- Crude Oil (WTI) 90.08 USD/bbl -1.29%
- Crude Oil (Brent) 100.79 USD/bbl -1.77%
- NYMEX Natural Gas 3.07 USD/MMBtu 1.32%
- OPEC Basket Price 109.38 USD/bbl 0.51%
Asian countries
Saudi Arabia Cuts November Oil Prices for Asia to Six-Year Low
Saudi Arabia has unexpectedly cut its November official selling prices (OSPs) for Asian buyers to their lowest level in six years, with the move aimed at supporting market share as elevated freight costs and regional disruptions continue to complicate crude shipments. Saudi Aramco set the November OSP for its flagship Arab Light crude to Asia at $5 per barrel below the average of Oman and Dubai crude prices.
mining sector
MRMIA Sets October Deadlines for Gold Exploration Blocks
The Mineral Resources and Mining Industries Authority (MRMIA) has revealed the closing dates for bidding on three gold exploration blocks under its Open Blocks System (OBS), according to a release on its LinkedIn account. The first block, Bf80, was closed on October 2, while bidding for the second block, Cd78, will be closed on October 6. As for the third block, Cf79, application will be closed on October 7.
Iran Oil Minister Resigns, Hamid Bovard Named Acting Minister
Iranian Oil Minister Mohsen Paknejad has resigned, with Hamid Bovard, CEO and Managing Director of the National Iranian Oil Company (NIOC), appointed as acting minister, state media reported on Sunday.
OPEC
OPEC+ Keeps November Oil Output Targets Unchanged as War Limits Supply
OPEC+ agreed to keep its November oil production targets unchanged at a meeting on Sunday, as Middle East export disruptions continue to limit actual output despite higher flows through the Strait of Hormuz.
ERC
Qalaa Channels Capital Hike to Energy Expansion, Liability Clearance
Qalaa Holdings, one of the MENA region’s largest investment firms, has submitted a detailed report outlining how it plans to use its upcoming capital increase to expand stakes in key energy assets and settle outstanding bank liabilities. The report, prepared at the request of the Financial Regulatory Authority,the regulator of non-banking financial activities, has been sent to the Egyptian Exchange (EGX). On September 10, the company’s board approved a capital increase of EGP3.87 billion, raising total capital to EGP25 billion. Approximately EGP 1.93 billion, or 50% of the proceeds, will be allocated to increasing Qalaa’s stakes in the Egyptian Refining Company (ERC), Qalaa’s refinery business, and TAQA Arabia, according to the disclosure sent to the EGX.
Ministry of Petroleum and Mineral Resources
MoPMR Denies Butane Shortage, Fuel Prices Increase
The Ministry of Petroleum and Mineral Resources (MoPMR) has denied circulated news of shortages in butane cylinders in some governorates, affirming that supplies are operating normally and that refineries continue to produce and supply butane to filling plants. It also has repeated last week's denial of reports circulating on certain social media pages and websites regarding changes to fuel prices. The prices being promoted as new official prices are inaccurate and not based on any official decision
Minister of Petroleum and Mineral Resources Karim Badawi
Egypt Forum 2026 to Showcase Energy Progress
A session entitled “Egypt’s Energy Journey” will feature in the upcoming Egypt Forum 2026, to be held from October 19 to 24 in the New Administrative Capital to highlight developments across various sectors of the economy in recent years. Prime Minister Mostafa Madbouly reviewed the topics to be covered during the session, among others, during a meeting with a number of ministers as part of preparations for the forum, according to a Cabinet statement. During the meeting, Madbouly stressed the importance of highlighting developments in the sector and government measures to secure the country’s energy needs and ensure sustainable supplies to various sectors.The session will also address efforts to improve energy efficiency, expand renewable energy sources, develop domestic resources, and attract further investment in the sector. The forum, held from October 19 to 24 in the New Administrative Capital, aims to highlight achievements across various sectors in recent years including the energy sector.
EU
EU Opposes US Threat to Halt Diesel Exports Over Fuel Stocks
The European Union (EU) has opposed a US threat to suspend diesel exports to the bloc unless European countries release additional fuel from their reserves, warning that such a move could undermine energy cooperation between the two sides. The US position follows President Donald Trump’s support for restricting diesel exports to keep more fuel in the domestic market and curb rising energy costs.
