to divert oil to India to offset Middle East supply disruptions, with about 9.5 million barrels of Russian crude in vessels near Indian waters and able to arrive within weeks, an industry source with direct knowledge told Reuters. The source declined to say where the non Russian fleet cargoes were originally headed but said they could deliver to India within weeks, giving refiners rapid relief.
Japan’s trade minister Ryosei Akazawa has asked the United Arab Emirates and Saudi Arabia to cooperate in ensuring stable crude oil supplies and stabilizing the global crude oil market in order to enhance energy security, Jiji Press reports.