- 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%
JPMorgan
Kuwait Pushes Back Pipeline Bid Deadline Amid War Conflict
Kuwait Petroleum company (KPC), a state- owned oil company, has extended the deadline for preliminary bids on its crude oil pipeline network to April 28, citing disruptions from the US–Israeli war on Iran, according to Reuters. The deadline was originally set for April 7 but was pushed back after investors said they needed more time due to the fast-evolving conflict.
Egypt
SPE Egypt Launches Workshop on Energy Innovation
A high-level workshop organized by the Society of Petroleum Engineers (SPE)has kicked off on April 28, focusing on innovative strategies to maximize Egypt’s petroleum and gas reserves. The workshop is part of the SPE Egypt's Golden Jubilee celebrations and was attended by Jennifer Miskimins, SPE President, and Said Abd El Moniem, SPE Egypt Chairperson. The first day’s activities included a panel discussion that addressed the evolution of Egypt’s energy landscape and the potential of achieving sustainable growth in production and reserves. It also highlighted strengthening of Egypt’s position as a regional energy hub by fostering a stable and attractive investment environment, balancing economic growth with sustainability goals, and the dynamic pillars of the Ministry of Petroleum and Mineral Resources’ strategy that support these objectives.
US-Israeli war on Iran
ADNOC LNG Tanker Makes First Hormuz Crossing Since Conflict
A liquefied natural gas (LNG) tanker managed by the UAE’s ADNOC Logistics & Services has crossed the Strait of Hormuz and is now positioned off India’s west coast, according to Reuters. If verified, this would mark the first loaded LNG tanker transit through the strait since the Iran war began on February 28.
Egypt
Fajr Cuts Electricity Costs at Headqurters by 65%
The Egyptian Fajr Natural Gas Company reduced electricity consumption at its headquarters by 67%, recording annual savings of EGP 900,000, an achievement hailed by Karim Badawi, Minister of Petroleum and Mineral Resources, during the company's general assembly meeting. Fajr Chairman, Ehab Kamal, reported that 2025 represented a strategic turning point as the company transitioned from planning to execution. The company recorded its first operating revenues from integrated service stations through the "El Banafseg" station in New Cairo, which provides natural gas fueling and electric vehicle (EV) charging services.
Baker Hughes
SLB and Baker Hughes Anticipate Production Capacity Expansion to Mitigate Energy Crisis
Leading oilfield services providers SLB and Baker Hughes expect a rise in global spending on oil exploration and production, as supply disruptions linked to the Middle East conflict underscore the need for greater investment, particularly in North America, according to Reuters.
meeting
Madbouly and Badawi Outline Strategy for Summer Energy Security
Prime Minister Mostafa Madbouly met with Karim Badawi, Minister of Petroleum and Mineral Resources, to follow up on a number of work files, including efforts to secure the local market’s needs for natural gas and petroleum products.
Madbouly Urges Solar Shift for Homes, Industry
Prime Minister Mostafa Madbouly urged the government to launch an initiative to incentivize factories and households to transition to solar energy, stressing that this is a top government priority. This came during the Central Crisis Management Committee meeting, chaired by Madbouly, to follow up on the latest developments of the current crisis.
Goldman Sachs
Goldman Sachs Lifts Q4 Oil Price Outlook Amid Middle East Supply Disruptions
Goldman Sachs has increased its oil price projections for the fourth quarter (Q4), attributing the revision to reduced Middle East output, with Brent crude forecast at $90 per barrel and US West Texas Intermediate (WTI) at $83, Reuters reported.
