- Crude Oil (WTI) 87.47 USD/bbl -3.33%
- Crude Oil (Brent) 94.41 USD/bbl -3.63%
- NYMEX Natural Gas 3.13 USD/MMBtu 4.33%
- OPEC Basket Price 93.21 USD/bbl 2.63%
Revenues
NESR Revenue Rises 70.9% YoY in Q3 2026
Houston-headquartered National Energy Services Reunited Corporation (NESR), a MENA-focused oilfield services provider, reported third-quarter (Q3) 2026 revenues of $504.7 million, up 70.9% year-on-year (YoY). Net income rose 93.5% to $34.3 million, reflecting higher activity across its oilfield services operations in the Middle East and North Africa (MENA), according to the company's financial results.
Egypt
Alcazar Energy Closes $626 Mn Financing for 500 MW Egypt Wind Projects
Alcazar Energy Partners (AEP), an Emirati investment firm with a focus on renewables, has reached financial close on its 500-megawatt (MW) Niat and Rasgha wind projects in Egypt, securing a total project investment of $626 million. The projects form part of AEP's broader investment program in Egypt, which exceeds $1 billion, with the remaining $420 million committed through the Gabal El Zeit transaction completed in July. The Niat and Ras Ghareb wind farms, located on Egypt's Red Sea coast, will each generate 250 MW of electricity under 25-year power supply agreements with the Egyptian Electricity Transmission Company (EETC). The projects have received approval to begin implementation, with Siemens Gamesa Renewable Energy set to proceed with the next phase of development. Once operational, they are expected to boost electricity supply and support Egypt's clean energy goals. The projects secured $436 million in debt financing from the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG), a subsidiary of KfW Group. Each institution contributes one-third of the financing package, which benefits from European Union guarantee support under the European Fund for Sustainable Development Plus (EFSD+). AEP acquired the development rights to the two projects, completed their advanced development, and arranged the financing, while SGRE contributed to their earlier development. The projects are expected to begin commercial operations by the end of 2028, generating more than 2.3 terawatt-hours (TWh) of electricity annually and avoiding nearly 1.1 million tons of carbon dioxide equivalent (CO₂e) emissions each year. The two wind farms are also expected to create around 45 direct operational jobs, in addition to temporary employment opportunities during construction. AEP has also developed four solar power projects at Egypt's Benban Solar Park, with a combined capacity of 256 MWp. AEP is a sustainable infrastructure and renewable energy investment firm that develops, owns, and operates large-scale renewable energy projects, primarily wind and solar, in emerging markets. The company brings together public and private investors from North America, Asia, Europe, and the Middle East.
Government Cuts Gas Supplies to Abu Qir Fertilizers by 33%
Abu Qir Fertilizers and Chemical Industries has disclosed that it received a notification of a 33% reduction in natural gas supplies effective November 8, up from the 20% cut announced a week earlier, according to a disclosure to the Egyptian Exchange (EGX). The cut includes a number of energy-intensive industries, topped by fertilizer producers, as the increase in fuel prices is inflating the import bill and pushing the government to introduce austerity measures, including cutting government fuel use by 30% and electricity by 20%. The company said it has implemented the necessary technical and operational measures to manage the reduction, allowing two of its three production plants to operate at full capacity.
Egypt
Madbouly Directs Prompt Settlement of Government Dues to Petroleum, Power Sectors
Egyptian Prime Minister Mostafa Madbouly has directed the prompt payment and settlement of outstanding dues owed to the Ministry of Petroleum and Mineral Resources and the Ministry of Electricity and Renewable Energy by various government entities, citing rising global energy prices and mounting financial obligations facing both sectors.
Strait of Hormuz
Iraq Reaches Understanding with US to Facilitate Oil Exports Through Hormuz
Iraq has reached an understanding with the US to facilitate oil exports through the Strait of Hormuz via a shipping lane near Oman, as the country seeks to mitigate losses caused by disruptions to regional oil shipments.
Natural Gas
Iran Plans to Build 110 Bcm Natural Gas Pipeline with Russia
Iran plans to build a pipeline to import Russian natural gas with a capacity of 110 billion cubic meters (bcm), Iranian Ambassador to Russia Kazem Jalali said on November 7, according to Iranian news website Al-Alam.
Wood Mackenzie
Wood Mackenzie: 20% of Global Refining Capacity Faces Rising Closure Risk
Refined product demand is expected to peak at 108 million barrels per day (mmbbl/d) in 2032 (from 105 mmbbl/d in 2025) before declining, said Wood Mackenzie in its Horizon titled “Adapt or die: Why oil refineries must evolve to survive” “As competition intensifies, refineries will need to adapt to survive and thrive. Others unable to adapt will struggle to remain commercially viable,” said Mackenzie noting that around 20% of existing global capacity faces increasing closure risk. Mackenzie, a global leader in data, analytics and insights for the energy and natural resources industry, examined available options for refineries to adapt to the changing energy landscape shaped by macroeconomic, geopolitical and energy transition pressures.
Egypt
Nigeria's Dangote Group Explores Investment Opportunities in Egypt
An Egyptian high-level delegation visited to the Dangote Industrial Complex in Lagos, Nigeria. The delegation led by Minister of Investment and Foreign Trade Mohamed Farid, discussed potential partnerships with Nigerian conglomerate in refining, petrochemicals, and fertilizers. The Egyptian delegation met with Aliko Dangote, President and CEO of Dangote Group, and senior executives to examine investment opportunities, industrial partnerships, and potential expansion of production capacities in several sectors.
