- Crude Oil (WTI) 92.10 USD/bbl -1.72%
- Crude Oil (Brent) 103.85 USD/bbl -0.81%
- NYMEX Natural Gas 3.13 USD/MMBtu -2.80%
- OPEC Basket Price 114.53 USD/bbl 6.35%
Petroleum Ministry Denies Social Media Claims of New Fuel Prices
Egypt’s Ministry of Petroleum and Mineral Resources has denied social media reports circulating about new prices for petroleum products, saying the figures being shared are false and do not reflect current prices in the local market.
MoPMR Briefing: Badawi Vows Energy Security for Egypt’s 120 Million
Safeguarding domestic energy supplies for Egypt’s 120 million citizens remains the Ministry of Petroleum and Mineral Resources’ (MoPMR) top priority, Karim Badawi, Minister of Petroleum and Mineral Resources, said during an interactive press briefing, highlighting the sector’s growth potential as the government accelerates exploration, drilling, and production in partnership with international and local companies. He noted that coordinated planning among government entities helped Egypt maintain uninterrupted electricity supplies during the summers of 2025 and 2026, without load-shedding, supported by coordination between the petroleum and electricity ministries.
Aramco
Saudi Aramco Plans Gas Division as It Weighs Future Asset Listings
Saudi Aramco plans to reorganize its business to create a new gas division as the company considers possible listings of business units to raise cash, two sources familiar with the matter told Reuters.
Taqa Arabia
Qalaa Returns to Profit with EGP 200 Mn in H1 2026
Qalaa Holdings, a leading investment company in Africa and the Middle East, recorded a consolidated net profit after minority interest of EGP 200 million during the first half (H1) of 2026, compared with a net loss of EGP 1.3 billion in the same period of 2025. The turnover was supported by a 52% year-on-year (YoY) rise in its consolidated revenues to reach EGP 94.7 billion, according to a disclosure to the EGX. “The first half of 2026 was a strong period for Qalaa across the board, with the Group delivering robust top-line growth, a marked expansion in operating profitability, and a return to net profit," said Ahmed Heikal, Chairman and Founder of Qalaa Holdings.
Roadmap for Energy Transition
Germany Sets 2045 Target to Phase Out Coal, Oil and Gas
Germany’s cabinet approved a roadmap on September 23 to phase out coal, oil, and gas by 2045, reaffirming the country’s focus on electrification, Reuters reported. Germany is the third country, after France and the Netherlands, to adopt a national roadmap under an international initiative to reduce dependence on fossil fuels.
US
US Warns of Possible Exit from IEA Over Climate Policy Disputes
The US could withdraw from the International Energy Agency (IEA) if the organization fails to align with Washington’s priorities on climate policy, US Energy Secretary Chris Wright said on September 23. Speaking at a Wall Street Journal event in New York, Wright said the US would seek to reform the Paris-based agency but could consider leaving if those efforts fail.
Eni
Badawi, Eni Discuss Accelerating New Discoveries, Production in Egypt
Karim Badawi, Minister of Petroleum and Mineral Resources, met with Eni executives to discuss accelerating the development of new discoveries, raising production and expanding the Italian energy company’s exploration activities in Egypt.
Yanbu
Saudi Aramco Signals Possible Resumption of Yanbu Oil Loadings for Asian Refiners
Saudi Aramco has informally told at least three Asian refiners they may soon be able to pick up crude from Saudi Arabia’s Red Sea port of Yanbu, according to traders familiar with the matter.
