News

With the double negatives of a demand-culling pandemic and wildly declining sentiment trouncing the oil and gas and pushing companies to record lows, with $30 billion in collective debt , trying to pick a winner in this sector is growing more challenging by the day. On the demand front, the IEA has just cut its […]

A crude oil inventory draw of 1.6 million barrels sent oil prices higher today, with the Energy Information Administration also reporting a fall in gasoline inventories and a modest build in distillate fuel inventories. This compared with a draw of 4.5 million barrels for the previous week, the third weekly draw—and hefty—in a row. A day earlier, the American

Banque de Commerce et de Placements SA, DIFC Branch, has sued China Aviation Oil (Singapore) Corp Ltd over an alleged fraudulent deal as the Swiss bank seeks to reclaim the $19 million it paid to CAO for a cargo, a court document showed. In a writ of summons filed to the Singapore High Court, BCP

The United Nations University – Institute for Natural Resources in Africa (UNU-INRA) this week engaged the Chamber of Bulk Oil Distributors (CBOD) for contributions to its [UNU-INRA] latest report on Stranded Assets and Sustainable Development in Africa. UNU-INRA launched an academic discussion paper on Africa’s development in the Age of Stranded Assets in 2019. This

The National Petroleum Authority’s Fuel Specifications Implementation Committee has recommended the display and sale of two grades of petrol and diesel at the pumps at fuel stations. This is in compliance with the AFRI 4 diesel specifications in line with the Africa Refiners Association’s guidelines for improved fuel quality. The committee, at its recent meeting,

The National Petroleum Authority, Ghana Chamber of Bulk Oil Distributors and Legacy Bonds have met to finetune the road map towards the implementation of the Credit Practice in Trade (CREPT). CREPT is a credit risk rating mechanism aimed at addressing the trade credit risk within the petroleum downstream sector of Ghana. LBL requested regulatory clearance

Former Managing Director of Bulk Oil Storage and Transportation (BOST) Company Limited, George Mensah Okley has been laid to rest at a ceremony over the weekend (August 8-9, 2020) in Accra. Mr. Okley, 47 years passed away on Monday, June 22, 2020, at the 37 Military hospital after a short illness. Okley was appointed in

The market is gradually beginning to give credence to something I’ve been discussing in past OilPrice articles for a long time now. In a June, 2020 article entitled, underinvestment could send oil prices soaring , I argued how the retrenchment and lack of capital investment the industry has seen the past five-years would lead to

Five oil majors (including Exxon Mobil and British Petroleum) reduced the value of their assets by $50 billion in Q2, 2020. They also reduced their production rates as the COVID-19 pandemic caused a downward trend in energy demand. What this means: The cut in asset valuations and reduction in crude oil production by these oil majors

For the second time in three years, Saudi Arabia is slashing the volume of crude it’s sending to America in an attempt to force down stockpiles in the world’s most visible oil market and thereby hasten the rebalancing of supply and demand. Weekly U.S. oil inventory data — usually published on a Wednesday and covering the period