The price of Brent crude oil is expected to decline by $5 to $9 per barrel over the next 12 months due to a significant global supply surplus, particularly from non-OPEC (Organization of the Petroleum Exporting Countries) producers, and weakening demand driven by economic uncertainties in China and Europe. These challenges could intensify if the U.S. government under Donald Trump imposes tariffs on imports from China and Europe. According to international experts interviewed by Broadcast,
The fuel supply challenges in the municipalities of Quiculungo and Bolongongo in Angola’s Cuanza Norte province are set to be resolved with the construction of new fuel stations. These two areas, previously lacking such facilities, will soon benefit from the ongoing development of fuel pumps, according to Luís Fernandes, General Director of the Petroleum Regulatory Institute (IRDP). Fernandes shared this update during a Ministry of Mineral Resources, Oil, and Gas meeting held in Cuanza Norte.
The Dangote Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) to N970 per liter, down from the previous N990. This N20 decrease applies to marketers purchasing directly from the refinery, according to a report by The Punch. Anthony Chiejina, Dangote Group’s Chief Branding and Communications Officer, confirmed the adjustment on Sunday, describing it as a gesture of appreciation for Nigerians as the year draws to a close. “This reduction is
Mozambique plans to conduct independent audits of hydrocarbon companies to evaluate their contributions to local business development under its local content framework. The audits will also assess companies’ compliance with policies and regulations, as well as the effectiveness of government measures promoting local participation. The National Petroleum Institute (INP) has launched an international public tender to select a specialized company for the task. The chosen firm will assist in developing auditing and analytical processes to
Angola’s fuel market continues to be heavily reliant on imports, reaching approximately 70.15% in the third quarter of this year, a 6.17% increase compared to the previous period. According to the Petroleum Derivatives Regulatory Institute’s Fuel Report, released on Tuesday, there was a 1.17% reduction in imports during this period. The report, reviewed by JA Online, reveals that by the end of Q3 2024, Angola had an operational land storage capacity of 675,968 cubic meters
The price of a barrel of oil has dropped by 4.45%, settling at $72.25. This decline is largely attributed to an oversupply in the market coupled with weakening demand, especially from China. China, which is a major driver of global oil demand, is facing an economic slowdown. As a result, OPEC has revised its 2024 growth forecast downward, predicting a drop of 135,000 barrels per day in demand. Despite China’s stimulus efforts, oil consumption remains
The Dangote Refinery and the Independent Petroleum Marketers Association of Nigeria (IPMAN) have reached a deal to supply Premium Motor Spirit (PMS), also known as petrol, directly to IPMAN for nationwide distribution. This agreement, following prolonged negotiations, was announced by IPMAN President Abubakar Garima during a press conference in Abuja after the Association’s National Working Committee meeting. Garima stated that the partnership would ensure a steady and competitively priced supply of PMS across Nigeria. “After
The Dangote Refinery is progressing in negotiations with eight African countries to secure fuel supply agreements, according to reports from The Punch. The refinery’s management is in advanced talks with South Africa, Angola, Niger, Chad, Burkina Faso, the Central African Republic, and Namibia to initiate fuel exports. In addition to Premium Motor Spirit (PMS), the refinery has already begun exporting diesel to several African nations, reaching a significant volume of nearly 100,000 barrels per day
Tanzania is set to launch its fifth petroleum licensing round in March 2025, offering 26 exploration blocks to global investors. Dr. James Mataragio, the Energy Deputy Permanent Secretary for Oil and Gas, announced the plan during a presentation on Tanzania’s oil and gas sector at the African Energy Week in Cape Town, South Africa. The conference, which brings together policymakers, investors, and industry leaders, focuses on advancing energy innovations and sustainable development strategies across Africa.
Angolan authorities arrested 34 individuals and seized nearly 443,000 liters of fuel in an intensive 20-day crackdown on smuggling, resulting in an estimated loss of 111 million kwanzas for the State. Deputy Commissioner Mateus Rodrigues, spokesperson for the Angolan National Police, disclosed these details at a press conference in Zaire on Friday. The operations, conducted between October 8 and 28, involved the Border Guard Police and Customs Police. Officials reported intercepting 462,449 liters of fuel,
