According to a report from UBS, the global wealth manager, Brent crude oil is expected to reach $95 a barrel by the end of 2023. UBS’s Chief Investment Officer for Global Wealth Management, Mark Haefele, stated that they consider oil to be their preferred investment and have revised their forecast upward from the current price of $77.90 per barrel. Haefele also recommended selling volatility in Brent crude oil and highlighted the appeal of longer-dated oil
The International Monetary Fund (IMF) expects the non-oil sector of Saudi Arabia’s economy to maintain strong growth momentum in 2023, according to a report by the financial agency. The IMF projects that the overall real growth in Saudi Arabia will be lowered to 2.1% in 2023 due to the production cuts implemented by OPEC+. However, the non-oil sector is expected to continue growing at an average rate of 5% and remain above its potential. The
In Sankuru, specifically the Lodja market, the price of a liter of gasoline has risen from 3,200 to 5,000 CDF, marking the first increase in fuel prices by 140 CDF in the West zone since the beginning of 2023. The latest fuel price adjustments are as follows: the price of a liter of fuel oil has been raised to 2,985.00 CDF from 2,845.00 CDF, while gasoline now costs 2,995.00 CDF compared to the previous price
The Gulf region, known for its abundant crude oil reserves, is currently undertaking several refinery projects aimed at boosting the refining and petrochemicals industry. These projects, with a combined investment of over $40 billion, are expected to have a significant impact on the region’s economy. Here are the top five ongoing refinery projects in the Gulf region: These ongoing refinery projects in the Gulf region highlight the significant investments being made to meet domestic demand,
Oil fluctuated near stability during yesterday morning but held onto gains after the report on reserves from the United States last week, released by the Department of Energy (DoE). Additionally, the weaker dollar contributed to the movement. US oil reserves rose by 118,000 barrels last week, crude oil for August closed 1.13% higher at $72.45 per barrel on the New York Mercantile Exchange (Nymex), while Brent crude for August advanced 1.41% to $76.78 per barrel
BW Offshore, an oil industry company, has secured a short-term lease extension for the FPSO Espoir Ivoirien to CNR (Canadian Natural Resources International). The extension agreement ensures the continued operation of the FPSO vessel off the coast of Ivory Coast until June 9, 2023. The FPSO Espoir Ivoirien, originally a Suezmax tanker converted in 2001, has a production capacity of 45,000 barrels of crude oil per day and a storage capacity of one million barrels.
Senegal, a country in West Africa, is experiencing significant economic growth and offers compelling reasons for foreign investors to consider investing in its emerging market. Here are five key factors that make Senegal an attractive investment destination: Senegal’s rising economy, competitive business climate, skilled labor force, modern infrastructure, and comprehensive legal and fiscal frameworks make it an appealing choice for international investors seeking new opportunities. Attending events like the MSGBC Oil, Gas, & Power 2023
The World Bank has recently launched the Accelerating Economic Diversification and Job Creation Project in Angola. This initiative aims to create opportunities for micro, small, and medium enterprises (MSMEs) in strategic sectors of the economy. With a capital injection of $300 million, the project seeks to promote economic diversification and private sector investment, specifically focusing on the Lobito Corridor. The Lobito Corridor is a vital trade route that traverses Angola, connecting the mining regions of
Kenya is keen on strengthening bilateral relations with Angola in various sectors, including energy, agriculture, and trade. During a visit to Angola in early June, Kenya’s Prime Cabinet Secretary Musalia Mudavadi and Minister of Foreign Affairs Alfred Nganga Mutua emphasized the importance of cooperation in driving domestic economic growth. They highlighted Kenya’s intention to leverage Angolan expertise to enhance investment, development, and intra-African trade. Discussions between Mudavadi and Angolan President Joāo Lourenço, as well as
Gold prices rose on Thursday as the U.S. dollar eased slightly, providing some respite to the precious metal. However, investor caution surrounding the Federal Reserve’s interest rate strategy and other economic cues kept gold trading within a relatively tight range. Spot gold increased by 0.3% to reach $1,945.69 per ounce, recovering some of its losses from the previous session, while U.S. gold futures rose by 0.1% to $1,959.90. The dollar index, which had been at
