In a hotly debated move, the Petro administration hiked taxes for Colombia’s oil industry.
Oil prices plunged to more than three-week lows on Friday. This came after a strong jobs data from the United States triggered concerns about rising interest rates, even as investors sought more information on the EU embargo against Russian refined products.
WTI oil held steady at $76 per barrel, after the U.S. Energy Information Administration reported an inventory build of 19 million barrels for the first week of the new year.
With the global energy transition underway, the sixth edition of the Egypt Petroleum Show (EGYPS) returns to Cairo from February 13-15 2023 at the Egypt International Exhibition Center to propel the dialogue on energy security and climate action through collaborative industry efforts.
Russia is still considering its response to the $60 price cap on its crude oil, but it is close to completing the work on the countermeasures, Kremlin spokesman Dmitry Peskov said on Monday.
China’s natural gas imports are set for a 7-percent rise next year as the country reopens after Covid lockdowns, which could aggravate an already tight supply situation globally
Energy is the best performing sector year-to-date. The S&P 500 Energy ETF (XLE) is up 62%, far outperforming any other equity group in 2022.
Major oil-producing countries led by Saudi Arabia and Russia agreed on December 4 to maintain their current output levels in a climate of uncertainty and ahead of fresh sanctions against Moscow coming into force next week.
The establishment of a petroleum hub in the Jomoro District in the Western Region will create about 680,000 jobs, the Western Regional Minister Kwabena Okyere Darko-Mensah has said.
The decision by the Finance Minister, Ken Ofori-Atta to cap the Ghana Stabilisation Fund at $100 million and the use of excess money from the Fund for other emergency purposes is taking a heavy toll on the fund, an assessment by the Public Interest and Accountability Committee (PIAC) has revealed.