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A minister of state at the Energy Ministry, Herbert Krapah has challenged players in the Ghanaian petroleum industry to take advantage of the African Continental Free Trade Agreement (AfCFTA) to boost the petroleum industry in Ghana. He was speaking in a keynote address at the annual Ghana International Petroleum Conference (GhIPCON), which took place in Accra from 17th to 18th July 2024. “By removing trade barriers and fostering regional integration, AfCFTA can enhance market access, stimulate investment, and drive economic...
Read moreCrude Oil and Refined Products Market Review and Outlook Crude oil prices surged for the second window in a row as a result of increasing global demand. Demand for petroleum products continues to increase due to global economic growth and high cost of renewable and alternative energy sources. Crude oil price rose by about 4.11% in Q1 to USD85.0780/bbl in Q2 largely attributed to the tensions in the Middle East and the Russia-Ukraine war. Global economic growth continues to propel...
Read moreThe Chamber of Bulk Oil Distributors (CBOD), in collaboration with the Tema Command of the Ghana National Fire Service, has organized an emergency fire response training program for members of the chamber. Forty representatives from member company depots participated in the intensive training session. The purpose of the training program was to equip depot staff with the requisite skills to effectively respond to emergency fire outbreaks. This initiative underscores CBOD's commitment to prioritizing safety and security in downstream sector depots....
Read moreAccra, Ghana - June 21, 2024 — The Chamber of Bulk Oil Distributors' (CBOD) has received a letter from the Ministry of Energy addressed to the Ghana Revenue Authority (GRA) on a new standard for measurements in the oil and gas sector. This standard was primarily developed collaboratively by the Ghana Standards Authority (GSA) with the Ministry of Trade and Industry and other stakeholders. The Ministry's directive mandating all entities involved in revenue assurance measurements within the oil and gas...
Read moreCrude Oil and Refined Products Market Review and Outlook Global crude oil prices continue to follow a downward trajectory after rising to a five-month high in April 2024. Crude prices rose from an average of USD81.72/bbl in Q1 to USD90.39/bbl in April before declining to an average of USD79.33/bbl in the second window of June 2024. Tensions between Israel and Iran in the second quarter resulted in an unprecedented surge in global crude oil prices, as was witnessed in April....
Read moreThe Ghana Chamber of Bulk Oil Distributors (CBOD) is proud to contribute to the national effort of restoring Ghana's forest cover. In commemoration of Green Ghana Day, 50 members and officials of the Chamber participated in a tree-planting exercise at the Chipa Forest Reserve near Agomeda. The Chamber's members planted a diverse range of trees, including acacia, cassia, and mahogany, all of which are well-suited for environmental restoration efforts. These resilient species not only contribute to increased forest cover but...
Read moreCrude Oil and Refined Products Market Review and Outlook Global crude oil prices plummeted to their lowest levels since January 2024 in the 11th to 26th May pricing window. Although the global demand had been projected by the International Energy Agency (IEA) to rise by 1.1 mb/d in 2024, the recent decline in prices is attributed to lackluster demand among some European countries. The significant surge in crude prices in April to as high as USD90/bbl was due to the...
Read moreCrude Oil and Refined Products Market Review and Outlook • Global crude oil prices rose significantly in April and in the first week of May above the USD90/bbl benchmark. They are expected to remain in a broad holding pattern towards the end of the second quarter of 2024. The significant surge in the crude prices is largely due to the heightened tensions between Iran and Israel as well as the attacks on some Russian refineries by Ukraine. • Although crude...
Read moreAccra, Ghana - April 25, 2024 - The Chamber of Bulk Oil Distributors' (CBOD) attention has been drawn to Government's plans to make the Bulk Energy Storage and Transportation Company (BEST), the sole off-taker of Sentuo Oil Refinery Limited's production under the gold for oil programme (G40). We are convinced that this plan is inconsistent with the deregulation policy that guidesthev activities of the petroleum downstream sector. We are informed that the plan has been necessitated by government's aim to...
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