Oil and Gas

Pakistan, June 24, 2024 – Oil companies across Pakistan have imposed a new restriction, banning the supply of petrol to fuel stations that exceeds their daily sales averages. The move aims to discourage hoarding amid rising demand. According to Dawn News, this step was taken to curb artificial shortages and panic buying. Companies will now provide petrol based only on the average daily sales recorded between June 1 and June 15, limiting excess orders. Petroleum Dealers Association leader Shoaib Khan revealed that fuel pumps in several cities are receiving lower-than-usual …

Sydney, June 23, 2025 – Major share indexes slipped in Asia on Monday and oil prices briefly hit five-month highs as investors anxiously waited to see if Iran would retaliate against U.S attacks on its nuclear sites, with resulting risks to global activity and inflation. Most of the market moves were restrained, with the dollar getting a modest safe-haven bid and no sign of a rush to bonds. Oil prices were up around 1.5%, but well off their initial peaks. Optimists were hoping Iran might back down now that its …

London, June 22, 2025 – Oil is likely to rise by $3-5 per barrel when trading resumes on Sunday evening after the U.S. attacked Iran at the weekend, market analysts said, with gains expected to accelerate only if Iran retaliates hard and causes a major oil supply disruption. U.S. President Donald Trump said he had “obliterated” Iran’s main nuclear sites in strikes overnight, joining an Israeli assault in an escalation of conflict in the Middle East as Tehran vowed to defend itself. Iran is OPEC’s third-largest crude producer. Global oil …

Beijing, June 19, 2025 – Oil prices surged on Thursday after Israel said it attacked Iranian nuclear sites in Natanz and Arak overnight and as investors grappled with fears of a broader conflict in the Middle East that could disrupt crude supplies. Brent crude futures rose 88 cents, or 1.15%, to $77.58 a barrel by 0708 GMT, after gaining 0.3% in the previous session when high volatility saw prices fall as much as 2.7%. U.S. West Texas Intermediate crude for July rose $1.11, or 1.48% to $76.25 a barrel, after settling …

Lagos, June 19, 2025 – Dangote Petroleum Refinery and Petrochemicals Company is to export petrol to Asia, a source with knowledge of the plans told Reuters on Wednesday. The 90,000 metric tonnes of gasoline is to be loaded by independent oil trader Mercuria and is scheduled to be loaded on June 22. This will be the refinery’s first gasoline export outside the African continent since it began commercial fuel production, according to the source. “We sell our products to those who are willing to give us the highest price. It’s …

Abuja, June 19, 2025- The House of Representatives has threatened to sanction 13 oil companies for their failure to appear before it during its investigation into alleged $456.95 million (N731.12 bn) alleged unremitted oil receipts. The House Committee on Public Accounts made the threat in a statement issued by Akin Rotimi, its Spokesman on Wednesday. The statement said the affected companies failed to appear before the committee during its investigation which had prompting it to consider punitive actions in line with legislative and constitutional provisions. It listed the companies to …

Paris, June 5, 2025 – A surge in clean energy spending is expected to drive a record $3.3 trillion (2.89 trillion euros) in global energy investment in 2025, despite economic uncertainty and geopolitical tensions, the International Energy Agency (IEA) said on Thursday. Clean energy technologies, including renewables, nuclear, and energy storage, are set to attract $2.2 trillion in investment, twice the amount expected for fossil fuels, the IEA said in its annual World Energy Investment report. “The fast-evolving economic and trade picture means that some investors are adopting a wait-and-see …