- Crude Oil (WTI) 82.06 USD/bbl -1.25%
- Crude Oil (Brent) 87.70 USD/bbl -1.12%
- NYMEX Natural Gas 2.75 USD/MMBtu -1.79%
- OPEC Basket Price 85.99 USD/bbl -0.70%
meeting
Badawi, Abdelatty Discuss Boosting Petroleum Investment
Karim Badawi, Minister of Petroleum and Mineral Resources met on August 12 with Badr Abdelatty ,Minister of Foreign Affairs, Emigration and Expatriates to discuss joint efforts to promote investment opportunities in Egypt’s oil, gas and mining sectors.
OPEC
OPEC: Global Oil Demand Growth to Accelerate to 2.2 mmbbl/d in 2027
OPEC expects global oil demand to grow by 0.6 million b/d in 2026 and accelerate to 2.2 million b/d in 2027, while non-DoC liquids production is forecast to increase by 0.6 million b/d in both years.
Egyptian Petroleum Holding Company
MOC 2026 to Bring 10,000 Participants to Alexandria for Energy Conference
Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, reviewed preparations for MOC 2026, which will bring energy companies, government officials and industry experts to Alexandria from October 20 to 22.
EGPC
Egypt Expands Exploration Frontier with Landmark Western Desert Seismic Survey
Egypt is preparing a seismic survey spanning about 110,000 km² in the western Western Desert near the Libyan border, aimed at building a new geological and geophysical database and attracting oil and gas investment in this largely unexplored area, Karim Badawi Minister of Petroleum and Mineral Resources announced.
electricity demand
Heatwave Drives Egypt’s Power Demand to Record high of 40,000MW
Egypt’s electricity load hit a record 40,000 megawatts (MW) on August 11, up 700 MW from the previous day’s 39,300 MW, as the grid continues to absorb unprecedented summer demand driven by extreme heat, according to the National Energy Control Center (NECC).
Taqa Arabia
TAQA Arabia Consolidated Net Profit Surges 65% in H1 2026
TAQA Arabia, an Egypt-based energy and utility provider, posted a 34% increase in consolidated revenue to EGP 15.46 billion in the first half (H1) of 2026, according to the company’s unaudited standalone and consolidated financial statements disclosed to the Egyptian Exchange (EGX). The company’s consolidated gross profit rose 20% year-on-year (YoY) to EGP 1.56 billion. It also recorded 65% rise in net profit after tax to EGP 577.9 million in H1 of 2026.
Iraq
Iraq Advances Work at Al-Qarnain Oil Discovery
Iraq’s Ministry of Oil has confirmed promising hydrocarbon indications in the Al-Qarnain exploration block in Najaf province, marking a potential addition to the country’s light crude resources as appraisal activities continue.
oil and gas investments
Nigeria Approves New Offshore Oil and Gas Incentives to Attract $50 Bn
Nigeria has introduced a new regulatory and fiscal framework aimed at attracting up to $50 billion in offshore oil and gas investments and accelerating delayed projects, including Shell’s $10 billion Bonga South West development.
