Member countries of the International Energy Agency unanimously agreed Wednesday to release 400 million barrels of oil into the global market – the largest release of emergency oil stocks in history – in a drastic move aimed at shoring up crude supplies and capping a surge in prices caused by the conflict in the Middle East.
The Tema Oil Refinery (TOR) has reaffirmed that it has the technical capacity to refine crude oil produced from Ghana’s oil fields, countering claims suggesting the refinery is unable to process locally sourced crude.
Economist Dr Adu Owusu Sarkodie has stated that the escalating war in the Middle East could unexpectedly increase Ghana’s revenue if global oil prices continue to rise.
A cargo vessel has been hit by an unknown projectile in the Strait of Hormuz, which has ignited a fire onboard, the United Kingdom Maritime Trade Operations (UKMTO), a Royal Navy-sponsored organization, said on Wednesday.
Shipping companies have grown reluctant to call at the port of Fujairah in the UAE, prompting cancellations of oil cargoes that Adnoc is then reselling at higher prices, Bloomberg has reported, citing anonymous sources.
Iranian drones struck oil storage facilities at the Port of Salalah in Oman on Wednesday, marking the latest attack on Gulf energy infrastructure as the regional war expands into a full-scale confrontation over global oil supply.
Oil prices climbed sharply on Wednesday even after the International Energy Agency announced the largest coordinated release of strategic oil reserves in its history, underscoring the scale of supply concerns stemming from escalating tensions in the Middle East.
Goldman Sachs has once again revised its oil price outlook, now expecting Brent crude to trade at $71 per barrel in the final quarter of the year, and WTI to average $67 per barrel over the same period, Reuters reported, citing the bank’s analysts.
Refiners are beginning to balk at eye-watering premiums on available oil barrels, threatening to slow down the flow of the world’s most traded commodity as the war in the Middle East upends energy markets. Markups of as much as $40 a barrel above benchmarks in the Middle East, $13 in Brazil and $10 in Azerbaijan […]
Equinor ASA and its partners have discovered more oil, gas and condensate on Norway’s side of the North Sea, with plans to extract the resources via existing infrastructure in the Sleipner and Troll areas. The Byrding C discovery, made five kilometers (3.11 miles) northwest of the Fram field in the Troll area, is estimated to […]