- 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%
Saudi Arabia
Saudi Arabia Faces Summer Power Crunch
Saudi Arabia to increase its reliance on imported fuel oil for power generation this summer, following a loss of natural gas supplies from oilfields shut down after the Iran war curtailed its oil exports, Analysts expect, according to Reuters.
Investments Opportunities
ECHEM Highlights Egypt’s Green Hydrogen Potential at World Summit
Alaa El-Din Abdel Fattah, Chairman of the Egyptian Petrochemicals Holding Company (ECHEM), underscored Egypt’s green hydrogen potential, highlighting its strong competitive advantages, including abundant renewable energy resources, strategic geographic location, and well-developed infrastructure. Abdel Fattah remarks came during his participation in a high-level panel discussion at the World Hydrogen Summit held in the Netherlands. The session, focusing on enhancing the financial viability of green hydrogen projects, brought together key stakeholders, including government representatives, financial institutions, and international developers, to explore mechanisms for accelerating project implementation in Egypt and Morocco.
US
US Energy Storage Jumps 32% to Q1 Record
US energy storage developers added 9.7 gigawatt-hours (GWh) of new capacity in the first quarter (Q1) of 2026, the highest level ever recorded for that period, with a 32% year-on-year (YoY) increase, Reuters said citing an industry report by the Solar Energy Industries Association (SEIA) and Benchmark Mineral Intelligence.
AVEVA
AVEVA, IMD Launch First Industrial Intelligence Report
Multilateral industrial software developer AVEVA and Swiss-based business school International Institute for Management Development (IMD) jointly launched the first-ever Industrial Intelligence Report on Digital Ecosystems at the AVEVA World 2026 summit. The global study reveals a major contradiction among corporate leadership: while 74% of senior executives consider connected digital ecosystems a top strategic priority, only 27% actually share data extensively with their partners, noted a press release by AVEVA.
Egypt
Egypt, ExxonMobil, QatarEnergy Partner on Cypriot Gas Link
Egyptian Prime Minister Mostafa Madbouly witnessed the signing of a memorandum of understanding (MoU) between the Ministry of Petroleum and Mineral Resources (MoPMR), ExxonMobil, and partner QatarEnergy to maxmize the use of f Egypt’s natural gas infrastructure and study its linkage with Cypriot discoveries, as part of efforts to strengthen Egypt’s position as a regional hub for natural gas trade and circulation in the Mediterranean.
agreements
AVEVA Unveils Industrial AI Deals With IFS, Snowflake, AWS at Milan Summit
Global software leader AVEVA and the Swedish multinational software company Industrial and Financial Systems (IFS) announced a technology partnership to help industrial organizations connect operational intelligence, enterprise execution, and strategic capital planning. AVEVA collaborated with Snowflake, the AI Data Cloud company, to unify, govern, and activate data across information technology (IT) and operational technology (OT) environments. Additionally, AVEVA and Amazon Web Services (AWS) executed a multi-year Strategic Collaboration Agreement (SCA) to accelerate cloud-based industrial intelligence delivery.
Decline
Energean Lowers Production Guidance in 2026, Dividend Amid Israel Disruptions
Energean lowered its 2026 production guidance and reduced its dividend after a 41-day suspension of operations in Israel weighed on its first-quarter performance. The company, which operates natural gas and oil assets across Israel, Greece, the UK and other Mediterranean regions, now expects full-year production of 130,000 to 140,000 barrels of oil equivalent per day (boe/d), down from its previous forecast of 140,000 to 150,000 boe/d. Its production outlook for Israel was also revised lower to 98,000–104,000 boe/d from 108,000–114,000 boe/d.
Dalia El Gabry
Egypt Further Cuts Partners’ Arrears to $440Mn
Egypt has reduced arrears to foreign partners to $440 million from $6.1 billion in June 2024, with the remaining dues set to be fully settled by the end of next month, said Karim Badawi, Minister of Petroleum and Mineral Resources, during a strategic seminar organized by the British Egyptian Business Association (BEBA). Badawi stressed that settling foreign partners’ arrears was a government priority to restore investor confidence and address major sector challenges. In early May , Badawi stated that the arrears stood at $714 million.
