Oil prices rose by over $1 on Friday 27th October, as reports that the US military struck Iranian targets in Syria raised concerns of a widening of the Israel-Hamas conflict that could impact supply from the key Middle East-producing region. Brent crude futures for December rose $1.16, or 1.3%, to $89.09 a barrel by 0338 GMT. The US West Texas Intermediate contract for December climbed $1.08, also 1.3%, to $84.29 a barrel. The strikes on two facilities
The price of a barrel of Brent crude oil for delivery in December ended today in the London futures market with an increase of 2.27%, reaching $90.16. Brent’s price for delivery in December rises by 2.27% and surpasses $90. The market continues to fluctuate due to increasing tensions in the Middle East, trading higher on Wednesday after three consecutive sessions of declining prices.
Angola’s export of 395.99 million barrels of crude oil made it possible to obtain revenue of US$40.4 billion, at an average price of USD 101.77 per barrel, during the 2022 financial year. The amount of crude oil exported during this period exceeded that of 2021, in which the export of 394.22 million barrels of crude oil was registered, resulting in revenue of 24.5 billion dollars. According to the report on the Mineral Resources, Oil, and
The Angolan government is pressing ahead with plans for the Lobito refinery, which will have the capacity to process up to 200,000 barrels of oil per day. The national oil company, Sonangol, recently initiated a public tender for investment in the refinery, marking a significant step in the project’s development. Sonangol has already completed various essential phases of the project, including an economic feasibility study, reevaluation of the feed, dredging of Lobito Bay, embankment preparation,
In a significant development aimed at bolstering Libya’s energy sector and fostering regional development, Deputy Chairman of the Presidential Council, Moussa Al-Koni, recently held a crucial meeting with the Minister of Oil and Gas of the Government of National Unity, Mohamed Aoun. The meeting, held in the capital city, addressed several pivotal issues, including the possibility of establishing an oil refinery in the southern region of the country, enhancing fuel supply, and powering the Ubari
Oil Prices Unexpectedly Surge Past $90 Per Barrel, Sparking Concerns and Supply. The global oil market is currently witnessing a significant surge in prices, with several key factors contributing to this upward trajectory, driving oil to surpass $90 per barrel. Brent crude futures saw an increase of 94 cents, equivalent to a 1% rise, reaching $93.32 per barrel as of Friday morning. Meanwhile, U.S. West Texas Intermediate crude reached $90.78 per barrel, marking a $1.41
Angola expects to maintain its current production of crude oil at 1.1 million barrels per day (bpd) next year, said Belarmino Chitangueleca, the Chief Executive Officer of the National Agency for Oil, Gas and Biofuels (ANPG), on Thursday. Belarmino Chitangueleca ensured that the country will announce the winning bidders for the last onshore licensing round by March 2024. He also mentioned that Angola will set up a second Natural Gas Liquids (NGL) train, which processes
The Fund for the Development of Exports in Africa (FEDA), a subsidiary investment of Afreximbank, announced a few days ago its investment in the Cabinda Refinery, which is being constructed by Gemcorp Holdings in partnership with Sonangol. Investment by Afreximbank comes shortly after Gemcorp, Afreximbank and Africa Finance Corporation successfully led the raising of a project financing debt valued at $335 million in July of this year. According to a statement from FEDA accessed by
Sonangol was honored on Tuesday 17th October with the National Petroleum Company of the Year Award during the 2023 African Energy Week (AEW), a gathering of key continental players in the sector that concludes today in Cape Town, South Africa, on the fifth day of the event. On October 19, 2023, in the latest update at 10:06 AM, Sonangol received the National Petroleum Company of the Year Award. Osvaldo Inácio, the Executive Administrator, accepted the
The Ministry of Trade and Regional Integration has kept all fuel prices unchanged for the next 30 days. Its previous two tariff adjustments prompted by the rise in the global crude oil and naphtha market saw retail prices of fuel in Ethiopia surge for two consecutive months. Also read: IMF sees “good progress” from Ethiopia In a statement today, the ministry said the prices at the pump set for September would remain unchanged for the
