European Union leaders agreed to pursue a ban on imports of most Russian oil
Brent crude for July, which expires on Tuesday, rose US$2.19, or 1.8%, to US$123.86 a barrel at 0650 GMT, after earlier rising to US$124.10 – its highest since 9 March
PIAC has expressed worry over the manner in which oil revenue is used to pay judgement debt awarded against the state.
As the MSGBC region gradually positions itself as a globally competitive gas economy, the MoU will be instrumental in accelerating the adoption and monetization of gas.
Tullow Oil says it will continue operations in Africa despite plans by other operators to shift from the continent.
The Group of Seven urged OPEC to pump more oil, even as it made new pledges to try to fight climate change.
The current market situation was attributed to a disruption in supply following moves to ban Russian oil by the European Union
Tanzania petroleum regulators insist that there is no operational contract signed between the government and Petrodel which claims to own the three blocks.
Analysts said the inventory draw and the prospect of an EU embargo on Russian oil were pushing prices higher
Petroleum revenue contribution to the national budget over the last 10 years has been estimated at US$2.6billion,