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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

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    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

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    ASTM International pledges support for Ghana’s petroleum industry

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

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COPEC urges Gov’t to assist BOST to store more oil reserves

byNerteley Nettey
April 21, 2020
in Oil And Gas, Top Stories
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As concerns continue to mount over lack of storage facilities to store oil in the US, the Chamber of Petroleum Consumers, Ghana, (COPEC) is calling on government to help the Bulk Oil Storage and Transport (BOST), ‘to get a good credit line or an open credit system in place immediately to stock oil at this point for the country’s strategic reserves or stocking needs.”

This follows reports that for the first time in history, the price of US oil has turned negative due to a supposed unavailability of storage space across the US market with some traders allegedly paying for cargo to be returned before the close of the futures market for the month of April on 22/04/20.

Demand for oil has all but dried up as lockdowns across the world have kept people indoors. As a result, oil firms have resorted to renting tankers to store the surplus supply and that has forced the price of US oil into negative territory.

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The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, has fallen as low as minus $37.63 a barrel.

In a statement issued by the Chamber, its Executive Secretary, Duncan Amoah,  said “government should also consider getting our local refinery back to productivity in order to process Ghana’s oil locally as we understand some of our producers or Oil fields may be soon forced to shut down production due to lack of storage space globally.”

This they explain should be considered, “so the country does not lose on both the upstream and downstream ends due to the low prices being recorded on the international market currently.”

COPEC also stated that though oil prices especially on the West Texas Intermediate, WTI platform is currently trading at -$15 which is about the lowest in several decades, it is very unlikely to see any reductions immediately reflecting at the country’s various pumps.

“It is indeed true that oil prices especially the WTI platform Is currently trading at -$15 which is about the lowest in several decades. Brent however is still trading around $26 as at close of day and as such pump prices are very unlikely to see any reductions as is being expected by a cross section of the Ghanaian public,” the statement noted.

This, they attribute to the fact that the Ghanaian market to a large extent, depends on the Brent benchmark.

“This pricing collapse is largely reflected on crude and has very little direct impact on processed or refined products and by extension local pump prices. Moreover, the Ghanaian market is largely Brent benchmark dependent and as such a collapse on WTI is quite unlikely to have any trickle-down effect on local pump prices here,” the statement added.

COPEC however urged government to be quick in its response, as, “Whatever security guarantees or arrangements that needs to be put in place to forestall any games with the strategic reserves must certainly be robust and efficient so the country does not lose on both the upstream and downstream ends due to the low prices being recorded on the international market currently.”

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