- Crude Oil (WTI) 72.07 USD/bbl +1.27%
- Crude Oil (Brent) 76.00 USD/bbl +1.40%
- NYMEX Natural Gas 2.32 USD/MMBtu +6.14%
- OPEC Basket Price 76.06 USD/bbl -0.41%
Petrochemicals
ExxonMobil to Shut Singapore Steam Cracker by June 2026
ExxonMobil plans to permanently shut down the older of its two steam crackers on Singapore's Jurong Island, with closure beginning in March and full shutdown expected by June, Reuters reported, citing four sources. The move comes as petrochemical producers worldwide face losses from sharp overcapacity driven largely by China.
Turkey
Turkey Extends Russian Natural Gas Contracts for One Year, Plans US Upstream Investments
Turkey finalized a one-year extension of two natural gas import contracts with Russia's Gazprom totaling 22 billion cubic meters (bcm), while advancing plans to invest in US natural gas production, Energy Minister Alparslan Bayraktar announced, Reuters reported.
Jafurah shale gas project
Aramco's Jafurah Shale Gas Project Begins Production at 450 mmcf/d
Saudi Aramco's Jafurah shale gas project has commenced production at 450 million standard cubic feet per day (mmscf/d), marking the completion of the project's first phase, Saudi Arabia's Finance Ministry revealed, Reuters reported. The milestone was highlighted in the kingdom's 2026 budget statement as one of the key achievements of 2025.
EBRD
Egypt Discusses Mining Financing with EBRD, Deutsche Bank in London
Egypt advanced talks with the European Bank for Reconstruction and Development (EBRD) on financing an upcoming airborne geophysical survey and explored new financing avenues for mining projects during Minister of Petroleum and Mineral Resources Karim Badawi's visit to London. Badawi led the Egyptian-British business delegation as part of the Ministry's strategy to reduce investment risks and attract new partners, as per the ministry's statement.
Meetings
Badawi Pitches Egypt’s Mining Potential to Four International Companies
Karim Badawi, Minister of Petroleum and Mineral Resources, met four international mining executives during his London visit. The Minister reviewed development plans, progress, and reforms designed to create an attractive investment environment for Egypt's mining sector, according to the ministry's statement.
Minister of Petroleum and Mineral Resources
Badawi Showcases Mining Reforms, Incentives at London
Egypt is seeking partnerships with investors and financial institutions to unlock its untapped mineral wealth and boost the sector's contribution to the national economy, said Minister of Petroleum and Mineral Resources Karim Badawi during the Egyptian-British business mission to London.The visit began with a session titled “Untapped Mining Opportunities and New Commercial Discoveries,” that gathered representatives of around 30 European mining companies, banks, financial institutions, and advisory firms.
Eastern Desert
Badawi, AngloGold Discuss Expanding investment, Training Cooperation
During an official visit to London as the head of the Egypt‑UK business mission for mining, Minister of Petroleum and Mineral Resources Karim Badawi held talks with Hoda Mansour, Managing Director and Vice Chairwoman of Sukari Gold Mines Company, representing global mining major AngloGold Ashanti.
TotalEnergies
Total: Partenrs in Mozambique LNG Project to Inject More Equity
TotalEnergies and its partners have reshaped the $15.4 billion Mozambique LNG financing package after a prolonged force majeure period, moving ahead without backing from the UK and Dutch export credit agencies while securing continued support from the vast majority of its lenders.
