Category: International

Brent crude oil futures, for delivery in August, closed the week at $82.62 per barrel, despite a slight drop of $0.13 on the final trading day. Overall, prices rose by 4.0 percent for the week as investors evaluated strong demand forecasts for oil and fuel in 2024, according to analysts. International market data indicated that Brent oil futures experienced a 0.13-dollar decline to $82.62 per barrel on the last day of trading. However, both Brent

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Australian company Woodside Energy has announced that it has started extracting oil from the Sangomar field, located off the coast of Senegal, marking the country’s debut as an oil producer in sub-Saharan Africa. “Woodside has successfully extracted the first oil from the Sangomar field, completing the delivery of the country’s first offshore oil project,” the company stated. Woodside is developing the field in partnership with the Petroleum Society of Senegal (Petrosen), as reported by international

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China and the USA are expected to significantly drive the increase in oil consumption for the remainder of the year, according to the Organization of Petroleum Exporting Countries (OPEC). The organization has maintained its demand forecasts, highlighting positive economic progress. In its monthly report released today, OPEC stated, “If growth in the main Organization for Economic Co-operation and Development (OECD) and non-OECD economies maintains the dynamics of the first half of the year, economic growth

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The African Export-Import Bank (Afreximbank) has announced an additional $925 million disbursement for the Nigerian National Petroleum Company Limited’s (NNPC) $3.3 billion syndicated crude oil-backed prepayment facility. This latest funding, aimed at Project Gazelle Funding Limited, increases the total currently funded facility size to $3.175 billion. Afreximbank arranged and coordinated this accordion disbursement, raising the funds from a consortium of crude oil off-taker lenders, including Oando Group and Sahara Energy Resource Limited. Afreximbank, serving as

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Russian operators of sanctioned oil have found a new location for ship-to-ship transfers in the Mediterranean after being barred from Greek waters last month. Bloomberg reports that the coastline near Nador, in eastern Morocco, has become a key site for transferring Urals oil from smaller vessels to larger tankers for onward shipment. Since May 1, the Greek navy has conducted exercises in the Laconian Gulf to deter Russian-linked tankers from using the area for transfers.

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