Oil prices were steady on Thursday, with the market focused on Ukraine’s attacks on Russian oil assets, while stalled peace talks tempered expectations of a deal restoring Russian oil flows. Brent crude rose 35 cents, or 0.6%, to $63.02 a barrel, while U.S. West Texas Intermediate rose 41 cents, or 0.7%, to $59.36. Ukraine hit the Druzhba oil pipeline in Russia’s central Tambov region, a Ukrainian military intelligence source said on Wednesday, the fifth attack on the pipeline that sends Russian oil to Hungary and Slovakia.

The pipeline operator and Hungary’s oil and gas company later said supplies were moving through the pipeline as normal. “Ukraine’s drone campaign against Russian refining infrastructure has shifted into a more sustained and strategically coordinated phase,” consultancy Kpler said in a research report.

This has pushed Russian refining throughput down to around 5 million barrels per day between September and November, a 335,000 bpd year-on-year decline, with gasoline hit hardest and gasoil output also materially weaker,” the report added. The perception that progress on a peace plan for Ukraine was stalling also supported prices, after U.S. President Donald Trump’s representatives emerged from peace talks with the Kremlin with no specific breakthroughs on ending the war.

“War and politics, balanced against comfortable stocks, expected supply surplus, and OPEC’s market-share strategy, keep Brent in the $60–$70 range for now,” said PVM analysts. Previously, expectations of an end to the war had pressured prices lower, as traders anticipated a deal would allow Russian oil back into an already oversupplied global market.

Meanwhile, U.S. crude and fuel inventories rose last week as refining activity picked up, the Energy Information Administration said on Wednesday. Crude inventories rose by 574,000 barrels to 427.5 million barrels in the week ended November 28, the EIA said, compared with analysts’ expectations in a Reuters poll for an 821,000-barrel draw.
Fitch Ratings on Thursday cut its 2025-2027 oil price assumptions to reflect market oversupply and production growth that is expected to outstrip demand.

Soldiers from the 6 Division, Nigerian Army, Port Harcourt, Rivers State, have destroyed seven illegal crude oil refining sites in its sustained efforts in the Niger Delta Region. The soldiers during the operation arrested four suspects and recovered 109,000 liters of stolen petroleum products. Lieutenant Colonel Jonah Danjuma, Acting Deputy Director, 6 Division Army Public Relations, in a statement in Port Harcourt, said success was in a sustained operation against oil theft. Danjuma said: “In the latest operations conducted with other security agencies between 10 and 23 November 2025, several illegal refining sites were taken out, four suspected oil thieves were arrested with over 109,000 litres of stolen products recovered across the NDR. “These include over 88,000 litres of stolen crude oil and 21,355 litres of illegally refined Automotive Gasoline Oil (AGO). The total cost of the products recovered amounted to over One Hundred and Fifty Million Naira only.”

Danjuma disclosed that the operations were conducted in Rivers, Akwa Ibom and Delta State. He said: “Operations conducted in Rivers State around Okolomade in Ahoada West Local Government Area (LGA) led to the deactivation of three illegal refining sites, three big pots, four big receivers and three big coolants, with over 40,000 litres of stolen crude and 20,000 litres of illegally refined AGO recovered. At the fringes of the Imo River, troops discovered three illegal refining sites, eight drum pots, seven drum receivers, one fibre boat and over 14,700 litres of stolen crude around Asa, Obeakpo, Lekuma and Abiama in Oyigbo LGA”.

He said “Relatedly, following credible intelligence, troops stormed a compound at Abuloma in Okrika LGA, where they discovered about 1,050 sacks filled with over 32,000 litres of stolen crude. At Abonnema Creek in Akuku-Toru LGA, troops intercepted a Cotonou boat loaded with 25 sacks filled with over 1,000 litres of illegally refined AGO. Also, in Akwa Ibom State, troops conducted a raid on a suspected storage facility at Ikot Akpan, Ekparakwa along the Abak–Ikot Abasi road in Abak LGA. During the operations, over 520 litres of illegally refined AGO stored in a drum and ten jerricans, as well as several empty jerricans, were recovered.

In Delta State, troops conducted an operation at DAEWOO yard within Ekpan area in Uvwie LGA. On sighting troops, the suspected oil thieves fled into nearby creeks with wooden boats loaded with jerricans. Troops also discovered three 25-litre jerricans filled with 75 litres of crude oil. Meanwhile, in Bayelsa State, troops have continued to deny criminal elements freedom of action.” The General Officer Commanding (GOC), 6 Division, Nigerian Army, Major General Emmanuel Emekah, who commended the troops for their resilience charged them to sustain the tempo in ensuring that economic saboteurs are effectively denied freedom of action in the NDR.

