Ghana’s President, John Mahama, has ordered a review of dollar payment for its
crude oil sales direct to cedis in order to ease pressure on the local currency
Domestic equity benchmark indices opened higher on Monday, supported by a sharp decline in crude oil prices.
The U.S. Energy Information Administration (EIA) raised its U.S. crude oil production forecast for 2026 in its latest short term energy outlook (STEO), which was released earlier this month.
OPEC’s crude oil production climbed last month as group leader Saudi Arabia bolstered production amid rising regional tensions, a Bloomberg survey showed.
Crude oil futures traded higher on Monday morning after the US attacked military assets on Kharg Island over the weekend.
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.
Friday’s gain in crude oil prices was small enough that it could almost be described as neutral for the day, largely due to an overall slowdown in U.S. inflation.
The bill for oil imports will rise if this happens. Russian crude—often sold at a discount to comparable grades—has come to account for a third of India’s total imports. Replacing this amount—over 1 million barrels daily—would likely push prices higher, adding to India’s total import bill. Crude oil imports account for 86% of domestic consumption.
The Petroleum Ministry laid out the plan this week, revealing that 101 wells are already slated for 2026, spread across Egypt’s main producing regions. The announcement didn’t specify where all that capital is coming from—never a minor detail—but the country has been cozying up to the majors again, signing new exploration deals with BP (BP.L) and Eni (ENI.MI) to scour the Mediterranean for the next Zohr-sized win.
Despite very strong refinery runs in August, China had 1 million barrels per day (bpd) of more crude available than processed at refineries, suggesting that the world’s top crude importer continues to buy more oil than it needs, with most of the surplus likely going to storage.