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.
Italian oil and gas major, Eni, has made an oil discovery at the Aprokuma-1X well at the Cape Three Points offshore Republic of Ghana, energynewsafrica.com can report.
Guyana will offer 14 offshore blocks under a newly revised production sharing agreement, Vice-president Bharrat Jagdeo announced on Wednesday.
A German economist has filed a lawsuit against OPEC with a Berlin court, accusing the cartel of pushing up the prices of the gasoline and heating oil he is buying, Bloomberg Opinion columnist Javier Blas reports—and despite the paltry sum, the suit could end up costing OPEC more than it can afford.