- 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 Prices
Goldman Sachs Lifts Q4 Oil Price Outlook Amid Middle East Supply Disruptions
Goldman Sachs has increased its oil price projections for the fourth quarter (Q4), attributing the revision to reduced Middle East output, with Brent crude forecast at $90 per barrel and US West Texas Intermediate (WTI) at $83, Reuters reported.
Egypt
MEES: Iran War Enhances Egypt’s East Med Gas Hub Role
"Egypt’s bid to become the East Mediterranean gas hub and export gateway to the world has been bolstered by the geopolitical upheaval in the Gulf. With liquified natural gas (LNG) exports disrupted and alternative export routes slow to progress, Egypt is well placed to consolidate its position,” stated the Middle East Economic Survey (MEES), a widely read weekly publication focusing on developments in the region’s energy landscape. Egypt is solidifying its role as the central hub for profiting from Eastern Mediterranean energy resources, according to the publication, which explained that by acting as the primary destination for new gas production from Israel and Cyprus, Cairo intends to leverage these regional inflows to satisfy its rising internal energy needs. Furthermore, this strategy allows Egypt to process excess supply through its coastal LNG facilities, which are currently operating below capacity, for export to the global market.
Revenues
Baker Hughes Posts $6.6 Bn Revenue in 1Q 2026
Baker Hughes reported a solid first quarter (Q1) of 2026, with revenue reaching $6.6 billion, up 2% compared to the same period in the previous year, supported by strong demand in its Industrial and Energy Technology (IET) segment despite disruptions in the Middle East, according to a press release by Baker Hughes. Net income rose sharply to $930 million, more than doubling compared to the same period last year, while adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased 12% year-on-year (YoY) to $1.16 billion, reflecting improved operational performance and cost discipline.
Growth
Eni Reports 9% Production Surge Q1 2026
Global energy major Eni reported oil and gas production growth by 9% in the first quarter (Q1) of 2026, supported by project ramp-ups in West Africa and Norway, alongside new start-ups in Angola. The increase came despite limited disruptions in the Middle East, highlighting the company’s operational resilience and portfolio diversification, according to a press release by Eni.
Egypt
Egypt to Build $10Bn Green Ammonia project in Ras Banas
Egypt’s Minister of Industry, Khaled Hashem, met with a delegation from Egypt Amun Green Ammonia (EAGA), a consortium formed by Poland’s Hynfra and Egypt’s Coxswains, to discuss a planned green ammonia project. The initiative foresees initial investments of $5 billion, rising to $10 billion upon reaching full capacity.
Methanex
Local Demand on Methanex Egypt Output Up Tenfold in 15 Years
The overall production of Methanex Egypt, the country's sole producer of Methanol, reached 1.1 million tons (mmt) in 2025, recording 1.5 million safe man-hours without injuries, Mohamed Shindy, Managing Director of Methanex Egypt, told the company’s General Assembly convened to approve the 2025 fiscal year (FY) financial performance. The company has exported over 12 mmt to European and Asian markets since its inception, securing consistent foreign currency inflows for the Egyptian economy
budget
Badawi Outlines Five-Year Infrastructure Plan to Reduce Imports
Karim Badawi, Minister of Petroleum and Mineral Resources, confirmed that the petroleum sector is executing an ambitious five-year plan to increase production by upgrading and expanding existing infrastructure, according to a statement by the Ministry. The strategy aims to rapidly integrate targeted increases in reserves and production into the national grid, preventing bottlenecks and optimizing additional potential. Primarily, these efforts focus on reducing the national import bill, meeting domestic market requirements, and supporting the expansion of value-added industries.
LNG
QatarEnergy Marks First LNG Export From Golden Pass Project in Texas
QatarEnergy has celebrated the first liquefied natural gas (LNG) export cargo from the Golden Pass LNG project in Sabine Pass, Texas, marking a key milestone toward full commercial and export operations. Golden Pass LNG is a joint venture (JV) between QatarEnergy, which holds a 70% stake, and ExxonMobil with 30%. The partners reached a final investment decision (FID) exceeding $10 billion in February 2019, making it one of the largest investments in the history of the US LNG sector.
