There has been a ray of hope: a landmark production-cut agreement among OPEC, OPEC+ and G20 stakeholders on April 12 put an end to the oil price war
Stunning drops in crude oil prices—the result of COVID-19-related declines in demand and an oil price war between Saudi Arabia and Russia—have...
Managing Director of Bulk Oil Storage & Transportation Company Limited (BOST), Edwin Provencal, has called on government to approve the implementation of the adjusted BOST margin levy of GH¢0.03 per litre to GH¢0.12 to ensure efficient running of the organization.
He explained that the current BOST margin of GH¢0.03, which...
Nigeria’s oil and gas exports are expected to decline by at least $26.5 billion as the novel coronavirus batters international prices and cuts fuel demand, the International Monetary Fund said late last week Wednesday.
Nigeria, Africa’s largest oil exporter, told the IMF in a letter requesting emergency financial assistance that...
…Toward new imperatives for natural resource diversification
Humanity is witnessing some of the most profound changes seen since the Great Depression. And, again, it is the vulnerable among us who will suffer the worst consequences. We are out on a limb, witnessing the most disruptive global transformational mutations observed in...
The oil market appeared to have weathered the storm of the 2015 price collapse and had responded with considerable accomplishments. By November 2017, domestic crude oil production had recorded its highest level in U.S. history. International trade in crude oil and petroleum products was booming with exports of 6.6...
The impacts of the current crisis are wide and affecting both Africa’s most promising exploration prospects, but also its multi-billion-dollar landmark projects.
The double crisis of the COVID-19 pandemic and the collapse in oil prices is taking a toll on African economies and the African energy industry. An unstable and...
U.S. output set to drop significantly after negative prices
Oil refiners to curtail processing as fuel demand remains weak
Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great...
Oil resumed its decline to trade near US$15 a barrel as swelling global crude stockpiles made it more difficult for leading producers to balance the market by curbing output.
Futures in New York slid as much as 11.8%, snapping a four-day gain. While U.S. drilling is sliding and Saudi Arabia has started reducing output ahead of...
May seem that the worst-case scenario has already come to pass, as United States crude prices plunged far below zero on Monday, with the West Texas Intermediate crude benchmark closing out the day at negative $37.63 per barrel and the international Brent Crude benchmark hitting an 18-year low. While...
The oil majors are facing a financial vice like they never have before.
With oil prices hovering around $20 per barrel and no end in sight for the global pandemic, the financial pain has only just begun. Norway’s Equinor became the first large oil company to cut its dividend, slashing it...