06 Mar As Reported Energy Price, news updates 06/03/26: OPEC $90.10/bb, Bonny Light $90.82/bbl,WTI Crude $84.20/bbl
(Oilandgaspress) Dangote Petroleum Refinery and Petrochemicals reportedly reassured Nigerians that it is prioritising the local market to cushion the country from the unfolding shocks.
According to the company, the Middle East conflict has already forced the shutdown of some refineries and reduced global refining output, tightening the availability of petroleum products in the international market.“This is leading to a global scarcity of petroleum products. China has banned the export of gasoline and diesel, but the Dangote Refinery will ensure that Nigeria is insulated from these supply shocks by prioritising supply to the domestic market. This is one of the many benefits of domestic refining,” the refinery stated. “The conflict has driven global crude and freight prices sharply higher, with benchmark Brent prices rising by about 26 per cent within a short period to above $84.0 per barrel. In response, the refinery implemented a measured adjustment of N100 per litre in its ex-depot price of Premium Motor Spirit, representing an increase of about 12 per cent. The refinery has absorbed 20 per cent of the cost escalation, for now, to cushion the domestic market,” it added. Related News
Oil and gas prices rising by the minute as markets continue to respond to geopolitical-driven uncertainty. Rapidly approaching the USD100/bbl
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $84.20 | Up |
| Crude Oil (Brent) | USD/bbl | $87.10 | Up |
| Bonny Light 06/03/26 CBN | USD/bbl | $90.82 | Up |
| Dubai | USD/bbl | $73.74 | Up |
| Natural Gas | USD/MMBtu | $3.02 | Up |
| Murban | USD/bbl | $97.70 | Up |
| OPEC basket 05/03/26 OPEC | USD/bbl | $90.10 | Up |
| At press time March 06, 2026 . |
The US government has temporarily eased sanctions to allow India to buy Russian oil currently stranded at sea, amid escalating tensions in the Middle East.
Treasury Secretary Scott Bessent said the 30-day waiver, external was a “deliberate short-term measure” to allow oil to keep flowing in the global market.The US sanctioned Russian oil following Moscow’s invasion of Ukraine, forcing buyers to seek alternatives.
Washington has put particular pressure on India – a major buyer of Russian energy – to stop buying its oil in an effort to reduce money flowing to fund the invasion. Bessent said the waiver would “not provide significant financial benefit” to Russia as it only authorised transactions involving oil already stranded at sea. “This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage,” Bessent said, external on X. Related News
Trial operation has begun on the first generating unit of the Shams Al-Basra solar power project, the largest solar energy scheme in Iraq, with a total planned capacity of 1,000MW.Logistics services Iraq
The project, located in the Artawi [Ratawi] area of Basra province, covers approximately 9,000 dunams and comprises four units, each with a design capacity of 250MW. The scheme is being implemented by TotalEnergies in cooperation with the Ministry of Electricity, as part of efforts to diversify energy sources and expand renewable generation. Related News
Indian refiners are buying millions of barrels of prompt Russian crude oil cargoes as the South Asian nation seeks to navigate an oil supply crunch triggered by the Middle East conflict, six sources familiar with the matter said. India is vulnerable to energy supply shocks, with crude stocks covering only about 25 days of demand. India gets about 40% of its oil imports from the Middle East through the Strait of Hormuz. State refiners Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd are talking to traders for prompt delivery of Russian cargoes, according to the Reuters sources. Related News
Elli Mobility GmbH now provides access to more than 1,000,000 public charging points across 28 European countries. As a subsidiary of the Volkswagen Group, Elli operates one of Europe’s largest interoperable charging networks. Over the past 24 months, the network has expanded by approximately 55 per cent, with particularly strong growth in high-power charging (HPC) infrastructure. With this milestone, Elli reinforces its position as the Volkswagen Group’s central E-Mobility Service Provider (eMSP) and as a key enabler of electric mobility across Europe. The expansion of public charging infrastructure in Europe continues to gather pace. In Germany alone, the number of publicly accessible charging points increased by around 17 per cent year-on-year. The HPC segment in particular is experiencing significant growth. Within this dynamic market environment, Elli has expanded its network by around 55 per cent in just two years – from approximately 650,000 charging points to 900,000 in summer 2025, and now to more than 1,000,000 charging points across 28 countries.
