The OPEC+ alliance plays a key role in supporting market stability, OPEC Secretary General Haitham Al Ghais said Saturday in a message alluding to the sixth anniversary of the group’s formation. “Six years later, the framework continues to play a key role in supporting market stability, which is essential for growth and development, and also in attracting the necessary investment to ensure energy security,” said Al Ghais, in a communicated. At the last meeting, held
A barrel of Brent oil, a reference to Angolan exports, was traded yesterday until around 5 pm in Angola, at the price of US$78.29.Until that moment, the price represented an appreciation of 2.19 dollars, equivalent to 2.88 percent when compared to 76.1 dollars the day before. As can be seen from the indicators on the Investing.com platform, Monday’s trading peaked at $78.58. Over the past few days, oil prices have been steadily easing on fears
US oil company ExxonMobil is expected to leave Equatorial Guinea in 2026, after reducing production at the Zafiro well to 15,000 barrels per day. “We are currently evaluating the best way to leave, in close collaboration with the Ministry of Mines and Hydrocarbons”, confirmed a spokeswoman for ExxonMobil, after news from the specialized press that reported the complete exit from the country. ExxonMobil reduced production in the Zafiro field from 45,000 to 15,000 barrels of
Angola and Nigeria are two countries with increased responsibilities in ensuring a sustainable energy transition in Africa, said this Saturday (22), the Nigerian ambassador accredited in Luanda, Monique Ekpong, during the 1st African Summit on Energy, Oil and Gas. The diplomat supported the statement by mentioning that the two countries have large reserves of crude oil and natural gas which, if properly used, can allow the economic development of both countries and the region. Monique
Angola will continue to contribute to OPEC+’s efforts to ensure that “fair revenues” are obtained for producing countries and the continuous supply of crude oil to consumers. In a statement, the Ministry of Mineral Resources, Oil and Gas indicates that Angola as a signatory to the Declaration of Cooperation signed in December 2016, between OPEC member countries and non-OPEC crude oil producers (OPEC+), in a total of 23 countries, constituted a historic milestone in the
The new measures by the Group of Seven (G7) countries to limit Russian oil sales by imposing a price ceiling will not be applied against OPEC producers, which adopted plans to cut production, leaving consumer countries apprehensive, he told Reuters a US Treasury official. The United States has contacted representatives of the Organization of Petroleum Exporting Countries (OPEC) to reassure them about the limits of the plans, the official added. The comments could help defuse
Sonangol took over, this Tuesday, the management of the African Petroleum Oil Forum, with the testimony of Nigeria, during the third meeting of the national oil companies of the African Petroleum Producers Organization (APPO), held in Luanda, on October 10, at the Intercontinental Hotel. “We, African oil producing countries, have to follow our own agenda on the energy transition and not that of third parties. We must use mineral resources to help our countries improve
The bullish news of the OPEC+ output cut is wearing off, and the market is once again focusing on the possibility of a global recession. Reader Update: The most recent Intelligent Investor report for GEA subscribers details the strengths and weaknesses of two promising oil stocks. The 10-page report is exactly the kind of thing energy investors should be reading ahead of a potential oil price rally. As a member of Global Energy Alert, you will get this report and
The Galp/Shell consortium and the National Petroleum Agency announced that they had drilled a new oil well in São Tomé, which confirms the existence of an “active oil system” in the country. In a statement, the two entities indicate that the initial results of the survey indicate that there is no evidence that the prospect, designated Jaca 1, has a sufficiently large recoverable potential to be commercial. The National Petroleum Agency indicates that the “focus
After OPEC+ announced production cuts of about a million barrels daily last week, oil prices jumped, only to ease earlier today as traders took profits. The nominal size of the OPEC+ production cut was set at 2 million barrels daily but the actual cuts were agreed at between 1 million bpd and 1.1 million bpd, according to Saudi energy minister Abdulaziz bin Salman. The decision signaled even tighter physical oil markets ahead, pushing oil prices higher, although
