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TotalEnergies Reportedly Selected for 3-Month Fuel Supply Deal with Namibia

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Namibia has selected TotalEnergies (TTE) to supply its bulk diesel and petrol needs from November to January, a deal that will yield significant savings, media outlets reported following a statement from Energy Minister Modestus Amutse on Monday.

The new procurement agreement covers about 345 million liters of fuel, consisting primarily of diesel, as per the reports.

According to Minister Amutse, the winning bid delivered an average discount of 63.85 cents per liter compared to existing terms, generating roughly 220.5 million Namibian dollars ($13.57 million) in savings for the country, the reports said.

The decision follows the Southern African nation's move earlier in September to end its exclusive fuel supply agreement with global commodities trader Vitol, which was briefly extended through October.

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Oil & Energy

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Oil & Energy

Higher Hormuz Oil Flows May Offset Supply Risks From Russia-Ukraine Strikes, Macquarie Says

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Oil & Energy

Oil Update: Crude Tumbles as Trump Signals Iran Talks, Saudi Exports Recover

Crude futures tumbled in after-hours trading on Monday, as markets weighed the prospect of peace talks between the US and Iran amid signs that Saudi Arabia was recovering some crude exports despite the widening Middle East conflict.Front-month West Texas Intermediate futures tumbled 4.8% to $95.48 per barrel, while Brent futures fell 3.6% to $100.16/bbl. Dubai 1st Line Futures were down 3.1% to $90.92/bbl.ING strategists said that the pullback comes despite ongoing geopolitical risks and continued concerns over global oil supply disruptions.President Trump reportedly halted strikes against Yemen's Houthis for now, while indicating that he was open to meeting Iranian President Masoud Pezeshkian during the UN General Assembly.On the supply front, Saudi Aramco loaded about 14 million barrels of crude on seven supertankers inside the Mideast Gulf on Sunday, according to media reports. The Gulf state has reportedly moved about 2.9 million barrels per day of crude through the Hormuz over the past six days, up from just 700,000 b/d in August.The US Central Command also said crude and LNG flows through Hormuz have reached a six-month high over the past two weeks, with key transit lanes clear of mines.Gelber & Associates strategists said Saudi exports have recovered to above 4 million b/d in September from 2.4 million b/d in August, with flows through the Strait of Hormuz averaging 2.9 million b/d during the past six days.