World: Brent Crude Oil Prices Raise Concerns at $78.73 USD per Barrel

The recent increase in international oil prices, primarily driven by Saudi Arabia’s intention to reduce daily production by nearly one million barrels, has raised concerns about the future of crude oil prices. As of Tuesday, June 7, 2023, the price of a barrel of Brent crude oil stands at $78.73 USD on the Inter Continental Exchange (ICE), compared to $71 USD at the end of the previous week. The West Texas Intermediate (WTI), the American

Total 6

Read More Here

The Production Cut Announcement Fails to Boost Oil Prices

The production cut announcement did not boost oil prices. Saudi Arabia announced an additional cut of 1 million barrels per day, but the announcement was overshadowed by demand concerns. The Organization of the Petroleum Exporting Countries and Allies (OPEC+) reached an agreement to extend production cuts until 2024 and give the United Arab Emirates a larger quota next year, according to a statement from the group. However, Saudi Arabia, the largest exporter of the commodity,

Total 8

Read More Here

China National Chemical Engineering(CNCEC)and Sonangol Establish Collaboration for Lobito Refinery

The Angolan state oil company, Sonangol, has signed a Memorandum of Understanding (MoU) with China National Chemical Engineering (CNCEC) in Beijing for the construction of the Lobito Refinery. The MoU stipulates that the parties will raise the necessary financing for the project and may lead to a contract for the construction of this important infrastructure by the Chinese company. The MoU was signed on June 6th in Beijing, China’s capital, by Gaspar Martins, the president

Total 33

Read More Here

Perenco Initiates Offshore Congo Production

The independent hydrocarbon producer, Perenco, has announced the commencement of production at the Boatou field located off the coast of the Republic of the Congo. This achievement comes after the commissioning of four wells between March and May of this year, finally enabling the company to initiate production at the field, which was discovered 39 years ago. With the capacity to produce up to 4,500 barrels per day, the start of production follows a final

Total 22

Read More Here

National refineries will become competitive

The Executive aims to make the country’s refineries internationally competitive with real prices in a market economy and increase fuel production, stated Minister of Mineral Resources, Petroleum, and Gas, Diamantino Azevedo, in a press conference yesterday. Speaking at the presentation of the Fuel Subsidies Reform Program, he said that the government’s strategy with the existing refineries in Angola – which currently only cover about 20% of the country’s petroleum derivatives needs – is to increase

Total 10

Read More Here

Gasoline price will be 300 kwanzas per liter starting today

This change is a result of the gradual removal of fuel subsidies announced by the Government in Luanda on Thursday 1stnJune. This measure does not apply to licensed taxi drivers, motorcycle taxi drivers, and licensed fishing vessels, who will continue to pay the previous price of 160 kwanzas per liter using a fuel card with a weekly or monthly balance. According to the Secretary of State for Land Transportation, Jorge Bengue, the fuel cards will

Total 8

Read More Here

Angola’s Fuel Supply Areas Fully Stocked One Day Ahead of New Schedule

Supply zones filled one day prior the new price list The last hours of yesterday June 1st were marked by enormous queues of motorists looking to refuel their vehicles before the new gasoline pricing came into effect. A long line of motorists eager to refuel their vehicles for the last time at the price of 160 kwanzas was observed in Ilha de Luanda, considering that starting today, gasoline will cost 300 kwanzas per liter. The

Total 9

Read More Here

TotalEnergies Renews Production License for Nigeria’s Deep Offshore Block

Global oil and gas major TotalEnergies has renewed its production license for the OML 130 block offshore Nigeria with an additional 20 years. Commenting on the development, Henri-Max Ndong-Nzue, Senior Vice President Africa, Exploration and Production at TotalEnergies, said the renewal of the license will enable the firm to improve its contribution towards the development of the West African country’s hydrocarbons resources for energy security, economic growth and energy poverty alleviation. “This 20-year extension will enable us

Total 9

Read More Here

Nigeria faces fuel shortages

In 2022, the African continent experienced the worst refined fuel supply crisis in the past 40 years. Although Nigeria is a major oil producer, it lacks the capacity to refine this raw material, so the country is forced to import it. One day after Nigerian President Bola Tinubu announced the end of fuel subsidies in his inauguration speech, most fuel stations closed. According to international press reports, on Tuesday, there were long queues of drivers

Total 11

Read More Here

1 31 32 33 34 35 41
en English pt Portuguese