The $ 60-per-barrel price cap on Russian crude oil, which came into effect on Monday, looks pretty straightforward. Buyers paying $60 or less per barrel of Russia’s crude will have full access to all EU and G7 insurance and financing services associated with transporting Russian crude to non-EU countries.
Crude oil prices fell slightly today after the U.S. Energy Information Administration reported an inventory decline of 5.2 million barrels for the week to December 2.
The country has made some significant gains in its annual petroleum revenue, recording US$1.16billion as of third-quarter – which is US$550.53million more than it realised for same period last year.
The country could significantly boost its energy security and reduce heavy reliance on imports by prioritising domestic gas, Dr. Joseph Essandoh-Yeddu, an energy expert, has said.
Petroleum Commission (PC) and its partners at the just ended 2022 Local Content and Exhibition Conference held in Takoradi in the Western Region have pledged to ensure a zero emissions by 2025.
n ambitious $25 billion project to build a gas pipeline between Nigeria and Morocco took another step forward today, with the signing of agreements with the governments of five littoral states through whose waters the line would be installed.
Energy prices remain stable for years, then spike, then revert back to old levels. Occasionally as in the 1970s during the Oil Embargo and Energy Crisis they really spike. And in 2021-2022, thanks to the Ukraine war, they rocketed up again. But how much impact do these episodes have on the economy?
Crude prices fell significantly at the beginning of the week despite robust US economic data coupled with strong labor figures and positive industry PMI.
In a year of global economic uncertainty fuelled by inflation, geopolitical crises and supply chain insecurity, the Middle East witnessed a second consecutive year of economic growth, with countries in the region investing in new technologies and projects that could herald greater integration in the years ahead.
The enforcement of the price ceiling for Russian oil transported by sea enacted on December 5 is not a surprise, as this measure was being discussed by the Unites States and its key partners as early as September 2022