The Organization of Petroleum Exporting Countries and its allies responded to surging volatility and growing market uncertainty by keeping its oil production unchanged. The decision should hold for at least a few months. European Union sanctions on crude exports from Russia come into effect on Monday, and China is tentatively easing the Covid measures that have eroded its fuel consumption. For more financial news, go to the News24 Business front page. OPEC+ responded to surging…

Russia has rejected a $60 price cap on oil, agreed to by the EU, the G7 and Australia. The price cap comes into effect Monday, along with an EU embargo on Russian crude oil. The embargo will prevent Russian crude oil shipments to the EU, potentially cutting off earnings for the war. For more finance news, go to the News24 Business front page. Russia on Saturday rejected a $60 price cap on its…

For more financial news, go to the News24 Business front page. TotalEnergies has applied for environmental authorisation toward developing its gas discoveries offshore South Africa. The move forms part of a production right application in Block 11B/12B, which is available for public comment, according a draft scoping report published online. Development of the block could potentially revive state-owned PetroSA’s 45 000-barrel-a-day Mossel Bay gas-to-liquids plant, which has run out of feedstock. South…

For more finance news, go to the News24 Business front page. As oil prices plunge to their lowest levels since 2021, diesel prices look set to ease from record highs next week. But petrol may still see a hike. According to the latest information from the Central Energy Fund, petrol prices may be hiked by 38c to 48c a litre on Wednesday. But diesel may be cut from record-high levels, and currently looks…

For more financial news, go to the News24 Business front page. Online retail group Takealot, which also owns clothing business Superbalist and Mr Delivery, suffered a loss of $13 million (R223 million) in the six months to end-September. Takealot is owned by Naspers, which released its half-year results on Wednesday. READ | Naspers says worst of losses should be behind it after hefty spend Last year, Takealot narrowed its half-year loss to $2 million in…

Public Enterprises Minister Pravin Gordhan said interventions into Eskom's diesel needs would be announced in the coming days. Eskom said last week that it had overspent its budget for diesel and had no more cash to buy new stocks until 1 April. Gordhan said the government would update South Africa on the state of Eskom's diesel challenge later on Wednesday. For more financial stories, go to the News24 Business front page. A plan to…

For more financial news, go to the News24 Business front page. South Africa’s shrinking refinery capacity could be impaired further without financial support for upgrades needed to meet new clean-fuel standards, according to an industry lobby group. Of six refineries operating nationwide in 2019, only two are currently producing fuel, reflecting an 80% output drop due to unplanned shutdowns, Avhapfani Tshifularo, executive director of the South African Petroleum Industry Association, said in a statement.…

For more finance news, go to the News24 Business front page. According to the latest information from the Central Energy Fund, petrol prices may be hiked in the first week of December, ahead of South Africa's peak travel season. However, diesel could ease from record high levels. The fuel prices are usually adjusted on the first Wednesday of a month and determined by the price of oil and the rand-dollar exchange rate. The…

Cruise control is one of those creature comforts found in most new vehicles, but it's often an optional feature. The general consensus is that it is supposed to be a fuel-saving feature. MasterDrive CEO Eugene Herbert shares some helpful information on how and when this feature should be used, or else it could just see your fuel consumption increase. Earlier in November, motorists again paid more for petrol and diesel. This was…

Russia is sending an ice-breaking tanker of oil to China via the Arctic Circle, Bloomberg data shows. It's the 2nd time a cargo of Russia crude has taken the shortest passage between Europe and east Asia. It could open up a quicker route to Asia, with an EU ban on seaborne Russian oil due next month.  For more stories visit Business Insider. Russia is sending an ice-breaking tanker of oil…