As the G20 convenes in Johannesburg, the African Energy Chamber (AEC) calls for a fundamental reorientation of global energy policy – one that places African fossil fuels at the center of energy security, industrial growth and poverty alleviation. For too long, policies rooted in ideology have sidelined our continent’s vast energy potential. The time has come to “drill, baby, drill” – responsibly, strategically and to meet the energy needs of hundreds of millions of Africans who still live in darkness. Africa holds enormous upstream potential. The AEC’s 2026 Outlook projects oil and gas production to reach 11.4 million barrels per day (bpd) by 2026, growing toward 13.6 million bpd by 2030 as exploration gains momentum in frontier basins. Africa is expected to account for roughly $41 billion in global upstream capital expenditure by 2026, driven by major projects in Mozambique, Angola and Nigeria. Licensing rounds underway or planned into 2026 – across mature markets such as Angola, Nigeria, the Republic of Congo, Equatorial Guinea, Libya and Egypt, as well as emerging frontiers including Namibia, Sierra Leone, Tanzania and South Africa – continue to attract explorers seeking new opportunities.

With proven gas reserves exceeding 620 trillion cubic feet, Africa is a critical supplier for both global gas markets and domestic energy development. Mozambique hosts multiple major LNG projects in its offshore Rovuma Basin, Senegal is advancing Phase 2 of the Greater Tortue Ahmeyim project alongside Yaakar-Teranga, and Equatorial Guinea continues to develop its regional Gas Mega Hub, connecting stranded fields to onshore gas-processing infrastructure. Libya’s re-emergence as a stable and attractive upstream environment has attracted the return of major international players. Meanwhile, Uganda and Tanzania are progressing with the East African Crude Oil Pipeline, reflecting a regional commitment to integrated infrastructure and long-term production. In South Africa, coal remains central to energy security, even as the country pursues gas exploration and investment to complement industrial growth.

Speaking at the G20 Africa Energy Investment Forum in Johannesburg last Friday, South Africa’s Minister of Mineral and Petroleum Resources Gwede Mantashe emphasized the country’s approach: “Drill, baby, drill. We have no legal restriction on oil and gas exploration and exploitation in South Africa. If we make a breakthrough on oil and gas, our GDP will grow exponentially. Our people will never breathe fresh air in darkness.” His remarks underscore that unlocking South Africa’s fossil-fuel potential is critical not just for energy access, but for industrial development, job creation and national economic growth. Yet despite this massive potential, restrictive global financing frameworks threaten to choke off investment where it is needed most. The World Bank’s fossil-fuel lending ban and risk-averse policies by many Western banks risk sidelining projects just as the continent requires them to support industrial clusters, domestic electrification and gas infrastructure. Restoring capital flows is a once‑in-a-generation opportunity: it will allow Africa to harness its natural resources to lift millions out of energy poverty, drive industrialization and secure its energy future, all while strengthening global energy security.

Exploration must accelerate, as it remains the cornerstone of Africa’s energy future. New upstream investment is essential for powering industrial growth, and natural gas must serve as the backbone of this transformation. The G20 should champion financing for exploration rather than penalize it, because neglecting gas condemns millions to continued energy poverty. Around 600 million Africans currently lack electricity, while 900 million have no access to clean cooking solutions. Gas is not merely a transitional fuel – it is a lifeline for industrialization, domestic energy access and economic development. Strategic investment in gas can unlock power for cities, factories and households alike, bridging the continent to a cleaner, more productive future.
The Chamber applauds the United States for its landmark $4.5 billion financing commitment to Mozambique’s LNG project, demonstrating that G20 nations can invest in African fossil fuels responsibly and profitably.

This investment proves that upstream and gas projects can deliver long-term economic growth, energy access and industrialization across Africa. Yet far more financing at this scale is urgently needed to unlock the continent’s full energy potential. The International Energy Agency must reset its projections. Current forecasts undervalue Africa’s hydrocarbon resources and ignore the role gas can play in driving energy access, job creation and industrial capacity. The persistent stigmatization of fossil fuels must end. Transition rhetoric alone is insufficient: meaningful action requires aligned funding, supportive policy and genuine respect for Africa’s energy priorities. The Chamber also applauds U.S. Secretary of Energy Chris Wright’s support for LPG and clean-cooking solutions as a practical, scalable method to improve energy access. The G20 has rightly recognized LPG as a key priority area for Africa, highlighting its potential to provide immediate, reliable energy for millions of households. But clean cooking is only one piece of the puzzle. Much more needs to be done to unlock Africa’s full energy potential.

The continent deserves a comprehensive energy mix: LPG, gas-to-power, modular GTL, and large-scale natural gas development, all working together to drive industrialization, power cities and support sustainable economic growth.
African governments are ready. Countries from Angola to Egypt, Nigeria to Senegal, and Libya to Mozambique are implementing reforms to attract capital through licensing rounds, stable fiscal terms and pragmatic regulation. We stand prepared to deliver enabling environments: local content development, cross-border infrastructure, and strategic partnerships to support long-term growth. But we need capital; we need technology; and we need a global financial system that supports development, not punishes it.
We reject calls to phase out fossil fuels under the guise of climate virtue, which only threatens Africa’s prosperity and keeps millions locked in energy poverty. Instead, we demand a just energy future powered by African resources, built by African workers and delivering tangible benefits to communities. We call on the G20 to make fossil-fuel development a central pillar of its Africa policy, unlocking financing, dismantling ideological barriers, promoting exploration and investing in the gas infrastructure that will energize homes, industries and economies across the continent.