Crude oil prices rose on 05/07/23 following the agreement among the 13 members of the Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies (OPEC+) to limit supply until 2024 instead of 2023. The announcement of Saudi Arabia’s unilateral and voluntary production cut also contributed to the increase. Oil appreciates after OPEC+ production cut announcement © Photo by: DR Brent crude prices from the North Sea (a benchmark for Angola’s exports and European
The Portuguese government has decided to maintain the unchanged discount on the tax on petroleum products (ISP) this month. The Ministry of Finance announced yesterday June 6th that the discount remains at 13.1 cents per liter for diesel and 15.3 cents per liter for gasoline. The Ministry of Finance will also continue updating the additional charge on carbon dioxide (CO2) emissions, known as the carbon tax, which began in May. It is now being updated
The Republic of Congo is embarking on a new economic era with the launch of its first liquefied natural gas (LNG) project in partnership with Italian energy company Eni. This $5 billion project will utilize natural gas from Eni’s Marine XII project located off the coast of Congo and is expected to produce 3 million tonnes per annum (mmtpa) by 2025. The operation will consist of two floating LNG (FLNG) plants that will process gas
Energy Capital & Power (ECP) is proud to announce the participation of H.E. Dr. Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers Organization (APPO), as a speaker at the upcoming MSGBC Oil, Gas and Power 2023 Conference and Exhibition – West Africa’s leading event for the energy industry. Dr. Omar Farouk Ibrahim is a Nigerian scholar and public servant with over two decades of experience in government. He is a recipient of numerous academic and
Congo’s Ministry of Hydrocarbons signed a cooperation agreement with French energy services provider Technip Energies during the Invest in African Energy Forum in Paris. Signed by Minister H.E. Bruno Jean-Richard Itoua and Technip Energies COO Marco Villa, the deal will see the parties expand cooperation on capacity building in the fields of onshore and offshore energy developments at a time when the Central African country is looking at expanding its energy market. As per the
Namibia’s Minister of Mines and Energy Hon. Tom Alweendo debunked statements that the government is looking at raising the state’s interests in petroleum production developments in the country. Speaking during the Invest in African Energy Forum in Paris this week – taking place ahead of African Energy Week 2023, scheduled for 16-20 October – the Minister clarified that Namibia will maintain its existing stakes in E&P assets, as defined by the contracts established and signed with global
The Executive aims to make the country’s refineries internationally competitive with real prices in a market economy and increase fuel production, stated Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo, in a press conference yesterday. Speaking at the presentation of the Fuel Subsidies Reform Program, he said that the government’s strategy with the existing refineries in Angola – which currently only cover about 20% of the country’s petroleum derivatives needs – is to increase
This change is a result of the gradual removal of fuel subsidies announced by the Government in Luanda on Thursday 1stnJune. This measure does not apply to licensed taxi drivers, motorcycle taxi drivers, and licensed fishing vessels, who will continue to pay the previous price of 160 kwanzas per liter using a fuel card with a weekly or monthly balance. According to the Secretary of State for Land Transportation, Jorge Bengue, the fuel cards will
The decision of the Executive to partially reduce subsidies for gasoline is justified by the need to bridge the gap between the rich and the poor, such as the populations in rural, urban, or peri-urban areas that have reduced or no consumption of fuel. BACKGROUND CHARACTERIZATION OF FUEL SUBSIDIES
Gold prices fell in UAE and globally on Thursday morning as investors expect more interest rate hikes by the US Federal Reserve. The Dubai Jewellery Group data showed 24K trading at Dh238.0 per gram at the opening of the markets on Thursday, down from Dh238.75 per gram at the close of the markets on Wednesday. The other variants of the precious also opened lower as 22K was trading at Dh220.25, 21K at Dh213.25 and 18K
