Wednesday, 23 September 2026

The East African Crude Oil Pipeline has reached 92.7% completion, with the first drop of crude expected at a pumping station in Uganda in December 2026, according to Daily News.

The oil is then expected to arrive at Chongoleani in Tanga, Tanzania, in February 2027, the outlet reported.

Loading of the first consignment onto a tanker is expected to begin in March 2027, marking the completion of the construction phase and the start of the project's operational phase, according to Daily News.

Petrobras has signed on to Brazil's new diesel subsidy program, according to Econotimes.

The program, established under Provisional Measure 1,391, covers producers and importers of road diesel and pays BRL 1.00 per liter of diesel A, Oilprice reported. The measure runs for 30 days and can be extended for another 30 days. Petrobras said its board approved participation in the scheme.

Separately, Petrobras received BRL 448 million from Brazil's gasoline subsidy program for sales made between July 16 and July 31, according to Econotimes.

That latest payment lifted Petrobras' cumulative receipts from government subsidy programs covering diesel, gasoline and liquefied petroleum gas (LPG) to approximately BRL 9.9 billion.

Oil prices advanced on Monday as heightened tensions in the Middle East stoked concerns about potential disruptions to crude supplies, according to Moneycontrol.

Brent crude futures reached USD 104.68 per barrel by 2202 GMT, Moneycontrol reported. US West Texas Intermediate crude rose to USD 101.06 per barrel over the same session.

The move followed missile and drone strikes launched on Saturday by Yemen's Iran-backed Houthi group toward Riyadh, Saudi Arabia's capital, Moneycontrol reported.

Hungarian Prime Minister Peter Magyar said Hungary will not implement a memorandum of understanding on the construction of a petroleum product storage facility for Ukraine on Hungarian territory, according to TASS.

The memorandum had been signed by Ukraine's Naftogaz Group and Hungary's MOL to build petroleum product storage facilities to meet Ukraine's needs, according to Rubryka. The facilities were expected to be built near the Ukrainian border and serve Ukraine's needs while strengthening cross-border energy infrastructure, Fedorenko said.

Magyar said the matter had not progressed beyond the signing of the memorandum of understanding, and no other agreements were signed.

More than 45% of Russia's oil refining design capacity has been disabled as of September 21, 2026, according to Ukraine's General Staff.

The threshold was crossed after the latest Ukrainian strike on the Moscow oil refinery, the General Staff said.

One consequence of the campaign has been a shortage of high-quality fuel inside Russia, according to the General Staff.

Retail gasoline prices moved higher in two separate local markets this week, according to AAA of Western and Central New York and figures reported by NBC Palm Springs.

In the City of Watertown, the average cost of a gallon of gasoline rose 13 cents from the prior week to $4.55, according to AAA of Western and Central New York.

In Riverside County, the average price of a gallon of self-serve regular gasoline rose 1.9 cents to $6.112, its highest level since Oct. 2, 2023, as reported by NBC Palm Springs. The move extended the local benchmark's streak of daily increases to 34 consecutive days.

Osaka Gas has agreed to acquire a 5% interest in the Browse Project offshore Western Australia through its unit Osaka Gas Browse, according to Offshore Technology. The sales and purchase agreement was struck with BP Developments Australia.

Offshore Technology reported that completion would entitle Osaka Gas Browse to approximately 550,000 tonnes of LNG per year from the project, alongside associated liquefied petroleum gas and domestic gas.

The Browse Project covers the planned development of the Brecknock, Calliance and Torosa gas fields offshore Western Australia, per Offshore Technology.

J.P. Morgan analysts said they no longer hold a baseline view for the oil market, marking the first such gap since the Iran conflict began, according to Rigzone.

The team, which includes Kaneva, told clients they cannot model how the conflict ends. "We simply don't know how to model the endgame," the analysts wrote in the note cited by Rigzone.

Six months into the conflict, many of the economic limits observers had expected to constrain the confrontation have already been crossed, while the path to an exit has grown less clear rather than more, per the same note.

European equity indexes opened the trading week in positive territory, led by banks, technology names and energy-intensive industrial stocks, according to a Morningstar and MarketScreener midday briefing.

The move retraced part of the previous Friday's sharp losses, with the recovery tracking easing concerns over disrupted Saudi oil flows and accompanied by falling bond yields on both sides of the Atlantic, the briefing reported.

Zaye Capital Markets said the softer oil price reflected a partial unwinding of the geopolitical risk premium.

Indonesia has issued Bayan Resources an additional coal mining quota of roughly 15 million to 20 million metric tons spread across three of the miner's subsidiaries, according to Kontan and Mining.com.

