Adedapo Adesanya
By Adedapo Adesanya
The price of Organisation of the Petroleum Exporting Countries (OPEC) basket of crudes stood at $44.27 per barrel on Tuesday, August 4, rising again from $44.02 the previous day, according to the latest OPEC Secretariat calculations released on Wednesday.
This indicated a day-on-day rise of 25 cents or 0.57 per cent as the market found support on fears after an explosion at Lebanon’s main port rocked the capital Beirut, stoking uncertainties over instability in the region.
The OPEC Reference Basket of Crudes is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
In other OPEC related news, Angola has agreed to play its part in the latest discussions between OPEC and African producing nations on how they will benefit from market stability.
Such a dialogue is key for compliance with the OPEC global production cuts deal of April, to which all of OPEC’s African member countries have agreed to.
Angola’s support to global market stability and energy cooperation is significant and gives confidence to operators and future investors seeking to do business in Africa.
The government of Angola and the country’s Ministry of Mineral Resources and Petroleum have always been strong participants in global energy dialogue between Africa and institutions such as OPEC.
“In December 2018, OPEC Secretary-General, Mr Mohammed Sanusi Barkindo made a historic visit to Angola and committed to working with its leadership to improve the industry and strengthen its relationship with OPEC.
“The OPEC-Africa dialogue has brought this relationship to a new level. African voices are heard and advocated for within the industry’s most influential institution, ensuring that the continent’s interests are represented,” stated Mr NJ Ayuk, Executive Chairman at the African Energy Chamber.
“The Government of Angola and the country’s Ministry of Mineral Resources and Petroleum have always been strong participants in the global energy dialogue between Africa and institutions such as OPEC.
“Angola has public officials committed to making energy work for Africans, and to fighting energy poverty in Angola. Such a move makes our industry better for Africans and for investors,” declared Mr Sergio Pugliese, the President of the African Energy Chamber in Angola.
Under the leadership of President João Lourenço and his Minister of Mineral Resources and Petroleum, Mr Diamantino Azevedo, Angola has embarked on a set of bold and market-driven reforms for over two years now.
The country is becoming increasingly competitive for regional and international investors and has sent strong signals of its openness to investments, commitment to local content development and determination to fight corruption.