Through the Elli app and the Charge&Fuel Card, private and business customers benefit from cross-border access to one of Europe’s largest operator-independent charging networks. Following the recent integration of Portugal – including the onboarding of 87 additional charge point operators (CPOs) – Elli now covers all core European markets. Currently, Germany, France and the Netherlands account for around half of all public charging points in the EU (including the United Kingdom, Norway, Iceland, Switzerland, Turkey and Liechtenstein). The large-scale roll-out of fast-charging infrastructure remains a decisive prerequisite for accelerating electric vehicle uptake. In the past twelve months alone, more than 31,000 fast-charging points have been integrated into the Elli network. Related News
Energy suppliers in the UK are pulling a raft of fixed-price tariffs from the market following a spike in oil and gas prices caused by the US-Israel war with Iran. The number of fixed deals available has more than halved since the weekend and those remaining have jumped in price, according to data from price comparison website Uswitch.
Energy UK, which represents suppliers, said uncertainty in the wholesale fuel market has made it difficult for firms to offer a fixed price for a year or longer.. Related News
Offshore Energies UK CEO, David Whitehouse and industry leaders met Chancellor of the Exchequer, Rachel Reeves MP this afternoon at Number 11 Downing Street to lay out the steps to reform of the Energy Profits Levy this year.
The Chancellor has asked the Financial Secretary and officials to work with industry on delivering long‑term fiscal certainty, including clarity around the ESIM, while jointly navigating the current period of geopolitical volatility. Those present agreed energy security is national security, and a stable, predictable investment environment is essential to delivering it. They agreed to work together in the coming days to set out a path toward a fiscal regime that supports responsible domestic oil and gas production, unlocks investment, and ensures fair return to the Treasury when prices are high.
The meeting closed with a commitment to work together to safeguard UK energy, UK jobs, strengthen supply chains, and secure affordable, homegrown energy for the long term.. Related News
Recent AIS review indicates transits have reduced to single-digit levels, with only 02 confirmed commercial transit observed in the past 24 hours. Note these were cargo and not tanker vessels. This represents a near-total temporary pause in routine commercial traffic, resulting from ongoing regional conflict dynamics involving Iran, including warnings against transits by U.S., Israeli, European, and allied vessels. While no formal legal closure of the Strait has been universally acknowledged, the reduction stems from a combination of security threats, insurance constraints, operational uncertainty, and effective disruptions rather than a declared blockade Read More
Vibrations in the ground are found everywhere. They occur when cars pass by, when machines are operating, or when the earth’s crust moves. For most of us, these are invisible forces. For researchers, however, they represent something far more exciting: an untapped source of clean energy.
Instead of letting these small tremors disappear, researchers are investigating how they can be converted into electricity. This is done through technologies that respond to movement, bending or pressure, and that are able to generate small but stable amounts of electricity. The project investigates where different vibration sources exist, how they vary, and which technologies can best convert them into energy production. The goal is to develop solutions that can be used where only small amounts of power are needed, such as for powering sensors. Related News
Qatar’s energy minister has warned the price of a barrel of oil could double to more than $150, dragging down global economies. Saad al-Kaabi says the Middle East conflict could result in a new energy crisis and ‘bring down the economies of the world.’ Currently, oil is trading at around $85 a barrel. That comes after spending most of the year around the $60-$65 a barrel mark. Mr Kaabi told the Financial Times that such a rise will ‘bring down the economies of the world.’ ‘If this war continues for a few weeks, GDP growth around the world will be impacted. Everybody’s energy price is going to go higher. ‘There will be shortages of some products and there will be a chain reaction of factories that cannot supply.’ Related News
An overall positive 2025 year-end close for Vanzetti Engineering, which was mainly driven by the marine sector, within a market characterised by increasing competitive complexity and geopolitical dynamics that continue to support the role of liquefied natural gas as a key vector in the global energy transition. The outlook on 2026 is confident, with the focus on product innovation and emerging markets. With a turnover of over €51 million and a backlog of two years of revenue coverage, despite complex geopolitical dynamics and a progressive competitive reorganisation at a global level, Vanzetti Engineering closed the 2025 fiscal year with an overall positive balance sheet, consolidating its position in strategic segments such as the marine sector and continuing to invest in R&D to meet future technological challenges.
In the automotive sector, LNG has shown a decline over the last year compared to initial expectations, mainly due to the high volatility of methane prices and to a European regulatory framework increasingly oriented towards green energy carriers, which has penalised the combustion engine market in favour of electric vehicles. “The peak in LNG energy prices has had a significant impact on fleet operators’ confidence, lengthening the return on investment and causing the European market to lose competitiveness to the Asian market,” explains Andrea Capuani, Chief Commercial Officer of Vanzetti Engineering. “This has reduced new installations, while leaving room for retrofitting.” Related News
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