Tag: Oil
OPEC+ to Decide on Oil Production For One or Several Months at July Meeting
There are currently no timeframe suggestions for oil production parameters that the OPEC+ countries will decide upon during their meeting next month, Russian Deputy...
Most of Iran’s Oil Output Can be Restored Within a Month After Lifting Sanctions
Most of Iran's oil production can be restored within a month after lifting sanctions, with the full restoration of oil output possible within three...
Brent Crude Ends Trading Day Above US$70 Per Barrel First Time Since May 2019
Brent crude closed trading day above $70 per barrel first time since May 18, 2019, according to trading data.
August futures for the North Sea...
Global Oil Demand Expected to Grow by 6 Million Barrels Per Day in 2021
OPEC + raised its forecast for growth in oil demand in 2021 to 6 million barrels per day, Russian Deputy Prime Minister Alexander Novak...
Global Commercial Oil Inventories to Return to 5-Year Average in June – Novak
The "surplus" of global oil inventories decreased from 260 million barrels to 34 million barrels, and the level of inventories is expected to return...
OPEC+ Oil Ministers to Meet on Tuesday
Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) and 10 other exporters will meet by video on Tuesday to review output...
OPEC Hopes Iran’s Future Increase in Oil Production to Be Transparent, Orderly
OPEC hopes that Iran’s future increase in oil production will be transparent and orderly, thus keeping the market stable, OPEC Secretary General Mohammad Barkindo...
Oil futures settle sharply higher again
Crude oil prices moved higher on Tuesday, extending gains from the previous session, amid continued optimism about increased demand for fuel in the US...
Oil is still crucial to global economy – Prof Alhaji
The Moderator of the Oil, Gas and Energy Law (OGEL) says fossil fuels' dominance of the global energy mix makes oil crucial to ...
TTU, Petroleum Commission sign agreement to train youth in oil and gas products
The Management of the Takoradi Technical University (TTU) and the Petroleum Commission of Ghana have signed a GHc 3.5 million agreement to train Ghanaian...
Libya’s eastern-based army agrees to resume oil exports with conditions
Khalifa Haftar, commander of the eastern-based army of Libya, on Friday announced allowing the resumption of oil exports with conditions.
"It has...
Egypt’s ambitious plan to achieve oil self-sufficiency within reach
by Marwa Yahya
The Egyptian plan to achieve self-sufficiency in all oil and gas products between 2021 and 2023 is...
Oil prices rebound after massive losses
Oil prices climbed on Wednesday as the market tried to recover from considerable losses in the prior session.
The West Texas Intermediate...
Sri Lanka says fire onboard burning oil tanker under control
The Sri Lanka Navy on Wednesday said a fire which had reignited onboard the MT New Diamond oil tanker on Monday has been...
Egypt develops jasmine oil trade to earn hard currency
by Mahmoud Fouly
A couple of hours before dawn, a lot of farmers and laborers in Shubra Beloula village...
Oil prices climb amid storm-driven production cuts
Oil prices advanced on Tuesday as storms forced a major shutdown of energy production in the Gulf of Mexico.
The West Texas...
UN begins distribution of food aid for refugees, asylum seekers in Somalia
Two UN agencies on Thursday kicked off the distribution of the more than 1,500 metric tons of life-saving food aid for refugees and asylum...
3 rescued, 14 missing after ship collision in east China
Three had been rescued and 14 others went missing after an oil tanker collided with a cargo ship about 1.5 nautical miles southeast of...
Tokyo stocks open lower on concerns over U.S. economic recovery
Tokyo stocks opened lower Thursday as the minutes of the U.S. Federal Reserve's July policy meeting released overnight revealing concerns over the U.S. economy's...
South Sudan oil firm plans survey of minerals, oil to attract potential investors
South Sudan's state-owned oil company plans to undertake a survey of both its mineral resources and oil in a bid to attract more investors...
Sinopec creates record by drilling 8,725 meters deep oil, gas field
China Petrochemical Corporation (Sinopec) announced that its Shunbei oil and gas field created a record for the deepest onshore directional well drilling in Asia,...
Oil prices drop slightly as demand worries persist
Oil prices fell modestly on Tuesday as soaring COVID-19 cases continued to stoke fears over weaker demand for the crude.
The West...
Ghana adds GHS 16.9 billion to debt stock in 2020 1st quarter
New figures released by the Bank of Ghana show that the country’s debt stock increased by 16.9 billion cedis in the first quarter of...
Oil prices gain amid output cuts
Oil prices rose on Monday as market sentiment was boosted by output cuts from major oil producers.
The West Texas Intermediate for...
It’s Time Africans Sanitize Our Minds and Not Only Our Hands
The only continent with Rich mineral elements such as gold, diamond, manganese,oil, cocoa, ivory timber etc,yet instead of Africa progressing,we are rather retrogressing. We...
Civil Society caution Ministry of Finance over Heritage Fund
The Civil Society Platform on Oil and Gas (CSPOG) has raised concerns over the Finance Minister's request for Parliament to amend the Petroleum Revenue...
Lebanon extends oil and gas licensing deadline amid COVID-19 outbreak
Lebanon extended the deadline for submitting offers for the country's second licensing round for offshore oil and gas exploration in five blocks from April...
Oil and gas production not affected by COVID-19 – Iran
Iran's Ministry of Petroleum announced Wednesday that the outbreak of COVID-19 in the country since two weeks ago has not affected Iran's oil and...
Oil prices fall as demand worries persist
Oil prices declined on Wednesday, as worries of weaker crude demand continued to weigh on the market.
The West Texas Intermediate for...
Belarus, Russia sign protocol on compensation for polluted oil
Belarus has signed a protocol with Russia on compensation for polluted oil, Vladimir Sizov, deputy chairman of the Belarusian state petrochemical concern Belneftekhim, said...