- Crude Oil (WTI) 83.23 USD/bbl 1.61%
- Crude Oil (Brent) 89.17 USD/bbl 3.07%
- NYMEX Natural Gas 2.92 USD/MMBtu 1.39%
- OPEC Basket Price 86.39 USD/bbl -4.31%
Iran
Strait of Hormuz Ship Traffic Remains Well Below Average Amid Ongoing Regional Tensions
Ship traffic through the Strait of Hormuz remained significantly below normal levels on August 25, with only five commodity vessels crossing the key energy chokepoint, according to preliminary data from shipping tracker Kpler cited by Reuters. The number of vessels was well below the 10-day average of 15 crossings. Two liquefied petroleum gas (LPG) tankers and one bitumen tanker exited the Gulf, while two empty product tankers entered from the Gulf of Oman.
UAE
Indian Refiners, Global Energy Major Halt Use of Iran-Blacklisted Ships
Iran’s blacklist of 45 vessels has prompted at least three Indian refiners and a global energy major to avoid the ships, including for ship-to-ship transfers, amid rising security risks in the Strait of Hormuz.
Prime Minister Mostafa Madbouly
Egypt's President Reviews 5-Year Plan to Double Egypt's Oil Output
President Abdel Fattah El-Sisi met with Prime Minister Mostafa Madbouly and Karim Badawi, Minister of Petroleum and Mineral Resources, in New Alamein to review Egypt’s 5-year plan for crude oil and natural gas production.
New Alamein
El-Sisi, Eni Discuss $8.5 Bn Egypt Investments
President Abdel Fattah El-Sisi met with Italian Eni CEO Claudio Descalzi in New Alamein to discuss the company’s $8.5 billion investments in Egypt and plans to expand exploration and production activities.
Drexel
Proger, Drexel Advance $278 Mn Bioethanol Project in Egypt
Mohamed Farid, Minister of Investment and Foreign Trade, met with representatives of Italian companies Proger and Drexel to review a planned $278 million project to produce second-generation bioethanol from sugarcane waste in Egypt.
Egypt
Shell Takes FID on Phase 12a Development in Egypt’s WDDM Concession
Shell and its partners have taken a Final Investment Decision (FID) to develop Phase 12a in Egypt’s West Delta Deep Marine concession, comprising three deepwater subsea wells with first gas expected in 2028.
US
US Sanctions Wellbred Capital Over Links to Iranian Oil Network
The US has sanctioned Wellbred Capital and affiliated trading firms over alleged links to Iranian oil shipping magnate Mohammad Hossein Shamkhani and his global shipping network.
EGAS
WASCO Targets Higher Gas Output Through New Wells
El Wastani Petroleum Company’s (WASCO) plans to boost gas output from existing fields by maximizing well productivity and reassessing formations and reservoirs and accelerating drilling and development activities based on updated geological and geophysical studies, Sally Salah El-Din, WASCO’s Chairwoman and Managing Director, said. Salah El-Din’s statement came during the field visit by Sayed Selim, Executive Managing Director of the Egyptian Natural Gas Holding Company (EGAS), to WASCO’s operations, where he reviewed current production rates, drilling programs, exploration activities and field development plans, according to a statement from the Ministry of Petroleum and Mineral Resources (MoPMR).
