Most fuel retail outlets and refilling plants across the Volta Region and parts of the Greater Accra Region are meeting required safety and operational standards, according to findings from a recent mystery shopping audit by the Chamber of Oil Marketing Companies (COMAC). The audit, COMAC’s third in 2025 forms part of its ongoing initiative to...
Category: Oil Prices
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Oil prices rise after new EU sanctions on Russia
LONDON, July 18 (Reuters) –Crude oil futures rose on Friday while gasoil futures jumped to a 17-month high as investors weighed new European Union sanctions against Russia.Brent crude futures climbed 68 cents, or 1%, to $70.20 a barrel by 1327 GMT. U.S. West Texas Intermediate crude futures gained 81 cents, or 1.2%, to $68.35.The Reuters...
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Oil steadies near three-week high on signs of tighter supplyBy Enes TunagurJuly 14, 20251:54 PM GMTUpdated 3 hours ago
LONDON, July 14 (Reuters) – Oil prices steadied on Monday, holding close to their highest level in three weeks, as investors eyed further U.S. sanctions on Russia that may affect global supplies, while tariff uncertainty weighed.Brent crude futures rose 16 cents, or 0.2%, to $70.52 a barrel by 1326 GMT, while U.S. West Texas Intermediate...
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EIA raises 2025 oil price forecast, lowers 2026 outlook amid global risks
In its July Short Term Energy Outlook, the agency increased its price forecast for West Texas Intermediate through the end of 2025 but has lowered that forecast into 2026. Driven by higher near-term prices in the aftermath of the Israel-Iran conflict, the EIA now forecasts WTI will average $66 in July, up from $59 last...
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World oil market may be tighter than it looks, IEA says
VIENNA, July 11 (Reuters) – The world oil market may be tighter than it appears despite a supply and demand balance pointing to a surplus, the International Energy Agency said on Friday, as refineries ramp up processing to meet summer travel demand. The IEA, which advises industrialised countries, expects global supply to rise by 2.1...
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Ghana’s Rising Power Demand Signals Urgent Need for Infrastructure Investments-2025 Energy Outlook
Accra, Ghana – July 11, 2025 — Ghana’s electricity demand is climbing steadily, driven by rapid population growth, industrial expansion, and increasing nationwide access to electricity. This trend underscores a pressing need for sustained investment in energy infrastructure, according to the Ghana Energy Outlook Report 2025. The report reveals that total electricity consumption reached 22,410...
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Ghana’s Star Oil Emerges as Market Leader in Petroleum Sales for First Half of 2025
ACCRA, GHANA Indigenous oil marketing company, Star Oil, has solidified its position as the top petroleum distributor in Ghana, outperforming long-standing industry leader GOIL in total product sales for the first five months of 2025. This development was revealed in the National Petroleum Authority’s (NPA) Oil Marketing Companies (OMCs) Performance Statistics for January to May...
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Oil rises on Red Sea attacks, copper tariff concerns, lower US production
LONDON, July 9 (Reuters) – Oil prices climbed on Wednesday, maintaining their highest levels since June 23, lifted by attacks on shipping in the Red Sea, along with concerns over steep U.S. tariffs on copper and a forecast for lower U.S. oil production. Brent crude futures gained 48 cents, or 0.7%, to $70.63 a barrel...