- 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%
OPEC
OPEC+ Members Adjust Output, Reaffirm Market Stability Commitment
Seven OPEC+ countries, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, convened virtually on May 3 to assess global oil market conditions and outlook. The meeting resulted in a collective decision to implement a production adjustment of 188,000 barrels per day (bbl/d), effective June 2026, according to OPEC’s statement.
Egypt
Misr Phosphate Marks Fifth Year of Production Growth
Misr Phosphate Company’s output reached 4.02 million tons, marking growth for the fifth consecutive year, outgoing chairman and managing director Mohamed Abdel‑Azim said in a Ministry of Petroleum and Mineral Resources statement. The release did not specify whether the increase was measured on a fiscal or calendar‑year basis, nor did it clarify which year was covered..
Industrial sector
Egypt Raises Industrial Gas Price Floor to $6.50/MMBtu
The government has raised natural gas supply prices for the industrial sector with a minimum selling price not fall below $6.50 per million British thermal units (MMBtu), according to a decree no. No. 1306 of 2026 issued by Prime Minister Mostafa Madbouly and published on the official Gazette El-Waqai' el-Misriyya.
Egypt
Madbouly Inspects Al-Qaher-2 Drilling Rig Following Denise Gas Discovery
Prime Minister Mostafa Madbouly inspected Egypt’s offshore drilling rig Al‑Qaher‑2, which carried out operations for the Denise West‑1 exploratory well in the Eni‑bp Temsah concession in the Mediterranean. The operation resulted in a promising natural gas discovery, with reserves estimated at around 2 trillion cubic feet of gas, in addition to approximately 130 million barrels of condensate. Karim Badawi, Minister of Petroleum and Mineral Resources, who accompanied Madbouly in the visit, affirmed that the new Denis discovery represents one of the important outcomes of the Ministry’s program to settle dues owed to foreign partners and to implement new incentives aimed at accelerating investment in the petroleum and gas sector.
Honeywell UOP
ESAF, ELAB Push Egypt Petrochemicals With Honeywell Deals
The Egyptian Sustainable Aviation Fuel Company (ESAF), a subsidiary of the Egyptian Petrochemicals Holding Company (ECHEM), has signed a technology license agreement with US Honeywell to deploy its Ecofining technology in Egypt's first project to produce sustainable aviation fuel (SAF). This follows a previous agreement signed in December between ESAF and Honeywell for the establishment of the project in Alexandria.
production
Venezuela’s Oil Exports Reach Highest Level in Over Seven Years in April
Venezuela’s crude oil exports rose by 14% month-on-month to around 1.23 million barrels per day (mmbbl/d) in April, marking the highest level recorded in more than seven years, according to shipping data and documents from state-owned PDVSA.
Egypt
TAG Oil Extends BED‑1 Deal to 2028
The combined production from TAG Oil’s BED4-T100 horizontal well and BED 1-7 vertical well at the Badr Oil Field (BED-1) in Egypt’s Western Desert averaged approximately 80 barrels of oil per day (bbl/d) during the Fourth quarter(Q4) of 2025. According to a company press release, average output for the full year ended December 31, 2025, stood at roughly 84 bbl/d, with cumulative gross production from both wells surpassing 83,000 barrels.
Iran - US conflict
OPEC+ Plans June Output Increase Amid Ongoing Supply Disruptions
OPEC+ has reached a preliminary agreement to raise its oil production targets for June, according to sources familiar with the group’s deliberations, cited by Reuters. However, the planned increase is expected to have limited impact in practice as the ongoing US -Iran conflict continues to disrupt crude flows from the Gulf.
