In July, investors had bet on the restriction of global supply and an increase in demand in the second half of the year. On August 2, 2023, at 12:30 PM, futures prices for Brent, the benchmark for Angolan oil sales in October, were trading at $84.86 per barrel during the London market session, a decrease of 57 cents from the previous day. Meanwhile, West Texas Intermediate (WTI) dropped to $81.21 per barrel, down 59 cents
Angola’s National Oil Company (NOC), Sonangol, is nearing the completion of its Research and Development Center, with the construction of the training facility set to be complete by September 2023. To date, construction is 92% complete. Located near the city of Sumbe in Cuanza Sul, the Research and Development Center will provide specialized training for the local Angolan population in key areas such as oil and gas, mineral studies, renewable energies – with a focus
Angolan telecommunications company Unitel Angola has announced that the ‘world’s longest’ undersea connectivity cable has arrived in the southern African country. Dubbed ‘2Africa’, the submarine cable will be operated by Unitel Angola as part of a consortium comprising international telecommunications companies, including China Mobile International, Meta, Mtn Global Connect, Orange, center 3, Telecom Egypt, Vodafone/Vodacom, and Wiocc. The project will provide connectivity between Africa, Europe, and Asia, enabling access to the internet and other telecommunications
The crude oil price pressed toward elevated levels as markets recalibrated. The Fitch downgrade dominated price action, but the impact has been disparate. If the risk-off attitude continues, will WTI face headwinds? The crude oil price has managed to hold the high ground even though other growth-aligned assets took a hit on Wednesday. The WTI futures contract is a touch above US$ 82 per barrel while the Brent contract has overcome US$ 85.50 per barrel.
UAE’s ADNOC and US shale giant Occidental have signed an agreement to evaluate potential investment opportunities in carbon capture and storage (CCS) hubs in the UAE and the US, aiming to accelerate their net zero goals. The agreement is part of the UAE-US Partnership for Accelerating Clean Energy (PACE), which was launched in November 2022 and is expected to inject $100 billion into clean energy and carbon management projects, including CCS and direct air capture
Dubai-based Dragon Oil is planning to increase its oil production in Egypt by about 27% to reach 70,000 barrels per day in October, a government official told Asharq Business. Dragon Oil will start production within two months from the North Safa field in the Gulf of Suez, with a capacity of 15,000 barrels of oil per day. Dragon Oil is owned by Emirates National Oil Company Group (ENOC). Over the past decade, Dragon Oil has
After announcing hundreds of new oil and gas licenses in the North Sea, the UK’s prime minister, Rishi Sunak, has been labeled a “dangerous radical” pursuing “moral and economic madness,” according to the United Nations Secretary-General, António Guterres. “The truly dangerous radicals are the countries that are increasing the production of fossil fuels,” Guterres said in a statement. Sunak, naturally, sees it differently. “It’s vital we bolster our energy security and capitalize on that independence
Saudi Arabia’s economy is facing a challenging outlook as recent preliminary GDP figures reveal the country has entered a “technical recession,” as reported by Capital Economics, a London-based research firm. The primary cause of this economic downturn is the reduction in oil production, despite the non-oil economy showing resilience. Saudi Arabia’s decision to voluntarily decrease its daily oil output by 1 million barrels a day has played a significant role in the current economic situation.
Oil prices surged by almost 1% on Wednesday, trading near their highest since April, as crude and fuel product inventory data showed robust demand from the world’s biggest fuel consumer, the U.S., offsetting demand concerns elsewhere. Brent crude futures for October rose 80 cents, or 0.94%, to $85.71 a barrel at 0625 GMT. Likewise, U.S. West Texas Intermediate crude for September climbed 80 cents, or 0.98%, to $82.17 a barrel. U.S. oil inventories fell by
Benchmark US crude oil for September delivery fell 43 cents to $81.37 a barrel on Tuesday. Brent crude for October delivery fell 52 cents to $84.91 a barrel. In related news, the closing prices for crude oil, gold, and other commodities on Monday were as follows: Meanwhile, the dollar saw a rise, reaching 143.42 Japanese yen from 142.29 yen, while the euro fell to $1.0975 from $1.0999.
