• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Energy

Oil Prices Sink in Run-Up to OPEC Meet

1 year ago
in Energy, Features, highlights, Home, home-news, latest News, Markets
1 min read
0 0
0
87
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Oil Prices Sink in Run-Up to OPEC Meet

Oil prices slumped on Friday, with Brent crude falling 1.57% in afternoon trading as the oil demand outlook out of China continues to weigh on market sentiment.

Oil prices are set to finish out a loss for the week, a weak starting point for OPEC as they prepare for their Joint Ministerial Monitoring Committee meeting scheduled for August 1.

China’s refinery utilization has sagged this month, down 3.5% from this same time last year, and its crude oil imports have also been done 325,000 year over year through June. This disappointing crude oil demand from China has triggered a rash of calls for an oil supply surplus for the end of this year and next, weighing on today’s prices.

OPEC officials have suggested that the upcoming meeting will be routine, and that it doesn’t plan on many any changes to production cut quotas. While some analysts and traders have suggested that the group could make changes, OPEC has committed to being careful about adding barrels back into the market.

Nevertheless, the falling prices could put pressure on OPEC’s heavyweights, Saudi Arabia and Russia, to push for a pullback on any future plans to rollback the cuts.

At 12:44 pm ET, the WTI crude oil benchmark was trading at $77.09 per barrel, off $1.19 (-1.52%) on the day. Brent crude was trading at $81.08 per barrel, down $1.29 (-1.57%) on the day.

RelatedPosts

Communications Minister Warns Against Use of Nigerian DStv Decoders, Moves to Curb Cross-Border Piracy

Nigeria at Risk of an Energy Crisis as Strike Halts Oil Institutions, Dangote Refinery

Ghana Ranks Third in Africa for Adult Bank Account Ownership

The falling prices come even as U.S. crude oil inventories have drawn down considerably over the last four weeks—nearly 20 million barrels total, according to API estimates. This inventory drawdown comes even as the United States produced 13.3 million barrels of oil per day on average over the last few weeks—a return to the highest level in history.

The chances of a possible Israel/Hamas peace deal have also weighed on crude oil prices.

Tags: oil pricesOil Prices Sink in Run-Up to OPEC MeetOPEC
No Result
View All Result

Highlights

The African Development Bank Approves €100 Million Loan to Strengthen Côte d’Ivoire’s Cocoa Value Chain

2026 Budget Hearings Conclude with Focus on Accountability and Resource Allocation

Tullow Oil Reports 11.4% Decline in Reserves

RTI Commission Slaps State and Private Institutions With GHS 5.6m in Fines Over Information Breaches

Communications Minister to Address Standoff with MultiChoice Ghana Over DStv Pricing

Bilateral Trade Between Ghana and China Hits Historic $11.8bn Mark

Trending

Features

Communications Minister Warns Against Use of Nigerian DStv Decoders, Moves to Curb Cross-Border Piracy

September 29, 2025

Communications Minister Warns Against Use of Nigerian DStv Decoders, Moves to Curb Cross-Border Piracy Minister for Communications,...

Nigeria at Risk of an Energy Crisis as Strike Halts Oil Institutions, Dangote Refinery

September 29, 2025

Ghana Ranks Third in Africa for Adult Bank Account Ownership

September 29, 2025

The African Development Bank Approves €100 Million Loan to Strengthen Côte d’Ivoire’s Cocoa Value Chain

September 29, 2025

2026 Budget Hearings Conclude with Focus on Accountability and Resource Allocation

September 29, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.