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The 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...
Read moreThe Ghana Chamber of Bulk Oil Distributors (CBOD) has hosted this year's media soiree, inviting representatives from various media houses across the country. The cocktail event aimed to establish a strong and collaborative relationship between the Chamber and the media, focused on ensuring accurate and timely information reaches Ghanaians. Dr. Patrick Ofori, CEO of CBOD, emphasised the critical role the media plays in disseminating information. "It's paramount that Ghanaians receive the right information on time," he stressed. He highlighted the...
Read moreCrude Oil and Refined Products Market Review and Outlook Oil benchmark rose on Friday 12th April 2024 in anticipation of Iran's retaliatory attack against Israel, with prices touching their highest since October 2023. This rise in oil prices, which hit a six-month high on Friday, emanates from the alleged Israeli attack on the Iranian embassy in Damascus. This prompted Iranian threats of retaliation, raising security concerns in the Middle East. Iran, one of the largest oil producers in the world,...
Read moreCrude Oil and Refined Products Market Review and Outlook Notwithstanding the recent surge in global crude prices, the average crude price fell by about 7% in Q1 2024 compared to Q4 2023. Recent data has shown an upsurge in the price of crude oil reaching as high as USD85.44/bbl since November 2023. Compared to the same period last year, crude oil prices have risen by about 14%. This surge is attributed to higher-than-expected economic growth, reduced interest rates in Europe...
Read moreCrude Oil and Refined Products Market Review and Outlook Global demand for crude and petroleum products have continued to surge since January 2024 in tandem with the World Bank’s projections of about 3.1% global economic growth this year. According to the World Bank, the global economy in 2024 is expected to outpace growth in 2023 by about 0.4% due to greater-than-expected resilience in the United States and a strong fiscal stimulus in China. Macro-economic indicators have shown that inflation and interest...
Read moreCrude Oil and Refined Products Market Review and Outlook The downward trajectory of global demand for crude oil and petroleum products reversed since the beginning of 2024 due to the positive signs of global economic recovery. Global economic indices have reversed in a positive trajectory in 2024 after worsening in 2023 due to the impact of the COVID-19 pandemic outbreak as well as the war between Russia and Ukraine. The impact of these events resulted in interest rates surging to...
Read moreCrude Oil and Refined Products Market Review and Outlook Global demand for crude oil and petroleum products has surged due to growth in the US and Chinese economies in Q4 2023. The Chinese government provided economic stimulus in the last quarter of 2023, which resulted in growth in the economy. Moreover, the drop in inflation in the US and ongoing geopolitical tensions in the Middle East continue to wedge prices higher. Global macroeconomic indicators show that economic growth fell below...
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