Oil prices fell Wednesday after reports showed increasing U. S. crude inventories, triggering worries for continued global crude over-supply. The West Texas Intermediate for March Delivery erased 0.43 dollars to settle at 52.75 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery decreased 0.36 dollars to close at 55.08 … Read more
The World Bank has forecasted strong gains for industrial commodities like energy and metals in 2017; holding crude oil price forecast for the year at $55 per barrel, due to tightening supply and strengthening demand. The Bank’s January 2017 Commodity Markets Outlook, said forecast for crude oil is a 29 percent jump from 2016. The … Read more
Oil Marketing Companies (OMCs) in the country have justified the continuous increases in prices of petroleum products this month. The deregulation of the downstream petroleum sector allows OMCs to review prices of petroleum products every two weeks. However since the beginning of the year, prices are being reviewed every week. Prices of petroleum products increased … Read more
Oil Marketing Companies (OMCs) in the country have justified the continuous increases in prices of petroleum products this month. The deregulation of the downstream petroleum sector allows OMCs to review prices of petroleum products every two weeks. However since the beginning of the year, prices are being reviewed every week. Prices of petroleum products increased … Read more
The Public Interest and Accountability Committee (PIAC) has called on the Ministries of Finance and Energy to urgently convince the Volta River Authority to settle its indebtedness to the Ghana National Gas Company. It said this was in order to prevent the VRA’s debts to Ghana Gas from spiralling to unmanageable proportions and thus compromising … Read more
The Public Interest and Accountability Committee (PIAC) has called on the Ministries of Finance and Energy to urgently convince the Volta River Authority to settle its indebtedness to the Ghana National Gas Company. It said this was in order to prevent the VRA’s debts to Ghana Gas from spiralling to unmanageable proportions and thus compromising … Read more
The Institute of Fiscal Studies (IFS), has made fresh calls for Ghana to hedge its oil to protect the country from shocks in the global price of crude. The Institute is warning the country risks missing out on its 7 percent growth target for 2017 should prevailing conditions on the global oil market persist. “We … Read more
The Institute of Fiscal Studies (IFS), has made fresh calls for Ghana to hedge its oil to protect the country from shocks in the global price of crude. The Institute is warning the country risks missing out on its 7 percent growth target for 2017 should prevailing conditions on the global oil market persist. “We … Read more
Crude prices edged up in early Friday trade following reports that major producers have started cutting production as pledged, strengthening views the global oil glut was ebbing. On the New York Mercantile Exchange, light, sweet crude futures for delivery in February CLH7, 0.07% traded at $53.09 a barrel, up $0.05 in the Globex electronic session. … Read more
Oil and gas analyst, Kwame Jantuah has advised the NPP government to increase the country’s capacity to refine more crude at a cheaper cost if it is to reduce the prices of fuel. His comments follow the assurance by the Finance Minister Nominee, Ken Ofori Atta to consumers that there will be no immediate hikes … Read more
Oil and gas analyst, Kwame Jantuah has advised the NPP government to increase the country’s capacity to refine more crude at a cheaper cost if it is to reduce the prices of fuel. His comments follow the assurance by the Finance Minister Nominee, Ken Ofori Atta to consumers that there will be no immediate hikes … Read more
The Chamber of Petroleum Consumers (COPEC) has called on government to review the special petroleum tax levy. This they say will clamp down on the constant increase of fuel prices. Prices of some petroleum products went up by between 8 and 11 percent for the first pricing window in January, with many describing the development … Read more
The Chamber of Petroleum Consumers(COPEC) has called on government to review the special petroleum tax levy. This they say will clamp down on the constant increase of fuel prices. Prices of some petroleum products went up by between 8 and 11 percent for the first pricing window in January, with many describing the development as … Read more
The price of petrol and diesel in the UK has risen to its highest since July 2015, following a three-pence-a-litre increase in December alone. The average cost of unleaded petrol hit 117.23p at the end of the month, with diesel reaching 119.63p, the RAC said. The wholesale price of both fuels has risen significantly, following … Read more
The Chamber of Petroleum Consumers of Ghana has criticised Oil Marketing Companies (OMCs) for increasing fuel prices by as much as 9%. In a statement, COPECGH said pump prices as of “this morning [January 4, 2017] have gone up by over 9% from some of the major oil marketing companies though the majority are yet … Read more
U. S. oil prices rose in the first trading hours of 2017 on Tuesday, buoyed by a deal for OPEC and non-OPEC production cuts which kicked off on Sunday. U.S. benchmark West Texas Intermediate (WTI) CLc1 crude oil prices were up 35 cents, or 0.7 percent, at $54.07 at 0010 GMT, not far from last … Read more
Oil jumped 1.7 percent Tuesday, continuing its year-end rally with support from expectations of tighter supply once the first output cut deal between OPEC and non-OPEC producers in 15 years takes effect on Sunday. U. S. crude prices have surged 25 percent since mid-November, helped by expectations for OPEC’s supply cut and generally solid U.S. … Read more
The Managing Director of the Tema Oil Refinery (TOR), Kwame Awuah Darko, has asked staff of the company to prepare for his exit as a new government takes over the reign of the country next year. He is, therefore, asking the staff to give their maximum support and cooperation to his successor, whoever that maybe. … Read more
The Tema Oil Refinery (TOR) is said to have taken delivery of the first crude oil produced from the Tweneboa, Enyenra and Ntomme (TEN) project to be refined and sold on the Ghanaian market. The one million barrels of crude, the thebftonline.com understands is currently secured in the storage tanks of TOR waiting to be … Read more
U. S. Gulf Coast refiners are cashing in on rising fuel demand from Mexico, shipping record volumes to a southern neighbor that has failed to expand its refining network to supply a fast-growing economy. The fuel trade could top a million barrels per day (bpd) at times in 2017 as Mexico becomes increasingly dependent on … Read more