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Crude Oil and Refined Products Market Review and Outlook The global market price of crude and refined petroleum products have been declining since the second window of February 2025. This has been largely attributed to the uncertainties in the global economy introduced by the US imposition of tariffs on some of its trade partners. The impact of the US-China announcement of retaliatory tariffs has been attested to by CITAC Africa, who espouse that the uncertainty in the tariff trade war...
Read moreCrude Oil and Refined Products Market Review and Outlook Crude prices on the international market have since the second window of February witnessed a sustained downward trajectory . This is largely attributed to the uncertainties in the global economy introduced by the US imposition of tariffs on some of its trade partners. According to CITAC Africa, the uncertainty in the US/China tariff trade war will continue to cloud global economic growth and influence global crude and petroleum products demand. The...
Read moreCrude Oil and Refined Products Market Review and Outlook Although the first quarter of 2025 saw an average increase of 1.38% in global oil prices, recent weeks have seen a sharp decline due to global uncertainties driven by the ongoing tariff war between the US and China. The uncertainty in the US/China tariff trade talks will continue to cloud global economic growth and fuel demand going into the second quarter of the year. Data shows that Brent spot prices declined...
Read moreCrude Oil and Refined Products Market Review and Outlook Global crude prices rose by an average of 1.38% in the first quarter of 2025 but have fallen significantly in recent weeks due to the global uncertainties arising from the current tariff war between the US and China. Crude prices peaked in February, with Brent spot prices rising to as high as $83/bbl. The U.S. Energy Information Administration (EIA), on April 10th, sharply cut its estimate of U.S. crude prices to...
Read moreCrude Oil and Refined Products Market Review and Outlook Global crude prices rose by an average of about 1.38% in the first quarter of 2025 compared to the last quarter of 2024. Prices reached their highest point in February, with Brent spot prices soaring as high as $83 per barrel. CITAC Africa attributed this rise primarily to “the trade-war-provoking rhetoric and actions of the new Trump Administration in the United States.” The rise in crude prices during the quarter can...
Read moreThe Chamber paid a courtesy call on the Commissioner General (CG) of the Ghana Revenue Authority (GRA), Mr. Anthony K. Sarpong, on March 14, 2025, at the GRA Head Office. The meeting was an opportunity to congratulate him on his new role and reaffirm the Chamber’s commitment to collaborating with the GRA to address key challenges in the downstream petroleum sector. During the engagement, the CBOD delegation, led by the Board Chairman Mr. Yaw Koduah-Sarpong and CEO Dr. Patrick Ofori,...
Read moreThe inaugural Downstream Women’s Summit 2025, organised by the Ghana Chamber of Bulk Oil Distributors (CBOD) and National Petroleum Authority (NPA), was held on Friday, 14th March 2025, at the National Petroleum Authority in Accra. The summit was an inspiring and transformative event dedicated to empowering women in the downstream petroleum sector. The summit brought together industry leaders, professionals, and key stakeholders for an afternoon of insightful discussions, knowledge sharing, and networking. The highlight of the event was a thought-provoking panel...
Read moreCrude Oil and Refined Products Market Review and Outlook Global crude prices peaked on 17th February with Brent spot prices rising to $83/bbl. According to CITAC Africa, this was largely due to “the trade-war instigating rhetoric and actions of the new Trump Administration in the US”. The price of crude rose in February due to the sharp decline in global stock, especially in the US. This largely attributed to the rise in price in the first selling window of March...
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