The allocation covers PT Tiwa Abadi, PT Tanur Jaya and PT Fajar Sakti Prima, Kontan reported, citing an official identified as Tri.

The quota decision follows Bayan Resources' declaration of force majeure on the three units' coal supply obligations. Mining.com reported the miner invoked the clause because the units had not received Energy Ministry approval to lift production.

The central committee of Bangladesh Jatiyatabadi Chhatra Dal has issued a show-cause notice to Sazzad Hossain Hridoy, organising secretary of its Chittagong University unit, after he posted on Facebook protesting the recent fuel price hike, according to The Daily Star.

Hridoy has been directed to appear in person at the organisation's central office within 48 hours and submit a written explanation as to why permanent disciplinary action should not be taken against him, tob.news reported.

The notice framed the case as a breach of organisational discipline raised against Hridoy while holding a responsible position in the CU unit, and made no direct reference to the Facebook post, according to reporting by tbsnews.net.

Crude oil futures fell on Monday as worries over a prolonged Saudi supply disruption faded, according to reporting carried by MarketScreener.

Front-month WTI dropped 1.7% to USD 98.59 a barrel, while Brent slipped 1.65% to USD 102.16, based on ICE data cited in the report.

ANZ Research analysts said initial concerns over extended interruptions to Saudi Arabian crude pipeline flows appeared to be easing, pointing to reports that Riyadh expected the East-West pipeline to resume roughly half its capacity within days.

Netherlands-based Energy Ventures BV has begun preparations to convert flared gas into electricity and Liquefied Petroleum Gas (LPG) across Nigeria, according to reporting by The Times Nigeria.

The first site sits in Igwuruta, in the Ikwerre Local Government Area of Rivers State, and is being developed through the company's Nigerian subsidiary, Africa Gas Technology Company Ltd.

The planned facility would consume about 5 million standard cubic feet of flared gas per day to generate power and produce cooking gas, according to The Times Nigeria.

Company executive Okibe described the Rivers State plant as a pilot intended to demonstrate the technical and commercial potential of turning flare gas into saleable energy products.

The national average price of diesel reached $6.51 a gallon on Monday, according to AAA.

AAA data put the pump price at nearly twice its level a year earlier and roughly $1 above the level a month earlier.

A sustained rise in diesel costs can ripple across the economy and push up prices for a broad range of goods, according to the AAA-cited reporting.

The US national average gasoline price has climbed to $4.48 per gallon, according to Newsweek.

Pump prices rose 18.5 cents per gallon over the past seven days, Augusta Free Press reported.

Diesel moved faster. The average price reached $6.49 per gallon after a 30.7 cent weekly increase, according to Augusta Free Press.

The Nigerian National Petroleum Company Limited (NNPC) is still assessing technical and financial partnership options to complete and run the Port Harcourt and Warri refineries over the long term, according to Punch.

As part of that process, NNPC signed a memorandum of understanding with Sanjiang Chemical Company Limited on April 30, 2026, Punch reported. The parties have since carried out preliminary technical assessments at the Warri Refinery and Petrochemical Plant and the Port Harcourt Refinery, according to Punch and Legit.

NNPC said discussions and evaluations remain ongoing, and that any definitive refinery arrangement will be subject to satisfactory due diligence, commercial viability and all applicable approvals, per Punch, Legit and The Will.

Diesel prices set a new record high nationally and in Wisconsin on Monday, according to reporting by WBAY. The average pump price in the state reached USD 6.56, with Green Bay and Appleton at USD 6.69, AAA data cited by WBAY showed.

The Wisconsin average sits more than USD 3 above the level a year earlier, WBAY reported, landing just before harvest season and squeezing farmers and the transportation industry.

Sustained strength in diesel carries a wider risk. Persistently high prices could continue to put upward pressure on inflation, according to a Dow Jones energy headlines summary carried by Morningstar.

Oil and Natural Gas Corporation (ONGC) has struck gas at a deepwater exploration well in India's Mahanadi Offshore Basin, according to Offshore Engineer. The company said the well flowed at encouraging rates and reservoir pressure.

The MN-DW18-1-H-D well sits about 43 km off Konark on the Odisha coast and was drilled to 1,623 meters, with gas encountered in an interval between 1,441 and 1,452 meters, per the same report.

The find was recorded on September 18, and ONGC said the well had flowed gas with encouraging flow and reservoir pressure for three days.

ONGC said the discovery's proximity to the coast could offer potential for early monetization, subject to further appraisal and commercial evaluation.