Tag: OPEC
-
OPEC adjusts oil demand to 8.9m bpd as uncertainty cloud extension of production cuts
The Organization of the Petroleum Exporting Countries (OPEC), on Tuesday, July 14, revised downward its world oil demand in 2020, to an estimated 8.9 million barrel per day (bpd) adjusting it up by 0.1 million bpd against last month’s projection. OPEC’s projections enclosed in its July Monthly Oil Market Report, comes amid uncertainties clouding the…
-
Making up for oil revenue shortfall a huge task for Ghana – Kweku Awotwi
Outgoing Managing Director of Tullow Ghana and Executive Vice President of Tullow Oil plc., Kweku Awotwi, says government would have to work really hard to make up for the revenue shortfalls created by fallen crude oil prices. The outbreak of the novel coronavirus has led to a limited demand for crude globally. As a result,…
-
Raymond Nuworkpor writes: Drilling through a broken oil market, repercussions for our local market
International Brent Crude plummeted momentarily on Tuesday, 21st April, the lowest since 21 years ago, but recovers a day after to hover around $20 a barrel. As the novel Coronavirus lockdown grind down many facets of our lives i.e. a grounded airline industry, a drowning hospitality sector, a quandary health industry, a crumpled supply chain…
-
Oil production in Ghana threatened by continuous drop in Brent crude prices – IES
The Institute of Energy Security, IES, says oil producers in Ghana may be compelled to halt their production if the global price of Brent Crude continues to fall. The price of US oil turned negative for the first time in history on Monday, 20th April, 2020. By this, oil producers are paying buyers to take…
-
US oil prices turn negative as demand dries up
The price of US oil has turned negative for the first time in history. This is according to the British Broadcasting Corporation (BBC). That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May. Demand for oil has all but dried up…
-
OPEC, Russia meet again to approve biggest ever oil cut
OPEC, Russia and other oil producing nations were meeting on Sunday in a bid to clinch a deal on the biggest oil cut ever, amounting to 10 percent of global supply, after their initial efforts to support oil prices amid the coronavirus pandemic were blocked by Mexico. The group, known as OPEC+, was expected to…
-
Developing countries could lose up to 85% of oil & gas income in 2020 – OPEC, IEA warn
Developing countries’ oil and gas income could fall to their lowest levels in more than two decades if current energy market conditions persist, the International Energy Agency, (IEA), and the Organization of the Petroleum Exporting Countries (OPEC) have warned in a rare joint statement. IEA Executive Director, Fatih Birol, and OPEC Secretary General Mohammed Barkindo,…
-
![[Article] Ghana’s fuel and utility prices set to anchor inflation for the rest of year](https://citibusinessnews.com/wp-content/uploads/2019/06/FNB-Logo.png)
[Article] Ghana’s fuel and utility prices set to anchor inflation for the rest of year
Following Ghana’s release of first-quarter fiscal numbers on June 3 that showed the government missed the budget deficit target, it drew the attention of investors as to whether it represented potential threat to inflation or currency stability. Ghana recorded a budget deficit of 1.6% of gross domestic product in the first three months of the…
-
OPEC to increase oil production by 1 million barrels from July
The Organization of Petroleum Exporting Countries, OPEC, has agreed to raise oil production by around 1 million barrels per day from July 2018. The decision was arrived at after a meeting by representatives of member countries, on Friday [June 22, 2018]. Despite this decision to increase output, some analysts say the impact will be marginal…
-
Appeal court dismisses IFC’s case against Quantum
The court of appeal has dismissed a stay of proceedings application by International Finance Corporation (IFC) which sought to put on hold an ongoing case with Quantum Oil Terminals Limited at the High Court over a breach of a contract. According to the ruling of the court, it found no reason to stay proceedings at…