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Global energy body plans to release strategic oil reserves

IEA member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government mandates.

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° An oil tanker unloads crude oil at a terminal at the port in Qingdao, in China’s eastern Shandong province on March 10, 2026. (Photo by CN-STR / AFP) / China OUT / CHINA OUT

G7 Energy Ministers met today, at the International Energy Agency (IEA) headquarters in Paris and discussed the situation in global oil and gas markets, which have been significantly affected by the conflict in the Middle East.

Following the assessment of the crisis, they want to make emergency stocks of their oil reserves available to the global market in order to ease the supply disruptions.

IEA Executive Director Fatih Birol , disclosed this in a statement after the meeting .

IEA member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government mandates.

About 100 million barrels of oil are consumed globally every day.

The Paris-based IEA was created to coordinate responses to major supply disruptions after the 1973 oil crisis.

“In oil markets, conditions have deteriorated in recent days. In addition to the challenges of transit through the Strait of Hormuz, a substantial amount of oil production has been curtailed. This is creating significant and growing risks for the market,” he said.

“I have convened an extraordinary meeting of IEA member governments, which will take place later today to assess the current security of supply and market conditions to inform a subsequent decision on whether to ,” Birol added.

He said the G7 meeting addressed “all the available options, including making IEA emergency oil stocks available to the market”.

Italy’s Environment and Energy Minister Gilberto Pichetto Fratin said that regarding the closure of the Strait of Hormuz, “countries have committed to showing solidarity by using stockpiled reserves in order to compensate for the lack of availability at the global level.”

Crude prices have seen sharp fluctuations due to supply disruptions, jumping 30 percent on Monday to nearly $120 per barrel before retreating later that day.

They fell further on Tuesday, reassured by US President Donald Trump stating Monday that the US-Israel war on Iran was “going to be ended soon”.

Nevertheless risks remain, with Iran vowing earlier Tuesday that not one litre of oil would be exported from the Gulf while the United States and Israel press ahead with their bombardment of the country.

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International

Cut Petrol Prices Now, Trump orders Retailers

Trump warned that his administration would not tolerate price gouging, describing the practice as illegal and cautioning retailers that those who ignore the call to lower prices could face “big problems

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United States President Donald Trump has directed gasoline retailers across the country to reduce pump prices without delay.

Trump issued the directive in a post on his Truth Social platform, accusing fuel retailers of keeping prices unnecessarily high despite crude oil trading at about $68 per barrel.

“Gasoline retailers must get their prices down immediately”, the president declared, urging companies to “do what they know is right” by passing lower costs on to consumers.”

He argued that declining global crude oil prices should translate into immediate relief for American motorists.

Trump warned that his administration would not tolerate price gouging, describing the practice as illegal and cautioning retailers that those who ignore the call to lower prices could face “big problems.”

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JUST IN: Third Batch of Evacuated Nigerians from SA Arrives in Lagos Amid Xenophobia Fears

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A fresh group of Nigerians evacuated from South Africa has landed safely in Lagos as the Federal Government continues its voluntary repatriation exercise amid heightened anti-immigrant tensions in the country.

The Air Peace flight carrying approximately 271 returnees touched down at the Murtala Muhammed International Airport (MMIA) in Lagos on Tuesday morning, shortly before 11 a.m. This marks the third major batch in the ongoing operation.

Officials from the National Emergency Management Agency (NEMA), Nigeria Immigration Service (NIS), Nigerians in Diaspora Commission (NiDCOM), and other relevant agencies were on ground to receive the evacuees, who will undergo documentation, profiling, and medical checks before reintegration support.

The latest flight departed Johannesburg late Monday night / early Tuesday, following an earlier departure from Nigeria. It forms part of President Bola Tinubu administration’s efforts to ensure the safety and welfare of citizens choosing to return home voluntarily.

Prior batches included around 258-268 returnees who arrived on June 11 and 66 more on June 25, bringing the cumulative total to over 500 before today’s arrival. The government has indicated plans for additional flights to accommodate more registered Nigerians wishing to leave South Africa.

The evacuations come ahead of and in response to planned anti-migrant protests in South Africa on June 30, with reports of over 15,000 Nigerians still potentially interested in returning amid fears of xenophobic attacks, looting, and harassment.

The Ministry of Foreign Affairs has urged remaining Nigerians in South Africa to stay vigilant, maintain contact with the Nigerian High Commission, and take advantage of available evacuation support where needed. Officials continue to monitor the situation closely while providing consular assistance.

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HAPPENING NOW: Shops, businesses shut as protesters gather in South Africa over xenophobia

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Many shops and businesses remained closed across parts of South Africa on Tuesday as protesters mobilized for anti-immigrant demonstrations, highlighting deep tensions over immigration, jobs, and alleged crime linked to foreign nationals.

Protesters, often associated with groups such as March and March, gathered in cities including Durban, Johannesburg, Boksburg, and other areas, demanding that undocumented migrants leave the country. Some marches featured participants wrapped in South African flags and carrying sticks, chanting slogans like “Mabahambe” (“They must go”). A key flashpoint has been the self-imposed June 30 deadline set by some activist groups for foreigners without valid documentation to depart.

Business owners, particularly those running foreign-owned spaza shops, informal stalls, and small enterprises, shuttered their premises in anticipation of potential unrest. In areas like Boksburg and Kwathema, many shops stayed closed for the day, with some owners citing fears of vandalism, looting, or confrontations. Reports emerged of protesters moving between businesses to inspect worker documentation and urging the dismissal of non-South African employees.

While many demonstrations proceeded under heavy police presence and remained largely peaceful, isolated incidents of intimidation, vandalism, and demands for foreign nationals to vacate properties were noted. In previous weeks and related actions, some immigrant traders abandoned their stalls after threats, with communities turning into “ghost towns” in affected neighborhoods.

Protesters voiced frustrations over what they perceive as foreigners taking local jobs, contributing to crime, and straining public services. “People are not working, the jobs are being taken by illegal foreigners. It’s not fair,” one demonstrator told reporters in Durban.

Critics, including human rights groups and some analysts, have labeled the actions as xenophobic, noting that migrants are often scapegoated despite limited evidence for broad claims. Many affected business owners, including those legally residing in South Africa, expressed fear for their safety and livelihoods.

The South African government has distanced itself from the June 30 deadline, with authorities deploying police to maintain order. The situation continues to evolve amid broader debates on immigration policy ahead of local elections.

This latest wave of protests reflects recurring tensions in South Africa, where economic hardship and competition in the informal retail sector have fueled anti-foreigner sentiment in recent years.

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