- Crude Oil (WTI) 72.07 USD/bbl +1.27%
- Crude Oil (Brent) 76.00 USD/bbl +1.40%
- NYMEX Natural Gas 2.32 USD/MMBtu +6.14%
- OPEC Basket Price 76.06 USD/bbl -0.41%
oil production
OPEC+ to Gradually Restore 1.65 mmbbl/d as Eight Members Agree April Output Hike
Eight OPEC+ member countries have agreed to begin a phased unwinding of their voluntary oil production cuts starting in April 2026, citing a stable global economic outlook and robust market fundamentals. During a virtual meeting held on March 1, 2026, the coalition, comprising Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, decided to implement a production increase of 206,000 barrels per day (bbl/d). This move marks the initial restoration of the 1.65 million barrels per day (mmbbl/d) in additional voluntary adjustments first introduced in April 2023.
Egypt
Esmat Ensures Electricity Grid Security and Sustainability
Egypt’s power system is operating normally, with a strong and resilient unified grid and generation units running on equivalent fuel, according to Minister of Electricity and Renewable Energy Mahmoud Esmat. This came during Esmat’s meeting with members of the Permanent Committee for Crisis and Risk Management, where he directed raising preparedness levels to secure the unified grid, ensure stability and continuity of supply, and adhere to the timeline for renewable energy projects. He reviewed the action plan aimed at elevating service levels, improving supply quality, and ensuring the security and sustainability of the electricity grid, in light of the military escalation and emergency conditions unfolding in the region. The committee, which includes member companies, authorities, and affiliated centers, convened as part of ongoing preparations to address all possibilities, variables, and potential outcomes arising from the regional situation.
Strait of Hormuz
Iran Blocks Strait of Hormuz
Iran has been sending radio signals to ships stating that no vessel is allowed to pass through the Strait of Hormuz, according to Reuters. Ships navigating near the waterway have received very high frequency (VHF) transmissions from the Iranian force warning vessels against transiting the strait, an official from the EU’s naval mission Aspides told Reuters.
transfers
Badawi Announces New Technology Appointments Across Petroleum Sector
Karim Badawi, Minister of Petroleum and Mineral Resources, has issued a reshuffle involving leadership positions in information and communications technology (ICT) and information systems (IS) fields at the ministry and some petroleum sector companies.
OPEC
OPEC+ to Consider Output Boost in Upcoming Meeting
Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia (OPEC+), are considering a major output boost on March 1 meeting, potentially surpassing the slated 411,000 barrels per day (bbl/d) increase. With Saudi Arabia and the United Arab Emirates (UAE) already ramping up exports after weekend strikes on Iran, the group is moving to stabilize the market, Reuters reported.
UAE
ADNOC Says Operations Remain Steady Amid Regional Tensions
The Abu Dhabi National Oil Company (ADNOC) affirmed that its oil and gas operations remain fully operational, despite escalating regional tensions following reported US and Israeli strikes on Iran, heightening concerns over potential retaliation and broader instability in the Middle East.
stability
MoPMR Unveils Energy Security Strategy Amid Regional Tensions
Egypt has been implementing a package of proactive measures designed to secure domestic natural gas and petroleum product supplies, according to a statement by the Ministry of Petroleum and Mineral Resources(MoPMR) released after the Israeli strikes on Iran. This comes as part of an integrated Cabinet-led effort, in coordination with relevant ministries and state institutions, to enhance readiness for emerging developments as energy security remains a fundamental pillar of Egypt’s national security, according to the statement. The Ministry is closely monitoring current developments resulting from recent military strikes and the subsequent repercussions, including the suspension of piped gas supplies from the Eastern Mediterranean. The Ministry reassured citizens of the diversity of gas supply sources and the availability of ready alternative capacities.
EGPC
Egypt Accelerates Horizontal Drilling to Boost Oil and Gas Output
The Minister of Petroleum and Mineral Resources, Karim Badawi, said that the petroleum sector is fast-tracking the deployment of horizontal drilling and hydraulic fracturing technologies to unlock hard-to-reach oil and gas reserves and drive a significant increase in crude and natural gas production under the ministry’s five-year plan.
