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Crude Oil and Refined Products Market Review and Outlook Crude oil prices declined by about 3 percent from January to December 2023. The decline is attributed to weak global demand and a slower post-COVID-19 economic recovery. Global macroeconomic indicators show that economic growth fell below expectations in 2023 due to a weak post-COVID-19 recovery and […]

Refined Products Review and Outlook Global prices of crude oil have continued to follow a downward trajectory since the beginning of Q4 2023. Crude oil prices declined significantly in the first week of December to levels recorded in July, when high global inflation resulted in a significant decline in global demand for crude. Demand for

Crude Oil and Refined Products Market Review and Outlook Global demand for crude and petroleum products have continued to surge since January 2024 in tandem with the World Bank’s projections of about 3.1% global economic growth this year. According to the World Bank, the global economy in 2024 is expected to outpace growth in 2023

Refined Products Review and Outlook The global demand for crude and petroleum products continues to hit record highs, boosted by strong summer air travel, increased oil use in power generation, and surging Chinese petrochemical activities. The International Energy Agency (IEA) has projected that the global demand for oil will grow by 2.2 million b/d in

Refined Products Review and Outlook Crude oil prices have risen significantly since the month of July, to about USD86 per barrel in the last selling window of August 2023. This rise has been largely attributed to supply tightness due to OPEC+ production cuts and renewed optimism about Chinese demand. The OPEC+ nations in April 2023

Refined Products Review and Outlook Global crude prices rose significantly in the month of July largely due to supply tightness owing to OPEC+ production cuts and renewed optimism over Chinese demand and global growth. High inflation and interest rates in the US and  Europe and the weak economic indicators from economies like the US, EU,

Refined Products Price Review and Outlook The international market prices of finished petroleum products in the 27th June to 11th July 2023 pricing window, which are the premiums used in pricing petroleum products from 16th to 31st July 2023, changed marginally compared to the previous selling window. Crude oil prices on the world market within

Refined Products Price Review and Outlook The international market prices of finished petroleum products in the 12th to 26th June 2023 pricing window, which are the premiums used in pricing petroleum products from 1st to 15th July 2023, changed marginally compared to the previous selling window. Crude oil prices at the world market declined by

  The management and staff of the Ghana Chamber of Bulk Distributors (CBOD) have planted 1,100 trees in the Chirapa Forest Reserve in Agomeda in the Greater Accra Region as part of the Green Ghana initiative. The chief executive of CBOD, Dr. Patrick Ofori, says the chamber is in full support of the initiative and

Refined Products Price Review and Outlook Global crude oil and refinery product prices continue to tumble due to uncertainties regarding the global economic outlook and unprecedented high inflation rates in the US and Europe. Although global crude prices rose slightly in April due to the surprise announcement by some OPEC+ nations to voluntarily cut production