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Refined Products Review and Outlook Global oil demand increased significantly in Q3 due to the post-pandemic economic recovery in China as well as the reduction in crude production by OPEC+ nations. While global oil demand has been projected to reach its highest annual level in 2023 at about 102.2 million b/d, demand in June and August exceeded 103 million b/d. According to the International Energy Agency (IEA), global oil supply plunged by 910,000 b/d to 100.9 million b/d in July....
Read moreRefined Products Review and Outlook The global demand for crude and petroleum products continues to hit record highs, boosted by strong summer air travel, increased oil use in power generation, and surging Chinese petrochemical activities. The International Energy Agency (IEA) has projected that the global demand for oil will grow by 2.2 million b/d in 2023. According to the Agency, the growth in global demand in 2023 is expected to be driven largely by the post-pandemic economic recovery in China....
Read moreRefined Products Review and Outlook Crude oil prices have risen significantly since the month of July, to about USD86 per barrel in the last selling window of August 2023. This rise has been largely attributed to supply tightness due to OPEC+ production cuts and renewed optimism about Chinese demand. The OPEC+ nations in April 2023 announced a significant cut in production by about 1.2 million barrels per day. This development led to a surge in crude prices in the month...
Read moreRefined Products Review and Outlook Global crude prices rose significantly in the month of July largely due to supply tightness owing to OPEC+ production cuts and renewed optimism over Chinese demand and global growth. High inflation and interest rates in the US and Europe and the weak economic indicators from economies like the US, EU, and China resulted in a significant slump in global crude prices in Q2. However, crude oil prices remained stable in June after they fell by...
Read moreRefined Products Price Review and Outlook The international market prices of finished petroleum products in the 27th June to 11th July 2023 pricing window, which are the premiums used in pricing petroleum products from 16th to 31st July 2023, changed marginally compared to the previous selling window. Crude oil prices on the world market within the period rose slightly by about USD1.48/bbl (2.13%) to about USD75.85/bbl majorly attributed to a cut in supply by giant oil-producing countries such as Saudi...
Read moreRefined Products Price Review and Outlook The international market prices of finished petroleum products in the 12th to 26th June 2023 pricing window, which are the premiums used in pricing petroleum products from 1st to 15th July 2023, changed marginally compared to the previous selling window. Crude oil prices at the world market declined by about 1.6% to about USD74.27/bbl. The average price of Petrol and LPG on the world market declined by 0.78% and 13.80% respectively while diesel rose...
Read moreThe management and staff of the Ghana Chamber of Bulk Distributors (CBOD) have planted 1,100 trees in the Chirapa Forest Reserve in Agomeda in the Greater Accra Region as part of the Green Ghana initiative. The chief executive of CBOD, Dr. Patrick Ofori, says the chamber is in full support of the initiative and took the decision to plant the trees to help offset its members’ carbon footprints. “It is something we want to encourage our members to adopt...
Read moreRefined Products Price Review and Outlook Global crude oil and refinery product prices continue to tumble due to uncertainties regarding the global economic outlook and unprecedented high inflation rates in the US and Europe. Although global crude prices rose slightly in April due to the surprise announcement by some OPEC+ nations to voluntarily cut production in May through to the end of 2023, crude prices have fallen considerably since then to about $72.46 per barrel. Crude prices rose to about...
Read moreThe Ghana Chamber of Bulk Oil Distributors (CBOD) has asked the Government to enhance measures to stabilise the cedi to ensure reduced fuel prices for Ghanaians. According to the Chamber, a strong cedi is critical to affordable petrol and diesel prices, which would also support business growth and cushion the public from the associated hikes in prices of goods and services. Dr Patrick Ofori, Chief Executive Officer (CEO), CBOD, said that among the two key variables that affected ex-pump prices...
Read moreThe Ghana Chamber of Bulk Oil Distributors (CBOD) has called on government to create an enabling environment that would ensure bulk distribution companies compete fairly in the gold for oil (G4O) programme. According to Chamber, the Bank of Ghana (BoG) underwriting the risks associated with commercial activities of the Bulk Oil Storage and Transportation company (BOST), gives the government sole shareholder private limited liability company, an upper hand over other players in the field. In a virtual press briefing on...
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