GHANA has bagged $104 million from the sale of almost one million barrels of crude oil sold between July and September this year.
The figures released by the Ministry of Finance showed that government also got 113 million dollars from taxes, royalties and rental charges paid by the four companies operating on the jubilee field.
This would bring the total amount of money gotten from the jubilee field for third quarter to193 million dollars.
The report showed that Ghana sold each barrel for 104 dollars, between July and September.
Oil prices fell on Monday after a brief rebound, with the market weighed down by weak demand growth in an oversupplied market.
US benchmark West Texas Intermediate for delivery in November slipped five cents to $82.70 a barrel.
Brent North Sea crude for December lost 48 cents to stand at $85.68 a barrel in London midday deals.
Both contracts had risen at the end of last week as investors snapped up bargains after prices had tanked to multi-year low points.
Oil prices have been hit hard in recent weeks by weak energy demand as the global economy stutters, a supply glut and price-cutting by major producers such as Saudi Arabia.
“Long-held assumptions about the determination of key Opec producers to support prices appear to be dissolving as Saudi Arabia signals to the market that it may be comfortable with a long period of low oil prices,” British bank Barclays said in a research note.
While wishing to keep market share, Saudi has previously expressed concern that high prices can hinder economic recovery, hurting producers like itself in the long run.
Last week, the International Energy Agency cut its forecasts for demand growth for the third month in a row.
For this year, it expects demand to rise 700 000 barrels per day to 92.4 million, which is 200 000 fewer than previously forecast.
African Eye News
