• 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%

Egypt to Boost Oil Production by 11% in 2023

Egypt is working to increase its oil production by 11% in 2023 to reach 650,000 barrels per day (bbl/d) from 587,000 bbl/d.


Shell to Exit European Home Retail Energy Businesses

Shell announced that it will exit home retail energy businesses in Britain , Germany, and Netherlands due to “tough market conditions” stated Wael Sawan, Shell’s CEO, Reuters reported.


Chevron Produces First Gas from Gorgon Stage 2 Development Project

Chevron has begun to produce first Gas from the Gorgon Stage 2 development project off the coast of Western Australia, the project of which Chevron operates and owns 47% of it, Reuters reported.


Russia's Oil, Gas Budget Revenues Fell by Amost 36% y/y in May  

The lower profit-based oil tax has caused Russia’s federal budget revenues from oil and gas, the backbone of the economy, to decrease roughly by 36% in May, compared to the same month last year, according to the Russia's Finance Minister, Reuters reported.


Huawei Digital Power, Petrojet Partner on Renewable Energy Projects

Huawei Digital Power signed a memorandum of understanding (MoU) with Petrojet for Petroleum Projects and Technical Consultations, with the aim of cooperating in the field of Renewable Energy, in line with Egypt's 2035 strategy for integrated and sustainable energy.


Kuwait Energy Inaugurates the Tamkeny Community Center Phase 2 in Ras Gharib

Under the auspices of the Ministry of Petroleum and Mineral Resources and in the presence of the Ministry’s officials, Kuwait Energy Egypt inaugurated the Tamkeeny Community Center at Ras Gharib, in partnership with Buttonup social enterprise and in coordination with Nahdet Baladna Foundatio launching the second phase of the project, Kuwait Energy Egypt said in a statement.


Saudi to Implement Huge Oil Cuts in July as OPEC+ Extends Deal into 2024

Saudi Arabia announced that it will implement deep oil production cut in July on top of a boarder OPEC+ deal to limit supply into 2024, Reuters added.


El Molla Awards Second License for Marine Fuel Supply to Peninsula Petroleum

Minister of Petroleum and Mineral Resources Tarek El Molla has delivered the second license for supplying marine fuels to the Peninsula Petroleum which will start its business at Egyptian ports in the Mediterranean.



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