The International Energy Agency (IEA) predicts a “significant deficit” in oil supply by the end of the year due to the decision of Saudi Arabia and Russia to maintain production cuts. In the monthly report on the oil market released today, the IEA warns of increased volatility risk by the end of the year due to the low level of reserves and confirms the forecast of global demand growth this year by 2.2 million barrels
The ministers of petroleum from five countries and officials from leading organizations and multinational corporations in the sector are currently meeting at the Talatona Convention Center in Luanda for the 4th Angola Oil&Gas Conference, focusing on discussions about energy security, decarbonization and sustainable development. In addition to the host country’s representative, Minister Diamantino Azevedo, the event includes the heads of hydrocarbons, petroleum, and mineral resources ministries from Equatorial Guinea, which also presides over the Organization
Under the theme ‘Energy Security, Decarbonization, and Sustainable Development,’ the fourth edition of the Angola Oil & Gas (AOG) 2023 Conference and Exhibition officially kicked off with addresses by Angola’s Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo; Democratic Republic of the Congo (DRC) Minister of Hydrocarbons, Didier Budimbu Ntubuanga; OPEC Secretary-General, Haitham al Ghais, and Executive Chairman for the African Energy Chamber, NJ Ayuk. The Opening Ceremony also featured a Special Address by
On Tuesday 12th September, 2023, OPEC maintained its predictions of robust global oil demand growth for 2023 and 2024, citing signs that major economies are performing better than expected despite adverse conditions such as high interest rates and elevated inflation. The headquarters of the Organization of the Petroleum Exporting Countries in Vienna Global oil demand is set to increase by 2.25 million barrels per day (bpd) in 2024, compared to the growth of 2.44 million
Benchmark US crude oil for October delivery rose $1.55 to $88.84 a barrel on Tuesday 12th of September,2023. Brent crude for November delivery rose $1.42 to $92.06 a barrel. Wholesale gasoline for October delivery rose by 1 cent to $2.73 a gallon. October heating oil fell by 3 cents to $3.33 a gallon. October natural gas rose by 13 cents to $2.74 per 1,000 cubic feet. Gold for December delivery fell by $12.10 to $1,935.10
Iraq has invited global oil companies to bid for new oil and gas concession areas as part of its sixth round of licenses announced in June. In an address at an oil project conference and exhibition that was opened in the capital Baghdad on Sunday 10th September 2023, Iraqi Oil Minister Hayan Abdel Ghani said Baghdad is pursuing a drive to maximize the country’s gas deposits to slash imports from nearby Iran. “We hope that
With one day left before the fourth edition of the Angola Oil & Gas (AOG) Conference & Exhibition – which kicks off this Wednesday at Centro de Convenções Talatona (CCTA) – conference organizers Energy Capital & Power are gearing up to welcome a prominent line-up of energy ministers, industry leaders, financiers, and national and international oil executives to one of Africa’s most influential energy markets. AOG 2023 serves as the annual meeting place for the
The oil prices fell on Monday, even though a week ago, Saudi Arabia and Russia had announced new production cuts, driving prices to a ten-week high. Oil prices drop despite Saudi Arabia and Russia’s maintenance of cuts. Saudi Arabia and Russia announced last week that they would extend voluntary cuts of a combined total of 1.3 million barrels per day (bpd) until the end of the year. The price of Brent (the benchmark for Angolan
Sonangol received, on Tuesday 12th September, the second oil tanker of the Suezmax type, in the city of Mokpo, South Korea, ordered from the company Hyundai Samho Heavy industries. For the vessel’s godmother, named “Sonangol Njinga Mbande”, in honor of the sovereign Queen of the Kingdom of Ndongo and Matamba, the choice fell to the First Lady of the Republic, Ana Dias Lourenço. In carrying out the ritual dictated by the ancient tradition of sailors,
KCA Deutag, an international oil and gas services company, has secured a one-year contract extension for the provision of core drilling and maintenance services on two offshore platforms in Angola. The $60 million deal will see KCA Deutag maintain its provision of crane operations, maintenance services, equipment management, and rental services for the Angolan client for an additional year. The deal increases the firm’s operations on the Angolan assets to over 10 years. Ole Maier,
