- 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%
Gasco
Badawi Reviews Gas Grid Readiness for Summer Electricity Demand
Karim Badawi, Minister of Petroleum and Mineral Resources, reviewed the operational readiness and stability of the national natural gas grid to ensure it can secure the supply needed to cover the needs of power stations and the industrial sector during the summer season.
UAW
UAE to Double Oil Exports by 2027 With New Fujairah Pipeline Bypassing Hormuz
The UAE will accelerate construction of a new oil pipeline to the port of Fujairah, aiming to double export capacity by 2027, according to the Abu Dhabi Media Office. Crown Prince Sheikh Khaled bin Mohamed bin Zayed directed Abu Dhabi National Oil Company (ADNOC), UAE state-owned energy company, to fast-track the West-East Pipeline project, which is already under construction and expected to begin operations next year.
Egypt
Badawi Reshuffles Petroleum Leadership, Appoints New Ministry Officials
Karim Badawi, Minister of Petroleum and Mineral Resources, issued new transfers and assignments, including several ministry leaders as well as chairmen and board members of affiliated companies. This falls within the ministry’s plan to develop the administrative structure, inject fresh talent, and enhance operational efficiency across various work sites.
transfers
Badawi Names New Petroleum Leaders After Retirement of Ragaee, Bahaa
Karim Badawi, Minister of Petroleum and Mineral Resources, has issued a new round of leadership appointments and transfers within the petroleum sector.
Libya
Libya’s NOC Ends Trasta Partnership, Restores Full Control of Ras Lanuf Complex
Libya’s National Oil Corporation (NOC) has signed a final agreement with Trasta Company, officially ending their long-running partnership in the Libyan Emirates Oil Refining Company (LERCO) after more than a decade of legal and arbitration disputes, paving the way for the Ras Lanuf refinery and petrochemical complex to return to full Libyan ownership and management.
OPEC
OPEC Cuts 2026 Oil Demand Forecast Amid Strait of Hormuz Closure
OPEC reduced its forecast for global oil demand growth in 2026, citing the impact of the ongoing war in Iran that has effectively shut the Strait of Hormuz, a critical global oil transit route. The closure has curtailed millions of barrels of Middle East supply, driving fuel prices higher and prompting governments to adopt conservation measures.
EGPC
ITFC, EGPC Sign $800Mn loan Agreement to Support Energy Sector
The Egyptian General Petroleum Corporation (EGPC) has signed $800 million loan agreement with the International Islamic Trade Finance Corporation (ITFC) to support the energy sector, noted a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). Based in Saudi Arabia as the host country, ITFC is an autonomous entity within the Islamic Development Bank Group established with the purpose of advancing trade to improve the economic condition and livelihood of people across the Islamic world. Following the signing, Karim Badawi, Minister of Petroleum and Mineral Resources underscored the depth of the Egyptian Saudi cooperation the energy sector, highlighting Suez–Mediterranean Pipeline(SUMED) project as a successful model of Arab integration and cooperation.
Celebrating
MoPMR Celebrates Women’s Role in Driving Egypt’s Energy Sector
Ministry of Petroleum and Mineral Resources (MoPMR) celebrated the growing role of women in the energy industry during an event titled “Women… Energy Driving the Future,” attended by Karim Badawi, Minister of Petroleum and Mineral Resources, senior officials, parliamentarians, and industry leaders. The event highlighted the ministry’s ongoing commitment to empowering women as a key driver of progress across the petroleum, gas, mining, and petrochemicals sectors, according to a statement by MoPMR.
