The Ghana Upstream Petroleum Chamber (GUPC) has unveiled its energy transition position paper to government as the country prepares along the path of energy transition.
The speculation surrounding China’s zero-covid policy has sparked volatility in oil markets, and while crude was moving higher last week, this week may see a turnaround.
Standard Chartered analysts are now forecasting a reduction in global oil demand of over 400,000 bpd year-over-year in the fourth quarter amid increasingly bearish fundamentals.
The OPEC+ group may have to “rethink” its decision to slash their collective oil production target by 2 million barrels per day (bpd) from November as it further stokes inflation and worsens the economic outlook for oil-importing developing nations, Fatih Birol, the Executive Director of the International Energy Agency (IEA), told Bloomberg on Wednesday.
Despite global economic headwinds, oil prices could soon return to above $100 per barrel again, sooner than analysts thought two months ago.
There is great optimism around the future of biofuels, which may offer a low-carbon alternative to several widely used fossil fuels if given the necessary government support to help develop an international biofuels industry within the coming years.
Crude oil prices moved lower today after the Energy Information Administration reported a crude oil inventory build of 3.9 million barrels for the week to November 4.
Oil prices edged lower as industry data showed US crude stockpiles rose more than expected and on worries a rebound in COVID-19 cases in top importer China would hurt fuel demand.
The Defence Minister, Dominic Nitiwul, has revealed that an amount of 400 million dollars is needed on a monthly basis to import fuel into the country.
The government has been advised to re-focus on maximising the capacity of the Tema Oil Refinery (TOR) in the current challenge of fuel price hikes to help reduce the burden of ordinary Ghanaians.