Oil prices inched higher in early trading on Wednesday as fears of further supply disruptions intensified after U.S. forces said they began striking Iranian military targets for the 11th straight night and Kuwait reported attacks by Iranian drones. Brent crude futures rose 0.55%, or 50 cents, to $91.51 after markets opened on Wednesday, while U.S. […]
Oil futures fell more than 1% on Friday and were on track for their steepest weekly decline since early April, following reports that the U.S. and Iran had agreed to extend a ceasefire, though it had yet to be finalised. Brent crude futures for July fell 1.1% or $1.04 to $92.67 a barrel at 0330 […]
The United Arab Emirates (UAE) is quitting the Opec and Opec+ groups of major oil producing nations next month after nearly 60 years of membership. The UAE said its decision would help it meet growing global energy demand in the long term after recent investments to boost its production capacity. It is seen as a […]
Oil fell below $100 per barrel on Wednesday after U.S. President Donald Trump said he had agreed to a two-week ceasefire with Iran, subject to the immediate and safe reopening of the Strait of Hormuz. Brent fell $14.84, or 13.6%, to $94.43 a barrel, and WTI slid $16.13, or 14.3%, to $96.82 a barrel as of 0023 GMT. Trump’s turnaround came […]
More than £2m was spent at Harrods on behalf of a then-Nigerian oil minister accused of accepting bribes from industry figures interested in government contracts, a court in London has heard. Diezani Alison-Madueke, 65, is alleged to have been provided with “a life of luxury in the United Kingdom”, including access to multimillion-pound properties, a […]
The price of petrol is expected to go up marginally from August 1, 2025. However, the prices of diesel and Liquefied Petroleum Gas (LPG) are expected to decline. This is based on the outlook report that guides the pricing of the Oil Marketing Companies (OMCs) in the country by the Chamber of Oil Marketing Companies […]
The commencement of new oil wells under the Jubilee South East project has significantly boosted Ghana’s crude oil production. This has led to a 10.7 per cent increase in output and a record high for the country’s petroleum receipts. According to the 2024 semi-annual report by the Public Interest and Accountability Committee (PIAC), the total […]
There are 54 countries in Africa. More than 20 produce oil, and five of these countries are part of the world’s 30 oil-producing countries. However, only two countries in Africa do not import oil. In 2019 Africa accounted for more than 7.9 million barrels per day, which is about 9.6 per cent of global output. […]
An oil production and storage vessel exploded off the coast of Nigeria early on Wednesday with 10 crew members on board though it was not yet clear if there were any casualties or how much crude might have spilled into the sea. Nigeria’s Shebah Exploration & Production Company Ltd (SEPCOL) said on Thursday that flames […]
The lead operator of the Offshore Cape Three Point (OCTP), Eni has announced a significant oil discovery in Ghana with the potential to produce 700 million barrels of oil equivalent (Mboe). The company in a statement said the discovery was made on the Eban exploration prospect in Cape Three Points Block 4, offshore Ghana and production testing […]
Price fluctuations in global crude and refined product prices are taking a heavy toll on Ghana’s downstream markets, resulting in Bulk Oil Distributors losing millions of dollars and throwing many indigenous Oil Marketing Companies out of business. Out of the 130 oil marketing companies operating in the country, 50 – according to estimates – are […]
Oil rose on Wednesday, hitting $40 a barrel for the first time since March, supported by lower U.S. inventories, expectations OPEC+ will keep oil output cuts in place and signs of demand recovery from the coronavirus crisis. Suggesting a supply glut is on the way out, the American Petroleum Institute said on Tuesday U.S. crude […]
