Oil Plunge: COPEC Tells Government To Support BOST To Stock Oil

The Chamber of Petroleum Consumers is asking the Ghana government to consider helping the Bulk Oil Storage and Transportation (BOST) to get a decent credit line or an open credit framework set up promptly to stock oil for the nation’s vital holds or stocking needs.

This follows the dive of oil cost beneath zero without precedent for an uncommon wipeout. The price on the prospects contract for West Texas rough that is expected to lapse Tuesday fell into the negative region – $37.63 a barrel.

Furthermore, as indicated by COPEC, the administration ought to consider getting the nearby treatment facility (Tema Oil Refinery) back to efficiency to process Ghana’s oil locally.

This is because a number of Ghana’s producers or oil fields might be before long compelled to close down creation because of an absence of extra room all around.

“Whatever security guarantees or arrangements that need to be put in place to forestall any games with the strategic reserves must certainly be robust and efficient so the country does not lose on both the upstream and downstream ends due to the low prices being recorded on the international market currently”, it explained.

COPEC included that the evaluating breakdown is to a great extent thought about rough and has next to no immediate effect on handled or refined items and by augmentation nearby siphon costs.

Additionally, the Ghanaian market is to a great extent Brent benchmark subordinate and as such a breakdown on WTI is very improbable to have any stream down impact on neighborhood siphon costs here.