India is poised to receive its first shipment of Iranian oil in seven years, following the temporary lifting of US sanctions on Iranian crude and refined products to ease global supply pressures, according to Reuters.
Shell's operational results recorded an upstream production of 1.89 million barrels of oil equivalent per day (mmboe/d) in the fourth quarter (Q4) of 2025, up from 1.859 mmboe/d in the same quarter in 2024. This figure is forecast to decline in the first quarter (Q1) of 2026 to a range of 1.76-1.86 mmboe/d. The anticipated decrease is attributed to the incorporation of the Aradura joint venture (JV), a partnership between Shell and a local operator in Nigeria.
Oil prices declined sharply below $100 per barrel on April 8, after US President Donald Trump announced a provisional two-week ceasefire agreement with Iran, contingent on the immediate and secure reopening of the Strait of Hormuz.
Brent crude decreased by 14.9% to $92.95 per barrel, while US West Texas Intermediate (WTI) dropped 16.1% to $94.79 per barrel, reflecting easing supply concerns.
Iraq could ramp up its crude oil exports to around 3.4 million barrels per day (mmbbl/d) within a week if the ongoing Iran conflict de-escalates and the Strait of Hormuz reopens, according to the head of the state-run Basra Oil Company.
Iraq is taking measures to safeguard its oil exports amid ongoing tensions in the Strait of Hormuz. The State Organization for Marketing of Oil (SOMO) has instructed customers to submit crude lifting schedules within 24 hours to ensure the timely and efficient execution of export operations. SOMO also confirmed that all export facilities, including the Basrah Oil Terminal, are fully operational and ready to handle shipments, according to Reuters.
Eight members of the OPEC+ alliance have agreed to increase oil production by 206,000 barrels per day (bbl/d) starting in May 2026, as part of a gradual plan to ease earlier supply cuts and support market stability. The decision was made during a virtual meeting held on April 5, bringing together Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman.
India has resumed buying oil from Iran for the first time in nearly five years, as ongoing tensions in the Middle East continue to disrupt supplies, especially through the Strait of Hormuz, Reuters reported.
Baker Hughes has been awarded the 2026 SAP Global Partner Award in the Intelligent App Innovation category, recognizing its contributions to advancing digital solutions and strengthening its collaboration with SAP.
TotalEnergies, the integrated multi-energy company, and Abu Dhabi Future Energy Company (Masdar), the UAE-based global renewable energy company, signed a binding agreement to establish a 50/50 joint venture (JV) with an investment allocation of $2.2 billion to combine their onshore renewable energy businesses across nine Asian markets.
A fire broke out in the Fujairah Oil Industry Zone (FOIZ) following a suspected drone incident, the UAE News Agency reported on May 4. Civil defense teams responded immediately and are working to contain the fire.
