- 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%
meeting
Badawi Presents New Technologies, Contract Framework to Boost Production
Karim Badawi, Minister of Petroleum and Mineral Resources, affirmed that the sector’s five-year plan to increase oil and gas production includes implementing new contractual frameworks aimed at attracting further investments alongside expanding the use of unconventional drilling methods and the latest production technologies. Badawi highlighted the importance of conducting comprehensive technical and economic feasibility studies as part of the plan, noting that such studies provide geological and financial data that help investors make well-informed investment decisions based on clear foundations. The remarks came during a meeting with heads and representatives of investment partners involved in oil and gas production from both international and local companies. They reviewed and discussed key features of the plan.
Strait of Hormuz
Brent Climbs Above $78 Amid Gulf Tensions, Shipping Disruptions
Global oil prices climbed sharply as escalating tensions in the Middle East and disruptions to shipping through the Strait of Hormuz heightened fears of supply shortages, pushing crude benchmarks to their highest levels in several months, according to the Egyptian General Petroleum Corporation (EGPC).
Egypt
Valmore Holding Revenues Grow 24% YoY in 2025
Valmore Holding, previously known as Egypt Kuwait Holding, reported its financial results for the fiscal year (FY) 2025, with revenues rising 24% year-on-year (YoY) to $685 million. Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 26% YoY to $322 million. At the same time, net profit remained broadly stable at $186 million, compared with the previous year, boosted by one-off foreign exchange gains of $54.5 million.
oil production
OPEC+ to Gradually Restore 1.65 mmbbl/d as Eight Members Agree April Output Hike
Eight OPEC+ member countries have agreed to begin a phased unwinding of their voluntary oil production cuts starting in April 2026, citing a stable global economic outlook and robust market fundamentals. During a virtual meeting held on March 1, 2026, the coalition, comprising Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, decided to implement a production increase of 206,000 barrels per day (bbl/d). This move marks the initial restoration of the 1.65 million barrels per day (mmbbl/d) in additional voluntary adjustments first introduced in April 2023.
Egypt
Esmat Ensures Electricity Grid Security and Sustainability
Egypt’s power system is operating normally, with a strong and resilient unified grid and generation units running on equivalent fuel, according to Minister of Electricity and Renewable Energy Mahmoud Esmat. This came during Esmat’s meeting with members of the Permanent Committee for Crisis and Risk Management, where he directed raising preparedness levels to secure the unified grid, ensure stability and continuity of supply, and adhere to the timeline for renewable energy projects. He reviewed the action plan aimed at elevating service levels, improving supply quality, and ensuring the security and sustainability of the electricity grid, in light of the military escalation and emergency conditions unfolding in the region. The committee, which includes member companies, authorities, and affiliated centers, convened as part of ongoing preparations to address all possibilities, variables, and potential outcomes arising from the regional situation.
Iran
Iran Blocks Strait of Hormuz
Iran has been sending radio signals to ships stating that no vessel is allowed to pass through the Strait of Hormuz, according to Reuters. Ships navigating near the waterway have received very high frequency (VHF) transmissions from the Iranian force warning vessels against transiting the strait, an official from the EU’s naval mission Aspides told Reuters.
transfers
Badawi Announces New Technology Appointments Across Petroleum Sector
Karim Badawi, Minister of Petroleum and Mineral Resources, has issued a reshuffle involving leadership positions in information and communications technology (ICT) and information systems (IS) fields at the ministry and some petroleum sector companies.
OPEC
OPEC+ to Consider Output Boost in Upcoming Meeting
Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia (OPEC+), are considering a major output boost on March 1 meeting, potentially surpassing the slated 411,000 barrels per day (bbl/d) increase. With Saudi Arabia and the United Arab Emirates (UAE) already ramping up exports after weekend strikes on Iran, the group is moving to stabilize the market, Reuters reported.
