- Crude Oil (WTI) 98.17 USD/bbl 1.92%
- Crude Oil (Brent) 108.90 USD/bbl 2.70%
- NYMEX Natural Gas 3.14 USD/MMBtu -2.18%
- OPEC Basket Price 109.93 USD/bbl -1.50%
World Bank
US Urges World Bank to Resume Upstream Oil, Gas Financing
US Treasury Secretary Scott Bessent has called on the World Bank to end its restrictions on financing upstream oil and gas projects and increase support for critical minerals mining, including deep-sea extraction, Reuters reported on 15 October, citing an official statement.
Oil
IEA to Accelerate Release of Remaining Oil Stocks
The International Energy Agency (IEA) agreed to accelerate the release of more than 20 million barrels of diesel from emergency reserves as part of a broader release of oil stocks pledged in March 2026, Reuters reported on October 16.
Fuel Automatic Pricing Committee
Egypt Keeps Fuel Prices Steady for Q3 2026 Despite Global Oil Market Volatility
Egypt’s Fuel Automatic Pricing Committee (FAPC) has decided to keep domestic petroleum product prices unchanged for the third quarter (Q3) of 2026, according to a statement on October 15.
drilling
Khalda Brings SKAL-02 Online Within 50 Days of Drilling Start
Khalda Petroleum Company, a joint venture (JV) between Apache and the Egyptian General Petroleum Corporation (EGPC), has brought its SKAL-02 development well online within 50 days of starting drilling, accelerating the development of natural gas and condensates from the Shifa formation, the company said on October 15.
LNG
Venture Global Secures Agreements for Up to 10 GW of New Power Capacity
Venture Global, a US-based liquefied natural gas (LNG) producer and exporter, has signed agreements with GE Vernova and Baker Hughes Energy Services to support the development of up to 10 gigawatts (GW) of additional computing capacity at sites it owns or controls in the US, according to a company statement on 15 October.
Saudi Arabia
Elsewedy Electric’s JV Secures $2.2Bn Saudi Power Project
Elsewedy Electric, Egyptian integrated energy solution company, has announced that its joint venture (JV) with Chinese Sinohydro has secured a $2.2 bn engineering, procurement, and construction (EPC) contract for the Rabigh 2 Independent Power Plant (IPP) expansion project in Saudi Arabia, Zawya reported on 14 October.
crude oil
Aramco Offers Additional Crude Oil Cargoes for Spot Delivery to Europe
Saudi Aramco has offered additional crude oil cargoes for spot delivery to Europe between late October and mid-November, as the state-owned oil producer continues to make supplies available to traders, three trade sources familiar with the matter told Reuters. The sources said Aramco contacted traders this week to offer the additional cargoes. The report did not specify the volumes, crude grades, pricing terms, or European destinations of the shipments.
carbon emissions
Eni CEO Urges EU to Suspend ETS to Ease Industrial Costs
Claudio Descalzi, CEO of Italian energy giant Eni said on October 15 that EU should suspend its carbon emissions trading system (ETS), arguing that it is burdening the bloc’s industrial sector as companies face the effects of the wars in Ukraine and Iran. “The emissions trading system should be suspended until a solution is reached to the Russia-Ukraine war and the Gulf war, because it is an extremely costly levy for our industrial sector,” Descalzi said, according to Reuters.
