Contrary to OPEC, the executive director of the International Energy Agency (IEA) stated yesterday that the supply of oil will be “more than sufficient” to meet global demand in 2024 during an interview on the Bloomberg Talks podcast. According to Fatih Birol, the absence of major geopolitical conflicts or extreme climate events should keep the oil market “comfortable,” resulting in price moderation throughout the year. Demand will be 1.2 to 1.34 million barrels. Birol predicts
The predictions from the monthly report on the oil market by the Organization of the Petroleum Exporting Countries (OPEC), released on Tuesday, the 13th, estimate that global demand for oil will grow steadily this year and in 2025, with China’s consumption and transport fuels being the main drivers of this trend. OPEC states that pre-Covid-19 consumption levels were already surpassed in 2022. According to the document, demand will increase by 2.2% this year, reaching 104.4
Brent crude oil futures dropped 82 cents, or about 1%, to $81.37 per barrel, while West Texas Intermediate (WTI) crude oil futures fell 74 cents, also about 1%, to $76.1 per barrel at 10:22 GMT. Last week, the key drivers behind the recovery were persistent threats to shipping in the Red Sea, Ukrainian attacks on Russian refineries, and maintenance at American refineries, said Tamas Varga of PVM oil brokerage. According to him, “this led to
Benedito Manuel, the general director of CATOCA, emphasized the need for mining companies to go beyond mere social responsibility and prioritize social justice and equity in the distribution of resources, particularly in diamond-rich areas. Speaking at the panel discussion on “the social responsibility of diamond companies in mining regions” during the Mining Indaba, Manuel stressed the importance of processing the exploited resources locally to create a value chain that fosters job creation and contributes to
U.S. Secretary of State Anthony Blinken’s visit to Luanda in January 2024 cemented Washington D.C.’s commitment towards energy development and economic prosperity in Angola. In a meeting with Angola’s President João Lourenço and Foreign Minister Tete António, Blinken discussed bilateral relations and partnerships in the areas of infrastructure, energy, economic engagement and trade. The U.S. signed a seven-side MoU in October 2023 with the African Development Bank, the Africa Finance Corporation, the EU and the
Angola’s diamond industry is emerging as an increasingly attractive investment opportunity, driven by legislative reforms, the discovery of high-quality deposits, and a forward-thinking approach by the government. With the Ministry of Mineral Resources, Oil, and Gas actively engaging with regional and global partners, Angola aims to enhance diamond production and position itself as a hub for this precious gem. Sectoral Reforms Encourage Foreign Investment As the fourth-largest diamond producer in Africa and the sixth globally,
Angola is gearing up for a significant boost in drilling activity in 2024, with plans to spud 43 wells, reflecting a 16% increase compared to the previous year. The country has set ambitious targets for a near-term production surge to reach 1.2 million barrels per day, and this will be facilitated by the expansion of the well pipeline, contributing to an overall increase in output. The planned drilling activities for 2024 mark a noteworthy advancement,
The Association of Companies Providing Services in the Angolan Oil Industry (AECIPA) is holding a workshop today at the Higher Polytechnic Institute of Technologies and Sciences (ISPTEC) in Luanda. The workshop aims to analyze the changes in the New General Labour Law (NLGT) in the petroleum sector. According to the statement, the event, titled “New General Labour Law, What Has Changed,” will address some of the key issues of major relevance in the amendments to
Angola and Botswana convened their respective ministerial delegations yesterday Wednesday 7th February, in Cape Town, South Africa, to discuss cooperation in the mineral resources sector. The ministers, Diamantino Pedro Azevedo from Angola and Lefoko Moagi from Botswana, explored the possibility of future bilateral meetings. During the meeting, the focus was on the foundational aspects of bilateral cooperation between Botswana and Angola, emphasizing the development of the extractive industry and the potential for strengthening relations in
The Trafigura and Kamoa-Kakula signed an agreement on Wednesday in South Africa to transport minerals for a minimum period of six years through LAR – Atlantic Lobito Corridor, the company that manages the Lobito Corridor operation. According to a statement sent to the editorial team, the terms of this agreement, the clauses of which are confidential, were signed during the Mining Indaba in Cape Town, South Africa. These mark the first long-term commercial commitments with
