On Tuesday 12th September, 2023, OPEC maintained its predictions of robust global oil demand growth for 2023 and 2024, citing signs that major economies are performing better than expected despite adverse conditions such as high interest rates and elevated inflation. The headquarters of the Organization of the Petroleum Exporting Countries in Vienna Global oil demand is set to increase by 2.25 million barrels per day (bpd) in 2024, compared to the growth of 2.44 million
Benchmark US crude oil for October delivery rose $1.55 to $88.84 a barrel on Tuesday 12th of September,2023. Brent crude for November delivery rose $1.42 to $92.06 a barrel. Wholesale gasoline for October delivery rose by 1 cent to $2.73 a gallon. October heating oil fell by 3 cents to $3.33 a gallon. October natural gas rose by 13 cents to $2.74 per 1,000 cubic feet. Gold for December delivery fell by $12.10 to $1,935.10
Iraq has invited global oil companies to bid for new oil and gas concession areas as part of its sixth round of licenses announced in June. In an address at an oil project conference and exhibition that was opened in the capital Baghdad on Sunday 10th September 2023, Iraqi Oil Minister Hayan Abdel Ghani said Baghdad is pursuing a drive to maximize the country’s gas deposits to slash imports from nearby Iran. “We hope that
With one day left before the fourth edition of the Angola Oil & Gas (AOG) Conference & Exhibition – which kicks off this Wednesday at Centro de Convenções Talatona (CCTA) – conference organizers Energy Capital & Power are gearing up to welcome a prominent line-up of energy ministers, industry leaders, financiers, and national and international oil executives to one of Africa’s most influential energy markets. AOG 2023 serves as the annual meeting place for the
The oil prices fell on Monday, even though a week ago, Saudi Arabia and Russia had announced new production cuts, driving prices to a ten-week high. Oil prices drop despite Saudi Arabia and Russia’s maintenance of cuts. Saudi Arabia and Russia announced last week that they would extend voluntary cuts of a combined total of 1.3 million barrels per day (bpd) until the end of the year. The price of Brent (the benchmark for Angolan
In a world driven by technological advancements and electrification, the demand for copper has skyrocketed. This essential metal is the lifeblood of modern civilization, found in everything from power generation and transmission to electronics and transportation. Recognizing the potential of copper as a critical component of the future, South32, a globally diversified mining and metals company, has expressed a strong interest in building its copper exposure. This move not only reflects the changing dynamics of
The gas exploration company, Kinetiko Energy, through its subsidiary Afro Energy, has signed a non-binding Term Sheet with the South African national development finance institution, the Industrial Development Corporation (IDC), to co-develop a Joint Venture (JV) for the production of the country’s largest onshore Liquefied Natural Gas (LNG) project. Announced on 22 August, the first phase of the project will deliver 50 MW of gas equivalent energy and is expected to be developed over two
“Vedanta Resources Ltd. is ready to pay $250 million owed to suppliers in Zambia as soon as it resumes control of the copper mines that were seized by the southern African nation’s government more than four years ago. Former President Edgar Lungu’s administration placed Konkola Copper Mines under provisional liquidation in 2019, after accusing Anil Agarwal’s Vedanta of lying about expansion plans and paying too little tax. That sparked a series of court cases, culminating
The oil prices steadied after earlier declines on Thursday caused by disappointing economic data from key economies, with investors awaiting a speech by U.S. Federal Reserve Chair Jerome Powell on Friday for clues on interest rate moves. Brent crude climbed by 6 cents, or 0.1%, to $83.27 a barrel by 0855 GMT, after dropping to $82.57 earlier in the session. U.S. West Texas Intermediate crude rose by 4 cents, or 0.1%, to $78.93 a barrel,
Namibia’s offshore oil discoveries and their potential impact on the country’s economy. The discoveries are estimated to be around 11 billion barrels in total. The article highlights that TotalEnergies’ Venus-1X find constitutes nearly half of this total. Shell and TotalEnergies have made these deep-water discoveries over the past two years. Namibia, a southern African country that has not yet produced any oil or gas, is now considered a global exploration hotspot due to these recent
