The International Energy Agency (IEA) has agreed to accelerate the release of emergency oil stocks and prioritise diesel supplies as the Middle East conflict continues to disrupt global fuel markets and tanker traffic.
The IEA said about 100 million barrels remained from the stocks pledged under its March 2026 emergency programme, while member countries would prioritise diesel because of tight refined-product markets.
About 325 million barrels have already been released under the programme, making the latest decision an acceleration of previously committed volumes rather than a fresh 100-million-barrel intervention.
Oil prices, however, continued to rise amid renewed concerns over shipping through the Strait of Hormuz.
As of 6:21 a.m. WAT on October 8, Brent crude stood at $102.50 a barrel, up 2.29 per cent from Wednesday’s settlement of $100.20, while US West Texas Intermediate (WTI) rose 1.96 per cent to $90.01 from $88.28.
The increase reflected concerns over rising attacks on tankers around the Strait of Hormuz and the potential for further physical supply disruptions.
The pressure is also affecting refined products and US Gulf production.
Shell expects its third-quarter refining margin to rise to $42 a barrel from $24 in the second quarter as the Middle East conflict tightens fuel markets.
Chevron, meanwhile, has begun shutting production at four Gulf of Mexico facilities and moving some workers onshore as Tropical Storm Isaias approaches the US Gulf Coast.
In Nigeria, downstream fuel prices remained relatively stable on October 7, although prices varied across supply corridors.
Premium Motor Spirit (PMS) sold for between ₦1,294 and ₦1,323.50 per litre, while Automotive Gas Oil (AGO) traded between ₦1,700 and ₦1,765 per litre.
Liquefied Petroleum Gas (LPG) was priced at about ₦1,170 per kilogramme, while aviation turbine kerosene (ATK) stood at about ₦184 per litre.
Dangote Petroleum Refinery has also introduced a new payment rule for marketers purchasing PMS.
Under the new arrangement, unpaid PMS gantry deal recaps will no longer be protected, meaning agreed prices and volumes cannot be held where payment has not been completed.
Marketers with outstanding transactions will have to renegotiate based on the terms available when payment is eventually made.
Meanwhile, Nigeria has launched its 2026 oil and gas licensing round, offering 40 blocks across land, shallow-water and deepwater areas to domestic and international investors.
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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the exercise was aimed at attracting fresh investment and increasing production.
The commission also identified more than 788,000 barrels per day of shut-in production across 63 operators.
Nigeria’s electricity market is also facing renewed pressure, with available generation falling by 37.17 per cent to 3,885.72 megawatts.
The decline coincided with reported distribution company revenue losses of ₦129.07 billion and 184,024 consumer complaints in the first half of 2026, highlighting continuing challenges across the electricity supply chain.
Elsewhere in Africa, South Africa is prioritising 9.6 gigawatts of battery storage and gas-fired power to strengthen grid reliability as renewable generation expands.
The programme comprises 4.6 gigawatts of battery storage and five gigawatts of gas generation, providing flexible capacity to support the grid when solar and wind output decline.
Mozambique’s liquefied natural gas sector is also advancing, with SLB OneSubsea securing a major subsea contract from ExxonMobil Mozambique on September 29 for the first phase of the Rovuma LNG project.
The contract covers subsea production systems, manifolds, umbilicals and related infrastructure, while SLB plans to establish a local services base.
The award adds momentum to Mozambique’s LNG investment pipeline and strengthens the country’s position in Africa’s gas market.
