Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

OPEC daily basket price $36.68

8885814-Oil-barrels--Stock-Vector-oil-gas-barrelThe price of OPEC basket of thirteen crudes stood at $36.68 a barrel on Tuesday, compared with $36.27 the previous day, according to OPEC Secretariat calculations.


The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Meanwhile the Wall Street Journal reports that oil prices are falling into deeper losses Wednesday after U.S. government data confirmed that oil stockpiles took another massive addition on top of already record-high levels.

Total commercial stocks of oil and refined fuels rose by 9.9 barrels to 1.354 billion barrels as of Friday, the U.S. Energy Information Administration said. That largely came from crude, which added 9.4 million barrels, an addition that outpaced analysts’ expectations, industry estimates and a strong draw from gasoline stockpiles.

That aggregate number has taken on growing importance in recent weeks as traders around the world await the moment when high stockpiles start to decline. Stockpiles have hit historic highs and they need to start falling before prices can rise substantially, according to several analysts.

Oil storage rose to a new weekly record. In monthly data, which don’t line up exactly with the weekly data, inventories last exceeded 500 million barrels in 1930.

Source: http://classfmonline.com/1.8827859

Profile photo of Editor
Follow Us

Editor

Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
Profile photo of Editor
Follow Us

Share this article

Leave a reply

Personality of the Month
  • Prof. Thomas Mba Akabzaa Chief Director of Ministry of Petroleum          …
Follow Us Online
Join the Discussions

Summary: Revenue mobilization from the oil sector for Agricultural production in Ghana, a myth or reality?

Agriculture, once considered the backbone of Ghana’s economy recorded a reduction of its contribution to GDP from 45% in 1992…

Responses Add your response


About Us
Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
Events Calendar
<< Aug 2017 >>
MTWTFSS
31 1 2 3 4 5 6
7 8 9 10 11 12 13
14 15 16 17 18 19 20
21 22 23 24 25 26 27
28 29 30 31 1 2 3
Twitter Activity Stream
 

Partners We are proud to be associated with:

Skip to toolbar