- 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
Egypt Cabinet Imposes VAT on Natural Gas, No Impact on Households
The Egyptian Cabinet approved a draft law that cancelled the exemption of natural gas from the value-added tax (VAT), making it subject to a table tax of EGP 20 per 1,000 cubic feet (cf). This comes as part of a wider plan to increase state revenues and widen the tax base.
Egypt
Egypt’s US LNG Imports Halve in May
Egypt's liquefied natural gas (LNG) imports from the US declined to approximately 300,000 metric tons (mt) in May, nearly half its typical monthly intake of around 600,000 mt, Reuters reported, citing maintenance work at major US ports.
ADNOC
ADNOC Launches Spot Tender for Up to 2 mmbbl of UAE Crude
Abu Dhabi National Oil Company (ADNOC), UAE' state-owned oil and gas producer, has issued a spot tender to market up to 2 million barrels (mmbbl) of crude oil from the UAE. The offering includes cargoes of Upper Zakum, Umm Lulu, and Das crude grades, with deliveries scheduled between June and September.
Egypt
Badawi Pushes for Regional Integration at D-8 Organization Meeting
Karim Badawi, Minister of Petroleum and Mineral Resources, participated in the first meeting of the Developing Eight (D‑8) Organization for Economic Cooperation, which includes Egypt, Türkiye, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Bangladesh. The meeting aimed at securing energy supplies and expanding joint infrastructure, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).
Russia
Russia Raises LNG Exports by 11.5% in First Five Months of 2026
Russia exported 14.5 million metric tons (mmt) of liquefied natural gas (LNG) between January and May, marking an 11.5% increase compared to the same period last year, according to Reuters. The growth was driven by higher output from the Arctic LNG 2 project.
OPEC
OPEC+ Set to Approve Further Output Hike for July Despite Ongoing Supply Disruptions
OPEC+ oil-producing countries are expected to approve an additional increase in their production target for July during their upcoming meeting on Sunday, three sources told Reuters, even as geopolitical tensions and supply constraints continue to affect output.
profit
Maridive Achieves Strong Financial Turnaround with 171% Net Profit Growth
Maridive and Oil Services Company reported a 171% increase in net profit after tax in 2025 compared to 2024, to reach $59.3 million. Revenues during the same period climbed 21% to $254.3 million.
asia
Global Supply Shocks Drive Record US Crude Exports
US crude oil exports surged to an all-time high of 5.6 million barrels per day (mmbbl/d) in May, as Asian and European refiners increased purchases to offset supply disruptions triggered by the war between the US and Israel against Iran. Ship-tracking data from analytics firm Kpler showed exports surpassing the previous record of 5.2 mmbbl/d set in April.
