ExxonMobil Sees $4.5 Bn Refining Earnings Boost in Q3
ExxonMobil expects higher refining margins to boost its downstream earnings by $4.5 Bn in the third quarter (Q3) of 2026 compared with the previous quarter, Reuters reported on October 16.
News / International
Iraq Plans to Raise Kirkuk Oil Output to 450,000 bbl/d
Iraq plans to raise oil production from four Kirkuk oil fields to 450,000 barrels per day (bbl/d) and develop gas output of 500 million standard cubic feet per day (mmscf/d), Oil Minister Basim Al-Abadi said on October 15, according to the Iraqi News Agency (INA).
US Urges World Bank to Resume Upstream Oil, Gas Financing
US Treasury Secretary Scott Bessent has called on the World Bank to end its restrictions on financing upstream oil and gas projects and increase support for critical minerals mining, including deep-sea extraction, Reuters reported on 15 October, citing an official statement.
IEA to Accelerate Release of Remaining Oil Stocks
The International Energy Agency (IEA) agreed to accelerate the release of more than 20 million barrels of diesel from emergency reserves as part of a broader release of oil stocks pledged in March 2026, Reuters reported on October 16.
Venture Global Secures Agreements for Up to 10 GW of New Power Capacity
Venture Global, a US-based liquefied natural gas (LNG) producer and exporter, has signed agreements with GE Vernova and Baker Hughes Energy Services to support the development of up to 10 gigawatts (GW) of additional computing capacity at sites it owns or controls in the US, according to a company statement on 15 October.
Elsewedy Electric’s JV Secures $2.2Bn Saudi Power Project
Elsewedy Electric, Egyptian integrated energy solution company, has announced that its joint venture (JV) with Chinese Sinohydro has secured a $2.2 bn engineering, procurement, and construction (EPC) contract for the Rabigh 2 Independent Power Plant (IPP) expansion project in Saudi Arabia, Zawya reported on 14 October.
Aramco Offers Additional Crude Oil Cargoes for Spot Delivery to Europe
Saudi Aramco has offered additional crude oil cargoes for spot delivery to Europe between late October and mid-November, as the state-owned oil producer continues to make supplies available to traders, three trade sources familiar with the matter told Reuters.
The sources said Aramco contacted traders this week to offer the additional cargoes. The report did not specify the volumes, crude grades, pricing terms, or European destinations of the shipments.
Eni CEO Urges EU to Suspend ETS to Ease Industrial Costs
Claudio Descalzi, CEO of Italian energy giant Eni said on October 15 that EU should suspend its carbon emissions trading system (ETS), arguing that it is burdening the bloc’s industrial sector as companies face the effects of the wars in Ukraine and Iran.
“The emissions trading system should be suspended until a solution is reached to the Russia-Ukraine war and the Gulf war, because it is an extremely costly levy for our industrial sector,” Descalzi said, according to Reuters.
IEA: Record Tanker Freight Costs Push Asian Refiners’ Margins Into Negative
Record-high tanker freight rates have pushed profit margins for Asian oil refineries processing medium-sour crude into negative territory in September, as rising transportation costs increase the price of delivered crude, the International Energy Agency (IEA) said in its October Oil Market Report.
Shipping costs for very large crude carriers (VLCCs) transporting oil from the Middle East Gulf to Asia reached approximately $36 per barrel in early October, more than five times their level before the Iran war, according to the agency.
Trump: Taiwan to Buy Up to $80 Bn in LNG from Proposed Alaska Project
US President Donald Trump said Taiwan plans to purchase 30% of the output from the proposed Alaska LNG project over 20 years, with the commitment valued at $70 billion to $80 billion.
