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Crude Oil and Refined Products Market Review and Outlook Crude oil prices on the global market declined to their lowest since the beginning of the year. The fall in prices reflects weak macroeconomic fundamentals, lackluster demand and increasing crude oil production. The Energy Information Administration (EIA) and OPEC have downgraded their expectations for global oil demand growth in their latest reports, citing weak Chinese demand. According to the International Energy Agency (IEA), the chief driver of the price reductions is...
Read moreIn the dynamic heart of Accra, an innovative approach is quietly reshaping Ghana’s oil and gas sector. At the helm of this change is Dr. Patrick Kwaku Ofori, CEO of the Ghana Chamber of Bulk Oil Distributors (CBOD). Drawing from his own remarkable journey from sports to the boardroom, Dr. Ofori is leading a movement that taps into the unique strengths of former elite athletes to tackle the challenges of the energy industry. For him, the transition from athletics to...
Read moreThe Energy Minister, Herbert Krapah has challenged players in the Ghanaian petroleum industry to take advantage of the African Continental Free Trade Agreement (AfCFTA) to boost the industry. He was speaking in a keynote address at the Ghana International Petroleum Conference (GhIPCON) 2024, which took place at the Accra Marriott Hotel from 17th to 18th July 2024. The conference brought together industry leaders, policymakers, and stakeholders from across the West African sub-region and beyond. The two-day event fostered critical discussions...
Read moreThe Ghana Chamber of Bulk Oil Distributors (CBOD) partnered with Abertay University in Scotland to explore how the skills athletes develop through sports can contribute to economic development in Ghana’s oil and gas sector. Supported by the International Science Partnership Funding, this research identifies innovative solutions to address the looming skills shortage in the industry. Ghana’s oil sector is approaching a critical skills crisis. As the importance of human capital grows, it is expected to surpass financial capital as the...
Read moreDr. Patrick Ofori, CEO of the Ghana Chamber of Bulk Oil Distributors (CBOD), has underscored the critical gap in research and contextualization within Ghana's petroleum sector. He said this during a panel discussion at the Ghana International Petroleum Conference 2024. He lamented the scarcity of local research initiatives, citing a single book sponsored by the World Bank as the sole comprehensive study on skill gap analysis specific to Ghana. He said, “Without adequate research and tailored educational programs, the sector...
Read moreAccra, Ghana – August 22, 2024 – The Chamber of Bulk Oil Distributors (CBOD) is deeply concerned about the recent decision by Liquefied Petroleum Gas Marketing Companies (LPGMCs) to cease business relations with SAGE Petroleum (Quantum Terminals) and Blue Ocean depots in Tema. These two companies are valued members of the CBOD and are key players in the downstream petroleum sector. Quantum Terminals and Blue Ocean Investments Limited are Ghanaian companies that have been legally registered by the laws of...
Read moreA 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...
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