The Chamber of Oil Marketing Companies (COMAC) has reported a sharp rise in global crude oil prices in 2026, with averages climbing from $109.66 per barrel to $129.80 per barrel—an 18.37% increase driven largely by escalating geopolitical tensions. The chamber says despite rising international prices, it projects a mixed trend for ex-pump prices in the...
Category: Oil Prices
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COMAC Projects Fuel Price Increases Amid Surge in Global Oil Prices
The Chamber of Oil Marketing Companies (COMAC) has projected an increase in ex-pump fuel prices for the upcoming pricing window, citing rising global oil prices and ongoing geopolitical tensions. According to COMAC, crude oil prices surged sharply from $86.55 per barrel to $109.66 per barrel, with Brent crude on track for a record consecutive monthly...
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Oil Prices Could Hit $150 If War Persists
il prices could hit $150 per barrel or more if the ongoing Middle East conflict persists through the end of March, according to energy intelligence firm Kpler. The warning comes as hostilities escalate, with Iran intensifying attacks on critical energy infrastructure across the region, raising fears of a prolonged supply disruption that could shake global...
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Oil price at two-year high after Qatar warns all Gulf production could stop within days.
Oil price at two-year high after Qatar warns all Gulf production could stop within days. Oil prices have risen to their highest level in more than two years, after Qatar’s energy minister warned he expects all oil and gas exporters in the Gulf to stop production within days.Saad al-Kaabi told the Financial Times that the...
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Why Geopolitical Chaos Isn’t Pushing Prices Higher
you’ve been watching global headlines lately, it would be easy to assume oil prices would be sky-high: a major oil-reserve country mired in crisis, sanctions on perennial producers, regional conflicts simmering, and social unrest in several exporters. And yet Brent and WTI have been languishing around $60 a barrel, a level that, a decade ago,...
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Oil Prices Could Slip to $50 a Barrel by June
Oil prices are set to continue their downward trajectory and slid to as low as $50 per barrel Brent by the middle of this year, amid ample supply, according to analysts at India’s SBI Research. “Oil prices in general have remained subdued due to the OPEC+ decision to increase production,” the analysts wrote in a...
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COMAC Calls for Supply Stabilisation and Pricing Reforms at 2025 National LPG Promotion Forum
At the National LPG Promotion Forum held this week under the theme “One Industry, One Vision: A Collaborative Approach to LPG Sector Transformation,” the Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr. Riverson Oppong, delivered a strong message urging government and industry players to take decisive steps to stabilise LPG supply...
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Why the IEA Now Thinks Oil Demand Will Keep Rising Until 2050
The International Energy Agency (IEA) predicted in 2023 that the global peak in oil demand would likely take place by 2030, as governments worldwide introduced plans for a green transition and fossil fuel companies began to diversify their portfolios to include renewable alternatives. However, this month, the IEA has backtracked on this prediction, stating that...
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Crude oil to average $60 per barrel in 2026 – World Bank
Crude oil is expected to average $60 per barrel in 2026, the World Bank has revealed in its latest Commodity Markets Outlook. This will be lower than the expected $68 per barrel in 2025, and will be favourable to inflation. According to the report, prices are forecast to fall further in 2026, as oil consumption...
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Oil slips on oversupply concerns, stronger dollar
Oil prices fell over 1% on Tuesday as OPEC+’s decision to pause output hikes in the first quarter next year along with weak manufacturing data and a stronger dollar weighed on the market. Brent crude futures fell 82 cents, or around 1.3%, to $64.07 a barrel by 0905 GMT. U.S. West Texas Intermediate crude was...