Global oil demand remains resilient despite slowing economies and is likely to hold up even if recessions materialize, executives at some of the largest commodity trading houses said on Tuesday. Oil consumption has surprised to the upside in recent months, and there hasn’t been significant demand destruction, as previously expected, economists and researchers at the top traders said at the Argus European Crude Conference in Geneva. “All the different factors suggest, yes, we may be
While there is consensus on the need for low-carbon energy, the new energy mix must also support Africa’s social development and the upliftment of its people. This was the message from several delegates to the VIP and Ministerial Symposium of this year’s Africa Oil Week conference running from 3 to 7 October, at the CTICC. The event saw South African mineral resources and energy minister Gwede Mantashe, welcoming more than 30 energy ministers from across
Last week, rumors began circulating that OPEC+ was considering a production cut amid a substantial decline in oil prices over the last three months. Initially, reports said that the idea about a production cut had come from Russia, and it was for a cut of a million barrels daily in output. Later, the usual unnamed sources from the cartel came, who said OPEC+ was prepared to make an even deeper cut. Some have dismissed the talk about a deep
The world’s commodity and oil traders are playing a crucial role in securing supplies amid a global energy crisis and disrupted trade flows following Russia’s invasion of Ukraine. Last week, the world’s biggest oil and gas traders met in Singapore for one of their industry’s top conferences. The war in Ukraine has been a double-edged sword for these traders who historically have been leading shippers of Russian oil. On one hand, they have benefited from being able to
During the continent’s biggest energy event for the oil and gas sector, energy lawyer Jay Park will be leading an oil and gas training workshop (“How a Petroleum Regime can lead to Prosperity or Plunder”) aimed at scaling up capacity building and transferring critical skills This year’s edition of African Energy Week (AEW) (www.AECWeek.com) – taking place from October 18-21 in Cape Town – takes place under the theme, ‘Exploring and Investing in Africa’s Energy Future
The price of a barrel of Brent oil, which serves as a reference for Angolan exports, for delivery in December ended today on the London futures market up 0.98%, to US$88.82. Brent’s price rose amid speculation among investors about plans by the group designated OPEC+, which brings together members of the Organization of Petroleum Exporting Countries (OPEC) and allies such as the Russian Federation, to reduce by one million barrels a day to boost the
The price of a barrel of Brent oil was trading, in this Monday’s session, on the London Futures Market, at US$ 88.8, up by more than 4.4 percent, with the previous value of 85, 1 USD positioning the observed rise above 3.7 USD from the opening price. According to data from Investing.com, since 28 September, prices for a barrel of Brent, a reference for Angola’s exports, have not reached this level. On the given date,
After several weeks of declines, oil began October trade with a gain driven by plans by OPEC+ to reduce production by a substantial amount. At the end of last month, the media reported that Russia had proposed a production cut of 1 million bpd. Later reports said discussions are underway for an even bigger production cut. “Anything less than 500,000 barrels a day would be shrugged off by the market. Therefore, we see a significant chance of
Some investors have started to see oil and gas stocks as income investment stocks rather than boom-and-bust cyclical stocks, as many others still believe. Record cash flows and profits of the past two quarters have prompted many oil and gas firms to boost dividends or pay special variable dividends, as is the case with U.S. shale producers. Many more expanded and increased their share buyback programs. The record profits and the cash flow bonanza could lay the foundations
Panel Discussion part of South Africa Energy Day – only at Africa Oil Week Africa Oil Week (https://Africa-OilWeek.com) is excited to present the panel discussion “What can Oil and Gas offer the South African Economy?” as part of its South Africa Energy Day, at Africa Oil Week. The panel – held at the leading Oil and Gas event in heart of Cape Town – will be moderated by Howie Frylinck, National Sales Manager, Pentagon Freight Services.
