OPEC+ Eight to Hike April Output by 1.65 mmbbl/d

• Monday, 2nd March 2026
• by Fatma Ahmed

Eight OPEC+ member countries have agreed to begin a phased unwinding of their voluntary oil production cuts starting in April 2026, citing a stable global economic outlook and robust market fundamentals. During a virtual meeting held on March 1, 2026, the coalition, comprising Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, decided to implement a production increase of 206,000 barrels per day (bbl/d). This move marks the initial restoration of the 1.65 million barrels per day (mmbbl/d) in additional voluntary adjustments first introduced in April 2023.

Iran Blocks Strait of Hormuz

• Sunday, 1st March 2026
• by Doaa Ashraf

Iran has been sending radio signals to ships stating that no vessel is allowed to pass through the Strait of Hormuz, according to Reuters. Ships navigating near the waterway have received very high frequency (VHF) transmissions from the Iranian force warning vessels against transiting the strait, an official from the EU’s naval mission Aspides told Reuters.

OPEC+ to Consider Output Boost in Upcoming Meeting

• Sunday, 1st March 2026
• by Sarah Samir

Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia (OPEC+), are considering a major output boost on March 1 meeting, potentially surpassing the slated 411,000 barrels per day (bbl/d) increase. With Saudi Arabia and the United Arab Emirates (UAE) already ramping up exports after weekend strikes on Iran, the group is moving to stabilize the market, Reuters reported.

ADNOC Says Operations Remain Steady Amid Regional Tensions

• Sunday, 1st March 2026
• by Fatma Ahmed

The Abu Dhabi National Oil Company (ADNOC) affirmed that its oil and gas operations remain fully operational, despite escalating regional tensions following reported US and Israeli strikes on Iran, heightening concerns over potential retaliation and broader instability in the Middle East.

Saudi Aramco Halts Juaymah LPG Exports After Pipeline Collapse

• Thursday, 26th February 2026
• by Doaa Ashraf

Saudi Aramco has halted Liquefied Petroleum Gas (LPG) exports from its Juaymah terminal in eastern Saudi Arabia after structural damage to part of the delivery system carrying propane and butane, according to Reuters.

The incident occurred on February 23, prompting Aramco to activate its emergency response plan. Propane and butane shipments scheduled from Juaymah over the next few weeks have been canceled, while the company evaluates the scope and duration of the impact. The company reported no leaks or injuries, and exports from its West Coast facilities remain unaffected.

US to Authorize Venezuelan Oil Resale to Cuba’s Private Sector

• Thursday, 26th February 2026
• by Samar Samir

The US Treasury Department would grant licenses for companies to resell Venezuelan oil to Cuba’s private sector, according to a Reuters report citing official guidance. The move aims to alleviate the island’s acute energy crisis following the halt of Venezuelan oil shipments in January. The crisis intensified after Washington assumed control of Venezuela's oil exports following the capture of leader Nicolas Maduro.

Eni’s Production Hikes by 7% YoY in Q4 2025

• Thursday, 26th February 2026
• by Sarah Samir

Eni's oil and gas production rose by over 7% year on year (YoY) from its global portfolio during Q4 of 2025, reaching 1.84 million barrels of oil equivalent per day (boe/d), thanks to the accelerated start-ups and ramp-ups as well as excellent base business performance, the company said in a statement.

Saipem Delivers €15.5 Bn Revenue, Sets 2026 Guidance

• Wednesday, 25th February 2026
• by Fatma Ahmed

Italy’s engineering and construction group Saipem reported growing financial results in 2025, with full-year revenue rising 6.5% year-on-year (YoY) to €15.497 billion. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 29.1% YoY to €1.716 billion.

Chevron in Exclusive Talks to Acquire West Qurna 2 Oilfield in Iraq

• Tuesday, 24th February 2026
• by Fatma Ahmed

Chevron has begun exclusive negotiations with Iraq over the massive West Qurna 2 oilfield, bringing it closer to taking over the asset from Russian producer Lukoil, which is under sanctions.

Saipem Wins Additional Offshore Pipeline Contract in Saudi Arabia

• Tuesday, 24th February 2026
• by Fatma Ahmed

The Italian contractor, Saipem, has secured an additional offshore contract in Saudi Arabia under its existing Long-Term Agreement with the energy major, Saudi Aramco, the company said.

The award, structured as a Contract Release Purchase Order (CRPO), covers the engineering, procurement, construction, and installation (EPCI) of a 48-inch trunkline at the Safaniya oil field, one of the world’s largest offshore oil fields.