Oil futures for January delivery rose to $70.14 per barrel on Friday, marking a 0.06% increase on the New York Mercantile Exchange at the time of reporting. Earlier in the session, prices reached their peak before showing potential support at $66.53 and resistance at $70.75 per barrel. The U.S. Dollar Index Futures, which tracks the dollar’s performance against a basket of six major currencies, gained 0.51%, trading at 107.48. Meanwhile, on the ICE Futures Exchange,
The price of Brent crude oil is expected to decline by $5 to $9 per barrel over the next 12 months due to a significant global supply surplus, particularly from non-OPEC (Organization of the Petroleum Exporting Countries) producers, and weakening demand driven by economic uncertainties in China and Europe. These challenges could intensify if the U.S. government under Donald Trump imposes tariffs on imports from China and Europe. According to international experts interviewed by Broadcast,
Gold and oil prices fell by approximately 3% on Monday following reports of a potential ceasefire agreement between Israel and Lebanon, which could ease tensions in the Middle East. By 6:00 PM Luanda time, gold—a traditional safe-haven asset—had dropped by 3.13%, trading at $2,631 per ounce. This decline interrupted a five-session streak of consecutive gains. Market analyst Adrián Hostaled highlighted that, in addition to the potential ceasefire, the nomination of Scott Bressent as the future
Angola’s President João Lourenço has approved a special legal regime aimed at maximizing hydrocarbon recovery in mature oil concessions within the country’s maritime zone. This initiative, announced in a presidential decree dated November 20, focuses on promoting incremental production in aging fields through enhanced investment opportunities. The regime targets fields that have been operational for over 25 years or have utilized 70% or more of their proven reserves, as defined by the National Oil, Gas,
The fuel supply challenges in the municipalities of Quiculungo and Bolongongo in Angola’s Cuanza Norte province are set to be resolved with the construction of new fuel stations. These two areas, previously lacking such facilities, will soon benefit from the ongoing development of fuel pumps, according to Luís Fernandes, General Director of the Petroleum Regulatory Institute (IRDP). Fernandes shared this update during a Ministry of Mineral Resources, Oil, and Gas meeting held in Cuanza Norte.
Baker Hughes has inaugurated a liquid mud plant, cement bulk facility, and integrated multi-modal hub at Walvis Bay, marking a significant step in supporting Namibia’s growing energy sector and advancing localization efforts. The liquid mud plant, Namibia’s largest by volume and capacity, alongside the cement bulk facility, will supply critical drilling and completion fluids and cement handling services for offshore oil and gas operations. Baker Hughes’ integrated multi-modal facility also features state-of-the-art testing and maintenance
The Bank of Namibia (BoN) has expressed concerns that ongoing challenges in the mining sector, particularly in the diamond industry, may extend beyond 2024, posing a significant threat to the country’s economic growth. Kazembire Zemburuka, BoN’s Director of Strategic Communications and International Relations, highlighted declining production volumes and falling international diamond prices as critical issues affecting GDP growth throughout 2024, with projections indicating continued struggles in the coming years. “The challenges facing the diamond mining
Morocco is set to initiate tenders in 2025 for the Nigeria-Morocco gas pipeline, focusing on sections within Moroccan territory. This milestone is part of the National Office of Hydrocarbons and Mines’ (ONHYM) 2025 Action Plan, according to Asharq Al-Awsat. The pipeline’s first phase will span Morocco, Mauritania, and Senegal, with additional gas transport agreements expected next year. A dedicated private company will oversee the project’s construction, operation, and maintenance, as outlined in a project document
QatarEnergy has strengthened its presence in Namibia’s upstream oil and gas sector through an agreement with TotalEnergies, increasing its stakes in two Orange Basin offshore blocks. Under the new deal, QatarEnergy will acquire an additional 5.25% stake in Block 2913B and 4.7% in Block 2912. Following the transaction, QatarEnergy’s shares will rise to 35.25% in Block 2913B and 33.025% in Block 2912. Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and CEO of
President Nana Akufo-Addo has inaugurated the Bridge Power Plant, a 200MW combined cycle power facility in Kpone, located in Greater Accra’s Heavy Industrial Area. The plant, developed by Early Power Limited, is powered primarily by natural gas and is designed to be one of Ghana’s most operationally flexible combined cycle facilities. Supplied with five TM2500 aeroderivative gas turbines by GE Vernova, the Bridge Power Plant represents a critical milestone in Ghana’s energy sector. It is
