Saudi Arabia’s crude oil exports fell to a record low of 3.434 million barrels per day (mmbbl/d) in May despite a rebound in production, as regional conflict disrupted Gulf shipments and higher domestic crude use weighed on export volumes, according to JODI data.
Equinor International Energy Company posted an adjusted operating income of $11.48 billion for the second quarter (Q2) of 2026, compared to $6.53 billion in Q2 2025. Net operating income came in 127% higher than Q2 2025, standing at $12.99 billion in Q2 2026. Meanwhile, net income totaled $4.84 billion. Adjusted net income stood at $3.22 billion, translating into adjusted earnings per share of $1.33.
The International Energy Agency (IEA) is warning that escalating Middle East tensions are increasing uncertainty in global oil and gas markets. Hostilities threaten the Strait of Hormuz and regional energy infrastructure.
In the second quarter of 2026, Halliburton posted net income of $534 million, or $0.64 per diluted share, up from $461 million last quarter. This growth was driven by a 5.5% sequential increase in revenue to $5.7 billion, an operating margin of 14%, and adjusted operating income of $683 million.
Abu Dhabi National Oil Company (ADNOC) has secured a $6.2 billion final investment decision (FID) to develop the Umm Shaif Gas Cap in Abu Dhabi, reinforcing the country's energy security and its role as a reliable global energy supplier, according to the company's release.Â
The project is a partnership between ADNOC and French TotalEnergies, Italian Eni and China National Petroleum Corporation (CNPC). It aims to unlock more than 600 million cubic feet per day (mmcf/d) of natural gas and associated gas liquids, equivalent to almost 10% of the UAE’s current daily gas consumption. Production from the development is expected by 2030.
US crude oil inventories in the Strategic Petroleum Reserve fell by 5.1 million barrels last week to their lowest level since 1983, extending drawdowns under the government’s planned release program.
Iraq’s State Oil Marketing Organization (SOMO) is seeking to purchase gasoil cargoes for delivery in August and September through a spot tender, marking the first such move since January 2025, Reuters reported.
Middle East Gulf crude and condensate exports climbed to their highest level since February during the first half of July as a temporary easing of US-Iran tensions boosted shipments. However, renewed fighting and slowing tanker traffic through the Strait of Hormuz are raising fresh concerns over regional oil flows and global supply risks.
ECOWAS heads of state have signed the Intergovernmental Agreement for the African Atlantic Gas Pipeline, paving the way for the project’s implementation phase and the establishment of its governing institutions to advance regional gas integration and exports to Morocco and Europe.
The IEA warned that prolonged disruptions to oil flows through the Strait of Hormuz could threaten global energy security, despite emergency oil stock releases and increased US production helping to ease market pressures.
