Sunday, 20 September 2026

Petrobras has entered eight production-sharing contracts for offshore exploration blocks in Côte d'Ivoire, according to Offshore Technology.

The agreements were signed in Abidjan on September 17, according to The Electricity Hub. They cover blocks CI-513, CI-600, CI-601, CI-602, CI-603, CI-605, CI-701 and CI-702, all located offshore Côte d'Ivoire, per Offshore Technology.

Under the terms, Petrobras will act as operator through a subsidiary and hold a 90% interest in each block, with the remaining 10% held by PETROCI, Offshore Technology reported.

UNOC has committed to completing the Kampala Storage Terminal within 24 months, according to CGTN.

The terminal will connect to a planned refinery at Kabaale in Uganda's Hoima District via a 211-kilometer multiproduct pipeline, Ecofin Agency reported.

Uganda consumes about 240 million liters of petroleum products each month, per Ecofin Agency.

Diesel prices have reached all-time highs in 44 US states after New Jersey and Maine joined the list, marking a broad escalation in fuel costs across the country.

The reach of diesel into consumer prices runs deeper than the pump figure suggests. Rob Thummel, senior portfolio manager at Tortoise Capital, said diesel cost increases get layered in at multiple points before a product reaches a shelf, which is part of why the eventual retail price increase can be larger than the diesel price increase itself.

The US national average diesel price reached $6.44 per gallon on Friday after rising five cents overnight, according to NBC News. Reuters reported this week that European diesel futures hit a record $210 per barrel, while US retail diesel topped $6 per gallon for the first time.

Reuters attributes the squeeze primarily to a severe shortfall in refining capacity to convert crude into fuels, rather than to any shortage of crude itself.

Commercial diesel prices in the US have climbed 71% since the start of the Iran war, per NBC News. Russian diesel supplies fell by roughly 350,000 barrels per day over the March-to-August period, a loss the reporting describes as less than half the shortfall attributed to the Iran war.

Oil prices fell around 1% in Asian trading on Friday, extending losses into a third consecutive session, according to Qatar News Agency. Brent crude futures traded at USD 103.77 per barrel and US West Texas Intermediate futures at USD 100.88 per barrel.

The decline came as traders weighed reports that Saudi Arabia had found alternative routes to move crude to Asian buyers via Oman, easing concerns over a more severe supply disruption after a key pipeline was shut following Houthi attacks, CNBC reported.

According to Anadolu Agency, Saudi Arabia offered additional crude cargoes to Asian refiners through ship-to-ship transfers off Oman's Sohar port, opening an alternative export route. Those measures helped ease worries about prolonged supply disruptions and weighed on prices toward the end of the week, Anadolu Agency reported.

The US national average price for a gallon of regular unleaded gasoline reached $4.47 on Friday, according to AAA. A day earlier, AAA had pegged the average at $4.43, a 16-cent gain over the prior week and roughly $1.20 above the same point a year earlier.

Diesel set a record. GasBuddy put the US average at around $6.43 a gallon on Friday morning, which it called a record high.

The run-up coincides with continued disruptions in the Strait of Hormuz, through which around 20% of global oil supply passes annually, and the closure of a key Saudi Arabian oil pipeline that had served as an alternative supply route. The ongoing conflict with Iran is also contributing to higher energy costs.

Regional prices remain uneven. AAA Texas reported the state's average price for unleaded at $3.93 a gallon, below the national figure.