Crude oil prices fell 2.5% this week due to softening demand projections, a strong U.S. dollar, and rising supply expectations. Amid global economic uncertainty, reports from the U.S. Energy Information Administration (EIA), the International Energy Agency (IEA), and OPEC are collectively highlighting a bearish outlook, particularly as non-OPEC supply growth appears likely to outpace sluggish demand.
Oil prices fell on Monday after China’s fiscal stimulus measures, announced at the National People’s Congress, failed to meet investor expectations, suggesting limited support for fuel demand.
The Nigerian government is working to slash oil project timelines and cut industry costs by 40 per cent through new executive orders signed by President Bola Ahmed Tinubu.
Hurricane Rafael, which has caused 391,214 barrels per day of US crude oil production to be shut, is expected to move slowly westward over the Gulf of Mexico and away from US fields.
ExxonMobil Guyana Ltd. and BM Offshore completed the transaction related to the FPSO Prosperity, ahead of the maximum lease term, which would have expired next November.
The acquisitions of Eni’s Nigerian Agip Oil Company Ltd. by Oando and those of Equinor by Project Odinmim Investments Ltd. were announced at an industry event Wednesday in Abuja. The prices weren’t disclosed.
In financial terms, Ghana received 840.7 million dollars in the first half of the year as against 540 million dollars in the same period last year.
Four major oil companies currently operate in the country, contributing to this revenue stream, which is monitored and reported by the Public Interest and Accountability Committee (PIAC) as part of the Annual Budget Funding Amount (ABFA) from petroleum revenue.
Oil prices fell on Monday after China’s fiscal stimulus measures, announced at the National People’s Congress, failed to meet investor expectations, suggesting limited support for fuel demand.
OPEC Secretary General Haitham Al Ghais who said this while delivering a keynote address at the ongoing African Energy Week in Cape Town, South Africa, said African producers will play a central role in meeting rising demand.