Dana Gas and Levidian have started graphene production at Sharjah Graphene Park, with plans to expand annual capacity to more than 10 tonnes by the end of 2026 and potentially invest up to $50 million as production scales.
Vaalco Energy, a US-based independent energy company, has completed the third phase of its offshore drilling campaign in Gabon, reporting positive results from the ETSEM-3H well in the Southeast Etame field.
Separately, the company has started the fifth phase of its drilling campaign at the Baobab field offshore Côte d’Ivoire, with the production expected to come online near the end of 2026.
Germany will release up to 15 million barrels (mmbbl) of crude oil and petroleum products from its emergency reserves under a coordinated Group of Seven (G7) initiative led with the International Energy Agency (IEA), Reuters reported. The move aims to ease fuel shortages and contain rising energy prices amid supply disruptions linked to conflicts involving Iran and Ukraine.
Venezuela plans to finalize 105 oil contracts by the end of 2026, targeting higher crude production and increased refinery throughput as it seeks to attract foreign investment into its energy sector.
Indian Oil Corporation has purchased 3 million barrels of Middle Eastern and West African crude for November delivery through tenders, including supplies from Abu Dhabi, Iraq, and Angola.
KBR has secured an Aramco project to upgrade processing, gas compression, and power infrastructure across the Marjan offshore field in the Arabian Gulf.
The International Energy Agency (IEA) is expected to work out the details of a planned 100 million-barrel release of crude oil and petroleum products from emergency reserves at a meeting next week, as markets seek clarity on how much diesel Europe and the United States will make available to ease tight supplies and record-high prices, Reuters reported, citing sources familiar with the matter.
The EIA raised its oil price forecasts for 2026 and 2027 as the Iran war disrupts Middle East supplies, tightens diesel markets, and drives global inventories lower.
Saudi Arabia has restored oil flows through its East-West Pipeline to 5.8 million barrels per day (mmbbl/d), Energy Minister Prince Abdulaziz bin Salman said, underscoring the kingdom’s progress in rebuilding an alternative export route amid continued disruption to oil shipments through the Strait of Hormuz, according to Reuters.
