Oil Archives - Wontumi Online

17 Oct

Aliko Dangote’s Net Worth Jumps To $28 Billion, Driven By Massive Oil Project

wontumionlineBusinessDangote net worth, Oil

African billionaire Aliko Dangote is wealthier than ever now that his long-awaited Nigerian oil refinery is up and running. But his mood suggests a man who just built his dream house only for the roof to start leaking. The Dangote Refinery outside Lagos is the biggest single-train oil refinery in the world and one of the most complex, capable of processing most global crude types. It has the potential to transform Nigeria’s economy by making the country self-reliant for fuel. And it’s more than doubled his net worth to $27.8 billion, according to the Bloomberg Billionaires Index. He said he…

03 Oct

Oil Rises On Middle East Tensions

wontumionlineBusinessMiddle East, Oil

Oil prices increased as escalating tensions in the Middle East continue to fuel fears of a disruption to crude oil flows. Brent climbed to $74.83 per barrel during early trading hours on Thursday. US benchmark West Texas Intermediate (WTI) increased by 1.4% to $71.08 per barrel after closing at $70.1 in the prior session. Oil prices had jumped strongly after Iran, a key producer and member of the Organization of the Petroleum Exporting Countries (OPEC), fired around 180 ballistic missiles at Israel. According to Iran’s Islamic Revolutionary Guard Corps (IRGC), the attack was in response to the assassinations of Hamas…

11 Dec

Oil Hits 5-Month Low

wontumionlineBusinessOil

Oil stretched declines into a fifth session — touching the lowest since early July — as a flood of US exports and doubts over whether OPEC+ will be able to deliver on its planned production cuts raised concerns about oversupply. Global benchmark Brent dipped to trade below $77 a barrel after slumping by more than 7 per cent over the previous four sessions. American crude shipments are nearing a record six million barrels a day, according to estimates from ship-tracking firms, the latest indication of how ample supplies of US crude are weighing on markets across the globe. Reflecting the…

09 Oct

Oil Prices Surge By Over 3% Amid Israel-Hamas War

wontumionlineBusinessOil

Global oil prices have rose by more than 3 percent per barrel on the Asian trade market on Monday amid military clashes between Israel and the Palestinian Islamist group, Hamas. The political tensions in the Middle East region has resulted in uncertainty while investors have raised concerns about oil demand supplies. As of Monday, October 9 prices of Brent crude rose by $3.10 or 3.67 percent per barrel while U.S. West Texas Intermediate (WTI) crude sold at $86.05 a barrel, up by $3.26 or 3.94 percent. According to Reuters, both benchmarks had surged more than $4 a barrel earlier, before…

30 May

Concerns Heighten Over Ghana’s Declining Oil Production

wontumionlineBusinessOil, PIAC, Public Interest and Accountability Committee

The Public Interest and Accountability Committee (PIAC) has made a clarion call for the country to expedite processes to reverse declining crude oil production – warning that revenues from the sector will drop if nothing is done. The PIAC, a public watchdog over use and management of petroleum revenue, also cautioned that multi-billions worth of hydrocarbon resources risk being stranded in the face of the global energy transition if efforts are not made to intensify exploration, appraisal and development of oil assets. Having peaked at 71,439,585 bbls in 2019, crude oil production from the country’s three producing fields – Jubilee,…

04 Apr

Oil Prices Surge After Surprise Move To Cut Output

wontumionlineBusinessOil, OPEC

Oil prices have surged after several of the world’s largest exporters announced surprise cuts in production. The price of Brent crude oil is trading above $84 a barrel after jumping by almost 6%. Economists warned that higher oil prices could make it harder to bring down the cost of living. But the RAC motoring group said it does not expect petrol prices to rise unless the higher oil price is sustained over several days. Brent crude prices rose after Saudi Arabia, Iraq and several Gulf states said on Sunday they were cutting output by more than one million barrels of…

29 Dec

Russia Bans Oil Sales To Countries Using Price Cap

wontumionlineBusinessOil, Russia

Russia has banned oil sales to countries and companies that comply with a price cap agreed by Western nations earlier this month. The price cap – which was agreed by the G7 group of nations, Australia and the EU – came into force on 5 December. The cap prohibits countries from paying more than $60 (€56; £50) per barrel of Russian oil. Russia has now said its oil and oil products will not be sold to anyone imposing the price cap. The presidential decree said the ban would take effect for five months from 1 February until 1 July. The…

03 Nov

Oil Falls As Fed Rate Hike Raises Fuel Demand Concerns

wontumionlineBusinessfuel, Oil

Oil slipped on Thursday as a U.S. interest rate hike pushed up the dollar and increased fears of a global recession that would crimp fuel demand, although losses were capped by concerns over tight supply. Brent crude dropped 85 cnets, or 0.9%, to $95.30 a barrel at 0750 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell $1.01, or 1.1%, to $88.99. Both benchmarks settled up more than $1 on Wednesday, aided by another drop in U.S. oil inventories, even as the Fed boosted interest rates by 75 basis points and Chair Jerome Powell said it was premature to…