News about Oil
The Government of Kazakhstan decided to prolong temporary restrictions on the export of gasoline, diesel fuel and other fuels and lubricants. The corresponding order was signed by the Minister of Energy of Kazakhstan. As follows from the document, “these measures are aimed at protecting the domestic market and preventing fuel shortages in the country”.
Exports of jet fuel suffered the most, falling by 95% against February’s figure. At the same time, diesel shipments fell by “only” 55% thanks to support from Saudi Arabia’s Red Sea refineries. These refineries are more optimized for diesel production than jet fuel.
Oil prices are down for a second straight day amid expectations of a resumption of crude supplies from the key Middle East region, after US President Donald Trump hinted at a possible peace deal with Iran.
The United States sharply increased its oil exports and actually became the world’s number one supplier. The restrictions in the Strait of Hormuz also reduced Saudi Arabia’s exports and changed the balance of the global market.
The National Energy Regulatory Agency (ANRE) has set new maximum fuel prices that will be in effect tomorrow, May 6.
OPEC+ members raised their combined oil production targets for June by 188,000 bpd after the UAE left the group. Seven key countries – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman – agreed to increase the volumes.
The withdrawal of the United Arab Emirates (UAE) from OPEC signals a strategic reversal and calls into question Gulf coordination and the future of the cartel.
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has extended until May 30 a general license allowing certain transactions related to the sale of Lukoil International GmbH (a subsidiary of Russian oil company Lukoil, which owns the group’s foreign assets). This decision allows to finalize the transaction with the American investment company Carlyle Group, which was announced earlier.
A prolonged war or more severe oil supply disruptions could push Brent crude prices to $115 a barrel in 2026, with oversupply not returning until 2027, the bank said in its latest commodity markets forecast.
The United Arab Emirates announced on Tuesday, April 28. its withdrawal from OPEC and OPEC+, dealing a major blow to groups of oil-exporting countries and Saudi Arabia amid an ongoing war with Iran.
Leading banks recommend their clients to buy commodity currencies amid the ongoing conflict between the U.S. and Iran. In the developed countries segment, these are the Norwegian krone and the Australian dollar, and in the developing countries segment – the Kazakh tenge, the Brazilian real and the Nigerian naira.
The National Energy Regulatory Agency (ANRE) has set new maximum fuel prices that will be in effect tomorrow, April 28.
U.S. President Donald Trump said on April 26 that Iran has about three days before the Islamic Republic’s oil pipelines explode due to clogging.
The cost of fuel in different countries of the world can differ by more than 170 times. In April 2026, the lowest gasoline prices were recorded in Libya: only $0.09 per gallon, and the highest in Hong Kong, where a gallon costs $15.65.
The National Energy Regulatory Agency (NERA) has set new maximum fuel prices that will be in effect tomorrow, April 24.
On Wednesday, April 22, Ukraine resumed transit of Russian oil through the Druzhba oil pipeline to Hungary and Slovakia after almost three months of downtime. The resumption of oil transit through the pipeline was announced by Hungarian energy giant MOL on Wednesday. And on Thursday morning, Bratislava confirmed that crude oil pumping had begun. This allowed Budapest and Bratislava to lift their “veto” on a €90 billion EU loan to Kiev.
The National Energy Regulatory Agency (ANRE) has set new maximum fuel prices that will be in effect tomorrow, April 23.
Hungary’s future Prime Minister Péter Magyar held a press conference on Monday following the first meeting of the parliamentary faction of the Tisza party. After naming the ministers of the future government, he also touched upon foreign policy issues.
The U.S. has lifted restrictions on Russian oil purchases for another month, although it had “ruled out” such an option a few days ago.
The world economy missed 500 million barrels of oil due to supply disruptions from the Middle East. Losses from lost trade are estimated at about $50 billion.
