The inertia of oil prices during the Red Sea oil crisis has made oil traders complacent.
Fears of an escalation of the Israel-Hamas war have subsided amid talks about a ceasefire.
The rerouting of oil tankers directly increases oil demand—by around 200,000 bpd so far.
Oil prices fell in early Asian trade on Monday after Israel said it had “concluded” a series of strikes in southern Gaza, slightly easing concerns about supply from the Middle East.
According to StanChart, the global oil surplus we are currently witnessing is due to seasonal weakness in the month of January.
StanChart notes that there’s been a January inventory draw in only three years since 2004, with the first month of the year averaging a build of 1.2 million barrels per day.
StanChart has predicted that this surplus is transitory and will flip into a 1.6 mb/d deficit in February.
Europe’s oil refineries are stepping up crude purchases following a surge in the price of diesel and disruptions to imported shipments from the Middle East. The situation is driving up the cost of physical barrels of oil.
Gold was Ghana’s major export for the year 2023, earning the country $7.6 billion from merchandise exports, according to the Bank of Ghana.
HOUSTON – In a strategic move, Tellurian (NYSE:TELL) Inc. (NYSE American: TELL), a Houston-based energy company, has announced the engagement of its financial advisor Lazard (NYSE:LAZ) to explore the sale of its upstream business. This decision comes as the company shifts its focus toward the development of Driftwood LNG, its liquefied natural gas project.
A Nigerian solar plant and an Azerbaijan wind farm were among the 55 projects that received financing worth $1.7 billion from the OPEC Fund for International Development in 2023.
Aligned with the multilateral development finance institution’s Climate Action Plan, support for renewable energy projects constituted nearly 60 percent of all lending in the energy sector, according to a press release.
As the 2023 U.N. Climate Change Conference, the 28th Conference of Parties (COP28) in Dubai drew to a close, the air was thick with determination among the 200 delegates. Acknowledging that the era of fossil fuels was on its last legs, they collectively pledged to hasten its demise. This was heralded as “the beginning of the end” for coal, oil, and natural gas. The nails and hammers were poised to pound the coffin of a sure- to-be- dead fossil fuel industry.
Gathered in the Crystal Palace Suite at the London Hilton hotel on Park Lane, were a collection of key UK
corporate leaders with roots in Ghana, including High Commissioner to the UK and Ireland, Papa OwusuAnkomah and Tullow Plc Chief Executive, Rahul Dhir.
Other Tullow Executives, including Director of People and Sustainability, Julia Ross, Ghana Managing
Director Wissam Al-Monthiry, his deputy, Cynthia Lumor and External Affairs Manager, David Amoah, were
also present.
il prices fell on Wednesday, pressured by lacklustre economic activity in leading crude importer China, but a first monthly gain since September remained in sight as flaring tensions in the Middle East heightened supply concerns.