- 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%
Israel-conflict
Bapco Energies Declares Force Majeure After Attack on Refinery Complex
Bapco Energies, a Bahraini energy firm, declared force majeure on its group operations following a recent attack on its refinery complex, the company said in a statement, reported by Reuters. The company said it had activated contingency measures to manage the situation after the incident affected its facilities. Despite the disruption, the company said domestic market requirements remain fully secured and that supplies will continue without interruption, supported by contingency plans already in place.
Iraq
Iraq’s Southern Oil Output Drops 70% as Hormuz Disruption Halts Exports
Iraq’s oil production from its main southern fields has dropped by around 70% to about 1.3 million barrels per day (mmbbl/d) as the country struggles to export crude through the Strait of Hormuz amid the ongoing Iran war, three industry sources told Reuters.
The Egyptian Ethylene and Derivatives Company (Ethydco)
Ethydco Sales Top EGP 5.7 Bn as Exports Grow 5.4%
The Egyptian Ethylene and Derivatives Company (ETHYDCO) has met 102% its production target this year, reaching 302,000 tons of ethylene and 305,000 tons of polyethylene, said Chairman Hesham Riyad while reviewing the company’s performance this year in its general assembly meeting. Riyad added that total sales in the local market and exports exceeded EGP 5.7 billion, recording 5.4% growth in export sales. This was driven by the company’s expansion in Latin American markets, particularly Brazil, in addition to markets in Africa, Europe, and Turkey. Ethydco’s products also meet the needs of over 40 industrial complexes within Egypt.
Israel and Iran conflict
Kuwait declares force majeure as Strait of Hormuz disruptions persist
Kuwait Petroleum Corporation (KPC) has begun cutting crude oil production and declared force majeure amid ongoing disruptions to energy shipments through the Strait of Hormuz as the conflict between US and Iran enters its eighth day.
Egypt
PetroWeb, BAPETCO Bring New Gas Wells Online
The Egyptian oil and gas sector has successfully added new wells to the gas production map in both the Mediterranean Sea and the Western Desert. In the Mediterranean, the second well in the West El-Burullus (WEB) offshore field was placed on the production map, increasing the field’s output from about 25 to 37 million cubic feet per day (mmcf/d). The project is being developed and produced through a local joint‑venture vehicle (PetroWeb) with Cheiron as the operator/lead developer.
shipping
QatarEnergy Markets LNG Tankers for Charter Amid Ongoing Production Shutdown
QatarEnergy is offering ten liquefied natural gas (LNG) tankers for lease that are currently positioned outside the Strait of Hormuz, according to industry sources, as the company deals with a production halt at its 77 million tons per year (mmt/y) facility after the escalation of the U.S.–Israel war with Iran disrupted shipping through the Strait of Hormuz.
Zohr
Petro Shorouk Reveals $96 Mn Additional Investments in FY 2025/26
Petro Shorouk revealed the injection of $96 million in additional investments during the current fiscal year (FY) 2025/26, the company’s Chairman, Tharwat El Gendy, pointed out during the company's general assembly to approve the revised investment plan for the current fiscal year and the investment plan for the FY 2026/27.
