- Crude Oil (WTI) 79.55 USD/bbl -6.05%
- Crude Oil (Brent) 83.69 USD/bbl -8.07%
- NYMEX Natural Gas 2.76 USD/MMBtu 0.36%
- OPEC Basket Price 88.37 USD/bbl -1.20%
Iraq
Iraq and Türkiye Target 1.5 mmbbl/d Under New Framework Talks
Iraqi Oil Minister Basim Mohammed Khudair confirmed setting an export ceiling of up to 750,000 barrels per day (bbl/d) in the official agreement signed with the Turkish Ministry of Energy and the company ‘Botas.’ He noted that there are efforts to raise export volumes to 1.5 million barrels (Mmbbl) through a new framework agreement to be signed within a year
OPEC
OPEC+ Agrees September Output Increase of 188,000 bbl/d
OPEC+ has approved a production increase of 188,000 barrels per day (bbl/d) for September 2026, completing the phased rollback of the additional voluntary output cuts introduced in 2023 by seven key member countries. The decision was made during a virtual meeting on August 2 attended by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, which reviewed global oil market conditions and the outlook.
Egypt
ECHEM Chairman Inspects Trial Operations at WOTECH MDF Plant in Idku
Alaa El-Din Abdel Fattah, Chairman of the Egyptian Petrochemicals Holding Company (ECHEM), inspected Wood Technology Company (WOTECH) project in Idku, Beheira Governorate, to follow up on the trial operation of the factory producing medium-density fiberboard (MDF) from rice straw.
BP
bp Starts Process to Sell North Sea Assets
British Petroleum (bp) is launching a process to market its North Sea business for a potential sale, as part of its ongoing portfolio review and its approach to capital allocation for creating a simpler, stronger, and more valuable company, according to bp statement. The company’s North Sea portfolio has been operating for more than six decades and comprises five production hubs: Andrew and ETAP in the central North Sea, and Glen Lyon, Clair and Clair Ridge west of Shetland.
crude oil
Iraq, Türkiye sign one-year pipeline agreement to secure crude exports
Iraq and Türkiye have signed a one-year agreement to maintain operations of the Iraq-Türkiye crude oil pipeline, ensuring the continued flow of Iraqi crude through the country's only functioning export pipeline while the two sides negotiate a broader long-term energy cooperation framework, Reuters reported.
ExxonMobil
ExxonMobil Posts Highest Quarterly Profit in Four Years
ExxonMobil reported its strongest quarterly profit in four years during the second quarter (Q2) of 2026, driven by stronger crude prices and improved refining margins following geopolitical tensions in the Middle East. However, the US oil major narrowly missed Wall Street expectations as commodity price volatility and regional supply disruptions weighed on results, according to the company.
Egypt
Egypt, Libya Strengthen Ties in Energy Cooperation
Prime Minister Mostafa Madbouly stressed the importance of setting a timeline for cooperation with Libya in natural gas and oil exploration, as well as supporting electricity interconnection between the two countries. Madbouly made the remarks during a meeting with Abdulhamid Al-Dbeibeh, Prime Minister of Libya’s Government of National Unity, at the Egyptian government headquarters in New Alamein City.
Damietta Port
Badawi Confirms Egypt’s Gas, Fuel Supplies Fully Secured After Damietta Port Fires
Karim Badawi, Minister of Petroleum and Mineral Resources (MoPMR), visited the National Control Center for Egypt’s National Natural Gas Grid at GASCO to ensure the stability of the network’s operations. He confirmed that natural gas and fuel supplies to power plants and all sectors are secure.
