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Nigeria cancels petrol import licences
Petrol import licences have now been suspended for a second month in Nigeria as regulators begin to enforce elements of the Petroleum Industry Act (PIA) that ensure imports are allowed only when domestic supplies are lacking.
Libya records historic oil and gas production in February 2026
Libya achieved a record high in oil and gas production in February 2026, according to a March 11 statement from the National Oil Corporation (NOC).
CNRL defers early spending on Jackpine oil sands mine expansion
Canadian Natural Resources Ltd has said that it will defer plans for CAD150mn ($110mn) worth of spending related to front-end engineering and design work on its Jackpine oil sands mine expansion project
Russia pockets €6bn in fossil fuel revenues in first two weeks of war
Russia has pocketed over $6bn of excess revenues in just the first two weeks of war in Iran, the Centre for Research on Energy and Clean Air said.
Oil price tops $100 a barrel - again
Brent crude rose almost 9% in early Asian trading, surpassing $100 a barrel, despite the International Energy Agency (IEA) announcing late on March 11 that all 32 member countries would release up to 400mn barrels of oil.
China largely insulated from global energy price shocks
Although China is the world’s largest net oil importer and a major purchaser of Iranian crude, several factors mitigate the impact on its economy.
Washington to open strategic oil reserves, release 172mn barrels
The United States will release 172mn barrels of oil from its emergency stockpiles starting in the week as part of an effort to curb rising energy prices following the outbreak of war.
Seoul to release 22.46mn barrels from oil reserves
South Korea will release 22.46mn barrels of crude oil from its strategic petroleum reserves as part of a coordinated plan by members of the International Energy Agency to supply 400mn barrels to global markets.
Vietnam fuel prices climb again despite stabilisation fund intervention
Fuel prices in Vietnam rose again on March 11, despite the government drawing on its fuel price stabilisation fund to soften the impact of global oil market turmoil.
US Navy says Straits of Hormuz too dangerous to traverse
The US Navy has declined repeated requests from the shipping industry to escort commercial vessels through the Strait of Hormuz since the outbreak of the war with Iran, saying it is too dangerous to traverse.
IEA agrees record release of 400mn barrels from emergency oil reserves to counter Gulf War impact
The IEA agreed on March 11 to release a record 400mn barrels from emergency oil reserves, dwarfing its 2022 Ukraine-linked release, as Iran's closure of the Strait of Hormuz and attacks on Gulf energy infrastructure drive prices higher.
Japan to release oil reserves to counter supply risks
Japan plans to begin releasing oil reserves as early as March 16 in an effort to contain a potential surge in petrol and other petroleum prices brought about by the conflict in the Middle East.
Egypt aims to save $731.5mn from fuel price hikes
Egyptian Ministry of Petroleum and Mineral Resources is targeting savings of around EGP 38bn ($731.5mn) from the recent increase in fuel prices during the remaining four months of FY 2025/26
Nigeria approves fiscal incentives for Shell-led $20bn deepwater Bonga Southwest Aparo oil project
By approving fiscal incentives to unlock the $20bn Bonga Southwest Aparo deepwater oil project operated by Shell, Nigeria aims to enable a long-delayed investment decision and revive large-scale offshore investment in its oil sector.
Extreme heat increasingly limiting daily activity for both old and young
The number of days where extreme heat makes it too dangerously hot to go outside or engage in ordinary activities has doubled over the past 75 years, according to according to a paper published in the journal Environmental Research: Health.
Asia confronts energy price shock
Asian governments are working out how to tackle a sharp rise in energy prices and growing concerns about energy security across the continent, in the process prompting a range of policy responses.
IEA proposes the largest ever release of oil reserves
The International Energy Agency has proposed the largest release of oil reserves in its history to restrain soaring crude prices amid the US-Israel war with Iran, the Wall Street Journal reported on March 10.
Middle East war sends shockwaves through Asian plastics market
Industry participants are already hurting by way of feedstock markets, particularly naphtha and liquefied petroleum gas, which combine to underpin much of Asia’s plastics production.
Mongolia demands Rio Tinto change “unfair” terms of deal on giant Oyu Tolgoi copper mine
Government acts amid rising copper prices and growing support for resource nationalism.
LATAM BLOG: Iran war fuels Venezuela's oil comeback, but democracy lags behind
Caracas stands to gain from surging crude prices triggered by the closure of the Strait of Hormuz, but Washington's control over its oil income means the bonanza may consolidate authoritarian rule rather than rebuild a broken state.
Egypt increases fuel prices by 14-17% amid regional turmoil
In response to the intensifying energy crisis gripping the Middle East, the Egyptian government has announced up to 17% increase in the prices of petroleum products and natural gas for vehicles
South Korea backs Philippines nuclear energy revival
South Korea has taken a formal step towards supporting the Philippines’ return to nuclear energy, with three major institutions signing an agreement to cooperate on future atomic power projects.
COMMENT: Oil at or above $100 per barrel threatens Indonesia’s Eid spending
Indonesia is heading towards the end of Ramadan, and Eid this year, under a massive cloud of economic stress.
G7 weighs coordinated oil reserve release on back of price surge
Finance ministers from the Group of Seven nations have discussed a possible coordinated release of oil reserves. The discussion was held as part of an online meeting on March 9 and also involved the International Energy Agency.
Serbia aims to begin construction of first nuclear power plant before 2035
Belgrade lifted a decades-long ban on nuclear power construction in 2024 and has since held discussions with several potential partners, including France’s EDF and South Korea’s KHNP, as well as Rosatom.
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