Nigeria’s federal government is negotiating a ₦1,350-per-litre ceiling on the ex-gantry or landing cost of petrol as part of efforts to limit sharp changes in pump prices. Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele announced the proposal at a briefing in Abuja on Thursday, 8 October 2026. A presidency statement, signed by presidential
Nigeria negotiates ₦1,350 ceiling on petrol supply costs Read More »
Rebuilding global oil stocks depleted during the Middle East conflict could take up to two years, Saudi Aramco chief executive Amin Nasser has said. Speaking at the Energy Intelligence Forum in London on Monday, 5 October, Nasser warned that oil and fuel supplies would remain under pressure until the Strait of Hormuz fully reopened and
Global oil stocks could take two years to rebuild, Aramco chief says Read More »
Seven OPEC+ countries have agreed to maintain their existing oil production targets for November following a virtual meeting on Sunday, 4 October. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman will retain the required production levels set for September 2026, according to OPEC. The decision holds targets steady rather than introducing a new production increase
Seven OPEC+ countries keep November oil output targets unchanged Read More »
G7 leaders have agreed to coordinate the release of 100 million barrels of oil and fuel stocks through the International Energy Agency (IEA), with a substantial amount of diesel due to reach the market within the first 20 days. The release is set to begin immediately and run over four months. In their joint statement,
G7 Agrees to Release 100 Million Barrels of Oil and Fuel Stocks as Prices Rise Read More »
Canada has placed a proposed oil pipeline to its Pacific coast on a faster federal review path as it seeks to sell more crude beyond the United States. Prime Minister Mark Carney announced on Thursday that the project, now called Pacific Link, had been designated a project of national interest. The decision allows it to
Canada Fast-Tracks Review of Pacific Oil Pipeline to Reduce Reliance on US Read More »
G7 leaders have agreed to coordinate the release of 100 million barrels of oil and fuel reserves over four months in an effort to ease pressure on energy markets. A substantial amount of diesel is due to be released during the first 20 days. The agreement followed a video meeting on Friday chaired by French
G7 Agrees to Release 100 Million Barrels of Fuel Reserves as Diesel Prices Soar Read More »
French President Emmanuel Macron plans to speak with G7 leaders about measures affecting crude oil and refined fuel markets, the Élysée Palace said on Friday. The announcement followed a telephone conversation with US President Donald Trump. Macron called for joint action to tackle rising fuel prices while avoiding export restrictions, according to Reuters’ report of the
Macron Plans G7 Talks on Emergency Oil Stocks as Fuel Prices Rise Read More »
Chinese refiners have suspended most fuel exports scheduled for October while Beijing focuses on rebuilding domestic inventories, according to four people briefed on the matter. The pause affects overseas sales of refined products at a time when buyers across Asia are already facing tight supplies. Reuters reported that major refiners had not received approval to
Chinese Refiners Pause October Fuel Exports as Beijing Protects Domestic Stocks Read More »
TotalEnergies and Nigerian energy company AMNI have taken a final investment decision to develop the offshore Ima gas field, clearing the project to move from planning into development. The decision was announced on Wednesday, 23 September 2026. Production is expected to begin in 2028, providing a new source of gas for the Nigeria LNG plant
TotalEnergies, AMNI approve Ima gas field development in Nigeria Read More »
Kenyan President William Ruto says his country is ready to break ground on a proposed oil refinery in Lamu being developed with Nigerian industrialist Aliko Dangote. Ruto made the announcement after meeting Dangote and Africa Finance Corporation President and Chief Executive Samaila Zubairu on the sidelines of the United Nations General Assembly in New York.
Kenya Ready to Break Ground on $17bn Dangote-Backed Lamu Refinery, Ruto Says Read More »
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