- Crude Oil (WTI) 73.95 USD/bbl 6.69%
- Crude Oil (Brent) 78.06 USD/bbl 7.02%
- NYMEX Natural Gas 3.31 USD/MMBtu 0.91%
- OPEC Basket Price 70.37 USD/bbl 0.89%
Tanker Attacks
US Reimposes Iran Oil Sanctions After Tanker Attacks
The United States reimposed sanctions on Iranian oil on July 7th, with a US official warning that Tehran’s attacks on vessels transiting the Strait of Hormuz were wholly unacceptable and would draw consequences.
Minister of Petroleum and Mineral Resources Karim Badawi
Badawi, El Sewedy Discuss Progress on Ain Sokhna $1bn Phosphate Complex
Karim Badawi, Minister of Petroleum and Mineral Resources, met with Ahmed Elsewedy, President and CEO of Elsewedy Electric, to discuss the final preparations for the first phase of the integrated phosphate industries complex in Ain Sokhna. The complex, signed in November with total investments of $1 billion, contains three phases. The first phase focuses on the production of phosphoric acid and DAP/TSP fertilizers, each with a capacity of 300,000 tons per year (t/y). The second phase (2029-2031) aims to produce high-purity specialized phosphate chemicals. Meanwhile, in the third phase (2032-2034), the complex targets extending into new energy materials for the production of electric battery components.
mining sector
Egypt's Abu Marawat Gold Project Set for 2027 Launch
Egypt's Abu Marawat Gold Project is on track to begin commercial production in 2027, marking a key milestone in the country's efforts to expand gold output, attract mining investments, and providing direct and indirect job opportunities, according to a petroleum ministry statement. This target was highlighted during a session convened by Abu Marawat Gold Mines Company to review and discuss the Environmental and Social Impact Assessment (ESIA) for the project. The meeting complied with regulated legal procedures to engage relevant stakeholders and the local community before final regulatory approval.
Rongsheng Petrochemical
China Lifts July Fuel Export Limits
China has removed restrictions on refined fuel exports for the remainder of July, allowing private refiner Zhejiang Petrochemical Co. to resume overseas shipments following over a four-month halt, according to Reuters.
Saudi Arabia
Saudi Arabia Explores East-West Pipeline Expansion to Bypass Strait of Hormuz
Saudi Arabia is in preliminary discussions to expand the capacity of its East-West crude oil pipeline by up to 2 million barrels per day (bbl/d), according to Reuters. The proposed expansion aims to enable the kingdom and neighboring Gulf states to transport higher volumes of crude oil and refined products directly to the western Red Sea coast, completely bypassing the blockaded Strait of Hormuz.
Minister of Petroleum and Mineral Resources Karim Badawi
MoPMR Plans 62 EUG Investment Opportunities to Boost Upstream Sector
The Ministry of Petroleum and Mineral Resources (MoPMR) plans to offer 62 investment opportunities through the Egypt Upstream Gateway (EUG). Karim Badawi, Minister of Petroleum and Mineral Resources, announced the plan during a meeting with the Coordination Committee of Parties' Youth Leaders and Politicians (CPYP), where he reviewed the petroleum sector's ongoing investment allocations, according to a statement by the MoPMR.
offshore
Baker Hughes to Deploy Advanced Wireline Services in India
Baker Hughes, a leading energy technology company, announced that it has secured multiple contracts from India's Oil and Natural Gas Corporation Limited (ONGC) to deliver advanced wireline services aimed at enhancing reservoir understanding, optimizing production, and supporting more efficient field development across India’s offshore and onshore oil and gas assets. The awards were finalized during the second quarter of 2026.
exit from OPEC
UAE Crude Output Climbs Above 3.8 mmbbl/d in June After OPEC Exit
The UAE increased crude oil production to more than 3.8 MMbbl/d in June, its highest level since April 2020, after leaving OPEC and OPEC+ production quotas, signaling a rapid supply recovery as global markets shift their focus from disruption risks to potential oversupply.
