— A delegation from the International Monetary Fund (IMF) has visited the Tema Oil Refinery (TOR) to familiarise itself with the refinery’s operations, assess ongoing rehabilitation works and gain insight into management’s efforts to restore the facility to sustained operational and financial stability. The visit formed part of the IMF team’s engagements with relevant government...
Category: Oil Prices
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COPEC Projects 23% Diesel Price Jump in October as Global Oil Prices Rise
Ghanaian motorists and businesses could face a sharp increase in diesel prices in the first pricing window of October 2026, with the Chamber of Petroleum Consumers (COPEC) projecting a rise of 22.91%. The Chamber estimates that the mean price of diesel could increase from GH¢18.24 to GH¢22.42 per litre, reflecting rising international petroleum prices and...
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Why Geopolitical Chaos Isn’t Pushing Prices Higher
you’ve been watching global headlines lately, it would be easy to assume oil prices would be sky-high: a major oil-reserve country mired in crisis, sanctions on perennial producers, regional conflicts simmering, and social unrest in several exporters. And yet Brent and WTI have been languishing around $60 a barrel, a level that, a decade ago,...
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Oil Prices Could Slip to $50 a Barrel by June
Oil prices are set to continue their downward trajectory and slid to as low as $50 per barrel Brent by the middle of this year, amid ample supply, according to analysts at India’s SBI Research. “Oil prices in general have remained subdued due to the OPEC+ decision to increase production,” the analysts wrote in a...
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COMAC Calls for Supply Stabilisation and Pricing Reforms at 2025 National LPG Promotion Forum
At the National LPG Promotion Forum held this week under the theme “One Industry, One Vision: A Collaborative Approach to LPG Sector Transformation,” the Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr. Riverson Oppong, delivered a strong message urging government and industry players to take decisive steps to stabilise LPG supply...
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Why the IEA Now Thinks Oil Demand Will Keep Rising Until 2050
The International Energy Agency (IEA) predicted in 2023 that the global peak in oil demand would likely take place by 2030, as governments worldwide introduced plans for a green transition and fossil fuel companies began to diversify their portfolios to include renewable alternatives. However, this month, the IEA has backtracked on this prediction, stating that...
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Crude oil to average $60 per barrel in 2026 – World Bank
Crude oil is expected to average $60 per barrel in 2026, the World Bank has revealed in its latest Commodity Markets Outlook. This will be lower than the expected $68 per barrel in 2025, and will be favourable to inflation. According to the report, prices are forecast to fall further in 2026, as oil consumption...
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Oil slips on oversupply concerns, stronger dollar
Oil prices fell over 1% on Tuesday as OPEC+’s decision to pause output hikes in the first quarter next year along with weak manufacturing data and a stronger dollar weighed on the market. Brent crude futures fell 82 cents, or around 1.3%, to $64.07 a barrel by 0905 GMT. U.S. West Texas Intermediate crude was...
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Gabon Draws Energy Giants as OPEC Spotlights African Market Potential
Gabon has signaled a renewed interest in exploration from international partners, as African OPEC members highlight their expanding global influence and commit to boosting stability, production, and investment. Gabon is signaling renewed interest from major international energy companies as it looks to expand oil and gas development across the country’s largely untapped reserves, according to...
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Crude Oil and Refined Products Market Review and Outlook
Compared to August 2025, global petroleum markets in September recorded modest price uptick across crude oil and refined products, reflecting the combined impact of geopolitical tensions and broader economic conditions. In the pricing window under review, crude oil prices rose by about 1.86%, driven largely by supply constraints linked to the sanctions imposed on Russia...