• 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
82
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

GNCCI Urges Government to Stabilise Exchange Rate to Safeguard Growth

BoG’s New FX Rules Offer Short-Term Stability but Risk Repeating Nigeria, Kenya Mistakes if FX Controls Persist – Dr. Dumanya

Government Cuts Black Stars Budget by Over $732,000 for Upcoming World Cup Qualifiers Against Chad and Mali

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

Africa’s Road to the 2026 World Cup Heats Up As Qualifiers Resume Today

US Open: Alcaraz Advances to Semifinals; Sabalenka Set for Rematch with Pegula

GSE Composite Index Dips as MTNGH Extends Decline; TOTAL Posts First Gain in Over a Month

Chamber of Mines Pushes for Longer Stability Agreements to Safeguard Ghana’s Mining Competitiveness

Why Shorter Mining Leases Could Cost Ghana Big Projects and Jobs

Gold Price Hits Record High as Investors Seek Safety

Trending

Features

GNCCI Urges Government to Stabilise Exchange Rate to Safeguard Growth

September 3, 2025

GNCCI Urges Government to Stabilise Exchange Rate to Safeguard Growth The Ghana National Chamber of Commerce and...

BoG’s New FX Rules Offer Short-Term Stability but Risk Repeating Nigeria, Kenya Mistakes if FX Controls Persist – Dr. Dumanya

September 3, 2025

Government Cuts Black Stars Budget by Over $732,000 for Upcoming World Cup Qualifiers Against Chad and Mali

September 3, 2025

Africa’s Road to the 2026 World Cup Heats Up As Qualifiers Resume Today

September 3, 2025

US Open: Alcaraz Advances to Semifinals; Sabalenka Set for Rematch with Pegula

September 3, 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.