Petroleum Africa
Find us on: 
Wednesday, September 29, 2021
It looks like oil prices are on the way up again with a barrel of Brent topping the $80 per barrel mark and WTI reaching 76.25 a barrel on Tuesday.
The recent uptick in prices is attributed to strong demand and depleting inventories following OPEC’s and the OPEC+ member’s efforts to curb plummeting oil prices during the first year of the pandemic. The OPEC barrel price stood at $78.37 a barrel on Tuesday, compared with $77.73 the previous day.
As oil prices have climbed and inventories have diminished, OPEC+ agreed to increase production by 400,000 bpd in July and on September 1 decided to stick with this volume. The next meeting of the group is on October 4, and it is possible they will add more production based on rising barrel prices.
At its last meeting, OPEC stated, “While the effects of the COVID-19 pandemic continue to cast some uncertainty, market fundamentals have strengthened, and OECD stocks continue to fall as the recovery accelerates.”
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
