An excess of supply in the oil market was the main reason for OPEC+ opting to cut production earlier this month, according to the group’s secretary-general.
Breaking news: the much-touted commodity market boom is officially over. Metals, energy, and agriculture prices have all tumbled from their March peak as inflationary pressure, higher interest rates and a brawny dollar took a heavy toll on the two-year rally.
Saudi Aramco posted a 39% yearly surge in net income for the third quarter and generated record free cash flow as higher oil prices and higher production helped it beat the analyst consensus.
Oil rose on Thursday, extending a rally of nearly 3% in the previous session, as optimism over record U.S. crude exports and signs that recession fears are abating outweighed concern over slack demand in China.
OPEC is likely to maintain its view world oil demand will rise for another decade, longer than many other forecasters predict, in a forthcoming major report, despite the growing role of renewables and electric cars, two OPEC sources said.
The Power Energy Ghana Exhibition – a complete international exhibition of the power/energy sector – is set to take off in Accra next month from November 14-16, 2022 at the Accra International Conference Centre.
Minister of Trade and Industry, Alan Kyerematen has expressed
confidence that the establishment of the Sentuo Oil Refinery Limited
will dampen demand for foreign exchange meant for imports.
Dr Matthew Opoku Prempeh has said the country stands ready to attract the necessary investments into its upstream petroleum sector o bring wealth and growth to the country.
Europe’s two largest energy companies Shell and TotalEnergies reported profits of more than US$9 billion in the third quarter, though Shell’s liquefied natural gas (LNG) division struggled to capture the benefits of high fuel prices.
Guyana’s emerging upstream petroleum industry is set to receive technical assistance and practical learnings from Ghana as part of efforts to spur on the development of its industry.