Bussiness

Oil Jumps As EU Weighs Russian Ban, Saudi Refinery Output Hit

Oil prices jumped more than $3 on Monday, with Brent above $111 a barrel, as European Union nations consider joining the United States in a Russian oil embargo, while a weekend attack on Saudi oil facilities caused jitters.

Brent crude futures climbed $3.74, or 3.5%, to $111.67 a barrel by 0739 GMT, adding to a 1.2% rise last Friday.

U.S. West Texas Intermediate (WTI) crude futures rose $3.98, or 3.8%, to $108.68, extending a 1.7% jump last Friday.

Prices moved higher ahead of talks this week between European Union governments and U.S. President Joe Biden for a series of summits that aim to harden the West’s response to Moscow over its invasion of Ukraine.

EU governments will consider whether to impose an oil embargo on Russia.

Early on Monday, Ukraine’s deputy prime minister, Iryna Vershchuk, said there was no chance the country’s forces would surrender in the besieged eastern port city of Mariupol.

With little sign of the conflict easing, the focus returned to whether the market would be able to replace Russian barrels hit by sanctions.

“A Houthi attack on a Saudi energy terminal, warnings of a structural shortfall in production from OPEC, and a potential European Union oil embargo on Russia have seen oil prices jump in Asia,” OANDA’s senior analyst Jeffrey Halley said in a note.

“Even if the Ukraine war ends tomorrow, the world will face a structural energy deficit, thanks to Russian sanctions.”

Over the weekend, attacks by Yemen’s Iran-aligned Houthi group caused a temporary drop in output at a Saudi Aramco refinery joint venture in Yanbu, feeding concern in a jittery oil products market, where Russia is a key supplier and global inventories are at multi-year lows.

The latest report from the Organization of the Petroleum Exporting Countries and allies including Russia, together called OPEC+, showed some producers are still falling short of their agreed supply quotas.

OPEC+ missed its production target by more than 1 million barrels per day (bpd) in February, three sources told Reuters, under their pact to boost output by 400,000 bpd each month as they wind back sharp cuts made in 2020.

The two OPEC countries with the capacity to instantly raise output, Saudi Arabia and the United Arab Emirates, have so far resisted calls from major consuming nations to step up production faster to help drive down oil prices.

U.S. energy firms are also struggling to keep the number of active oil rigs up, despite strong prices.

The poor supply outlook and high prices prompted the International Energy Agency to outline ways on Friday to cut oil use by 2.7 million bpd within four months, from car-pooling to lower speed limits and cheaper public transport.

That would help offset the 3 million bpd of Russian crude and products that the IEA estimated would be off the market by April.

Source: Reuter

Bussiness

Charterhouse announces the Business Elevate Series with launch of ‘The Gastro Feastival’

Charterhouse, Ghana’s leading event management and audiovisual production company, is marking its 25th anniversary of delivering top-tier events with the introduction of an exciting new initiative: The Business Elevate Series.

This innovative series is designed to shine a spotlight on key economic sectors through a series of dynamic B2B and B2C events, including industry conferences, seminars, and exhibitions.

Kicking off the series is The Gastro Feastival, a groundbreaking annual food industry festival that will showcase Ghana’s rich and diverse food ecosystem and agribusinesses from production to consumption.

The launch event will take place on Friday, March 7, 2025, from 4:00 PM to 6:00 PM at the Grand Arena (Accra International Conference Centre).

This landmark event will bring together food industry stakeholders, enthusiasts, experts, and organizations to highlight the food industry’s critical role in Ghana’s socio-economic development and culture.

It will also promote food security, digital innovation, women’s empowerment, youth employment in agribusiness, and sustainable practices.

The Business Elevate Series is a game-changing initiative designed to foster growth and transformation across multiple sectors. With Charterhouse’s deep expertise in organizing impactful meetings, the series aims to unlock investment opportunities, drive innovation, and catalyze social and economic change.

The Gastro Feastival will address six major pillars that drive industry transformation: Investment Opportunities; Job Creation; Innovation, Technology, and Digitization; Youth Involvement (entrepreneurship and career opportunities); Women’s Involvement; Environmental and Social Governance (ESG); Export Opportunities

The event will also establish a Resource Bank, spotlighting key growth opportunities and ensuring the effective allocation of resources to transform Ghana’s food industry.

The Gastro Feastival is a Charterhouse initiative, with Kosmos Innovation Centre as the technical partner.

Bussiness

Ghana’s GDP shows economy is fast recovering despite DDEP – Finance Ministry

Ghana’s Gross Domestic Product (GDP) indicates a rapid economic recovery despite global challenges and ongoing debt restructuring, according to the Ministry of Finance (MoF).

The Ministry in a statement today indicated that latest data from the Ghana Statistical Service (GSS), cumulative economic growth for the second quarter (Q2) of 2024 reached 6.9%, a notable increase from the 4.7% recorded in the first quarter of 2024.

The MoF statement further noted that, “The economy’s robust recovery is in response to the macroeconomic stability and growth interventions that government is pursuing under our IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).”

According to them, the overall real GDP growth for the first half of 2024 rebounded strongly, with year-on-year GDP growth averaging 5.8% for the period, significantly higher than the 2.9% recorded in the same period in 2023.

By Edem Mensah-Tsotorme

Read full statement below