- 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%
Russia
Russian PM: OPEC+ Alliance to Bolster Cooperation Despite UAE Withdrawal
The Organization of the Petroleum Exporting Countries and allies (OPEC+) will maintain cooperation despite the United Arab Emirates’ (UAE) withdrawal, Russia’s Deputy Prime Minister Alexander Novak stated. Novak emphasized that he does not foresee an oil price war following the UAE’s departure, pointing instead to the prevailing global oil supply deficit.
UAE
Goldman Sachs: UAE Exit from OPEC Signals Medium-Term Upside Supply Risk
The United Arab Emirates’ (UAE) decision to exit OPEC and the wider OPEC+ alliance poses a significant upside risk to global oil supply over the medium term, Goldman Sachs, a leading global investment banking firm, reported. According to Reuters, the bank noted that while immediate impacts are limited by current geopolitical constraints, the move weakens the producer group’s control over global inventories and grants Abu Dhabi greater autonomy over future output levels.
mineral resources law
Cabinet Approves New Mining Regulation Amendments
The Cabinet approved a series of amendments to the country’s mining regulations, tightening licensing procedures, setting new rules for state participation in mining ventures, and introducing oversight measures for geological testing laboratories. The decision, made during the Cabinet’s 90th meeting chaired by Prime Minister Moustafa Madbouly, amends parts of the executive regulations of the Mineral Resources Law, issued under Prime Ministerial Decree No. 108 of 2020.
Arrears Payment
Badawi: Outstanding Arrears Drop to $770 Mn from $6.1 Bn in 2024
Outstanding arrears to International Oil Companies (IOCs) currently stand at $770 million, down from $6.1 billion in June 2024, and are scheduled to be fully repaid by June, according to Karim Badawi, Minister of Petroleum and Mineral Resources. Speaking at the Mediterranean and Red Sea Resource Exploration Summit in the New Administrative Capital, he stressed that the Ministry of Petroleum and Mineral Resources (MoPMR) is prioritizing the settlement of IOCs dues to boost investor confidence and accelerate upstream activities.
general aassembly
Maridive Reports Mixed Results in 2025
Maridive & Oil Services reported a 19% year‑on‑year increase in standalone revenues for the fiscal year ended December 31, 2025, reaching USD 78.6 million. Standalone operations delivered a gross profit of USD 33.3 million, up 25% from the previous year. This performance was driven by higher vessel utilization rates, adherence to scheduled maintenance timelines, and increased daily charter rates for certain marine units, according to the company’s disclosure to the stock exchange. The Company also expanded its portfolio by offering a broad range of integrated solutions through its subsidiaries, while unit operating expenses declined under management’s cost‑rationalization policy. It further noted that geopolitical developments in the Gulf region occurring after the preparation of the financial statements had no impact on existing contracts or triggered cancellations.
BP
bp Reports 131.88% Surge in Net Profit in Q1 2026
British Petroleum (bp) reported a first-quarter (Q1) profit of $3.2 billion on April 28, more than doubling its year-on-year (YoY) performance and beating analyst expectations by 20%, Reuters reported. The British energy major bolstered its bottom line through strong oil trading results triggered by elevated global energy prices during the conflict in Iran.
Net Income
TotalEnergies Exceeds Market Expectations with 29% Earnings Surge in Q1 2026
TotalEnergies reported a 29% increase in first-quarter (Q1) adjusted net income on Wednesday, reaching $5.4 billion and exceeding the $5 billion anticipated by analysts, according to Reuters. The French energy major bolstered its performance through high global oil prices and robust trading operations linked to the ongoing conflict in Iran.
Egypt
MRMIA Expands Global Mining Partnerships at OECD Forum
Yasser Ramadan, Chairman of the Egyptian Mineral Resources and Mining Industries Authority (MRMIA), convened a series of high-level meetings with Turkish and American officials to bolster Egypt’s mining sector. These discussions, held on the sidelines of the Organization for Economic Co‑operation and Development (OECD) Critical Minerals Forum in Istanbul, focused on creating an attractive investment environment through international partnerships. During the forum, Ramadan also met with Mike Kopp, Senior Advisor to the US Secretary of Energy. The discussions explored joint opportunities in mining and critical minerals while leveraging American technical expertise. Notably, the US side expressed significant interest in organizing a corporate delegation to Cairo to participate in the Egypt Mining Forum scheduled for September 2026.
