- 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%
China
New US Sanctions Target Iran Oil Shipments to China Ahead of Trump-Xi Meeting
The US has imposed sanctions on three individuals and nine companies for facilitating Iranian oil shipments to China, including entities based in Hong Kong, the United Arab Emirates, and Oman.
Egypt
Badawi, Shell, Petronas Discuss WDDM Expansion
Minister of Petroleum and Mineral Resources, Karim Badawi, recently held two high-level meetings with the leadership of the UK-based Shell and Malaysia's PETRONAS to discuss stepping up exploration and development in the West Delta Deep Marine (WDDM) concession, Egypt’s largest offshore natural gas asset in the Mediterranean.
Secretary General of the African Petroleum Producers Organization (APPO)
Egypt to Host African Petroleum Producers Meeting in June
Karim Badawi, Minister of Petroleum and Mineral Resources, has proposed hosting a high-level ministerial meeting for members of the African Petroleum Producers Organization (APPO) in Alamein this June. The meeting, to be held in conjunction with the African Union’s Mid-Year Coordination Summit, aims to establish a unified platform for coordinating infrastructure financing and energy security across the continent.
Saudi Arabia
Saudi Crude Exports to China Expected to Hit Record Low in June
Saudi Arabia’s crude oil exports to China are set to decline further in June, as Chinese refiners reduce demand in response to higher prices linked to US –Iran tensions, industry sources said to Reuters.
Egypt
AngloGold Ashanti Gross Profit from Sukari Mine Jumps 80% in Q1 2026
AngloGold Ashanti’s Sukari mine in Egypt delivered gross profit of $292 million in the first quarter (Q1) of 2026, marking an 80.25 % increase from its level in Q1 2025. Moreover, the total cash cost per ounce produced from the mine during the period came at $826/oz, the lowest among all of Anglo Gold's mines in Africa and Australia.
Taqa Arabia
TAQA Arabia Posts 65% Surge in Q1 2026 Consolidated Net Profits
TAQA Arabia reported a 65% year-on-year (YoY) increase in consolidated net profits after tax, reaching EGP 224.6 million in the first quarter (Q1) of 2026, according to a disclosure to the Egyptian Exchange (EGX) on May 11.
UAE
ADNOC Drilling Reports Record Q1 2026 Net Profit
ADNOC Drilling, the UAE’s Oilfield drilling services company, recorded its strongest-ever first-quarter (Q1) performance for the period ended March 31, 2026, reporting a net profit of $347 million, a 2% year-on-year (YoY) increase. The record start to the year was bolstered by high fleet activity and technology-led delivery, with total revenues yielding $1.23 billion, up 5% compared to Q1 2025.
Prime Minister
Egypt Prioritizes Localization of Phosphate Industries Over Raw Exports
The Egyptian government is accelerating a strategic shift toward localizing phosphate-based industries, pivoting away from exporting raw materials in favor of manufacturing high-value fertilizers and chemical products, concluded a meeting chaired by Prime Minister Mostafa Madbouly. To anchor this transition, Minister of Petroleum and Mineral Resources Karim Badawi said the ministry is now integrating cutting-edge scientific research with modern earth sciences to optimize the utilization of Egypt's vast mineral wealth.
