Tag: crude oil
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Use mid-year budget to review benchmarks for crude oil prices – Energy analyst
Ahead of the presentation of the Mid-Year Review of the Budget Statement and Supplementary Estimates for the 2023 Financial Year to Parliament, an energy analyst Benjamin Nsiah is impressing on Government to review downwards its projected benchmarks for crude oil price. The government had earlier projected a benchmark oil price of 88.55 dollars per Barrel…
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Why refined products standard is critical to Africa
A move by the African Refiners & Distributors Association (ARA), and the African Union (AU), to ensure common standard for the importation and refining of petroleum products on the continent remains critical to trade, environment and the economy of the region, stakeholders said, Wednesday. Under the plan, Africa is expected to adopt harmonized AFRI Clean…
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It’ll be disappointing if fuel prices don’t go down further – COPEC
The Chamber of Petroleum Consumers Ghana, COPEC, says it expects prices of petroleum products at the pumps to go down further after some Oil Marketing Companies reduced prices by about seven percent on Monday, March 16, 2020. Following a drop in global crude oil prices and the relative stability of the cedi for about two…
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Stop interfering in fuel price movement – OMCs tell stakeholders
The Association of Oil Marketing Companies, has advised against what it calls undue interference in the pricing decisions of its members. This follows a statement by the Chief Executive of the National Petroleum Authority, Hassan Tampuli indicating that the Authority was anticipating a 15 percent reduction in the prices of fuel at the pumps, due…
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COPEC contemplates court action if OMCs fail to reduce fuel prices
The Chamber of Petroleum Consumers Ghana (COPEC), says it will not rule out the possibility of going to court to compel Oil Marketing Companies (OMCs) in the country to reduce fuel prices at the pumps. The threat comes after a conflict over crude oil prices between Saudi Arabia and Russia pushed the global price of…
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Oil prices jump after top Iranian general killed by US
Oil prices have risen sharply after the killing of a top Iranian general in Iraq. Analysts warned the action could escalate tensions in the region and affect global oil production. The price of Brent crude jumped by more than 3% and at one point hit $69.50 a barrel, the highest since September. It came after…
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Tema Oil Refinery seals deal to refine 11 million barrels of crude oil
The Tema Oil Refinery (TOR) has signed an agreement with Woodfield Energy Resources to process a tolling 11 million barrels of crude, Isaac Osei, Managing Director of TOR, has revealed. Mr. Osei said Woodfield Energy Resources’ long history with the Refinery and its knowledge on energy business in Ghana and Africa originated and led the…
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TOR to resume full refinery status in 2020
The Tema Oil Refinery, TOR, should return to its full operational capacity for refining crude oil by the first quarter of 2020. This should be made possible with the replacement of one of the company’s furnaces which has impacted operations for about two years now. The latest assurance follows efforts by the managers of the…
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Dangote Refinery to end petroleum products import to Africa
Nigeria and other sub-Saharan African countries would soon heave a sigh of relief from the importation of petroleum products, with the imminent completion of the 650,000 barrels-per-day (bpd) Dangote Refinery at Ibeju-Lekki area of Lagos. Mr Devakumar Edwin, Group Executive Director, Strategy, Capital Project and Portfolio Development, announced this at the opening of the…
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Article: Why crude oil price forecasts proves to be inevitably wrong
Predicting Oil Prices For the oil price forecasting fraternity, the great oil bust of 2014 signal one more failure. That in a matter of six months, Brent oil price dropped over 40 percent from $115 per barrel to $70 per barrel; and tumbled to mid-$20s of a barrel in first month 2016. And after struggling…