- Crude Oil (WTI) 76.18 USD/bbl -4.55%
- Crude Oil (Brent) 79.06 USD/bbl -5.94%
- NYMEX Natural Gas 2.67 USD/MMBtu -3.61%
- OPEC Basket Price 79.50 USD/bbl -10.04%
Aramco
Aramco Rises 44% in Net Profit for Q2 2026
Saudi Aramco reported a 44% year-on-year increase in net income for the second quarter (Q2) of 2026, supported by higher crude oil and refined and chemical product prices amid heightened volatility in global energy markets. The company’s net profit reached $32.69 billion (SAR 122.6 billion) in Q2 2026, up from $22.67 billion (SAR 85.0 billion) in the same quarter of 2025, according to the company’s second-quarter and half-year interim report.
Shell
Shell Signs Deal to Sell European Onshore Renewables Portfolio to TotalEnergies
Shell announced signing a Sale and Purchase Agreement (SPA) to sell its entire European onshore renewables portfolio to TotalEnergies as part of its strategy to optimize capital allocation and focus on businesses where it has a competitive advantage.
Fuel availability
PM Reviews August Energy Supply Plan
Prime Minister Mostafa Madbouly reviewed Egypt's plans to secure energy supplies for August during a meeting with Karim Badawi, Minister of Petroleum and Mineral Resources, with the government reaffirming its commitment to ensuring the uninterrupted availability of petroleum products and natural gas, according to a Cabinet statement.
renewable energy
EETC Signs PPA with Alcazar Energy for 407 MW Wind Farm
The Egyptian Electricity Transmission Company (EETC), the state-owned power grid operator, signed a Power Purchase Agreement (PPA) with Alcazar Energy to construct a 407-megawatt (MW) wind power plant in the Zafarana region. The plant is projected to supply clean electricity to around 775,000 households and significantly reduce carbon emissions, with operations scheduled to commence in 2028.
EGAS
Egyptian Parliament Ratifies Four Oil, Gas Exploration Deals
The Egyptian Parliament approved on July 22 four oil and natural gas exploration and production agreements. The concessions include an onshore project in North Sinai involving Perenco, an UK-French independent oil and gas production company.
Iraq
Iraq and Türkiye Target 1.5 mmbbl/d Under New Framework Talks
Iraqi Oil Minister Basim Mohammed Khudair confirmed setting an export ceiling of up to 750,000 barrels per day (bbl/d) in the official agreement signed with the Turkish Ministry of Energy and the company ‘Botas.’ He noted that there are efforts to raise export volumes to 1.5 million barrels (Mmbbl) through a new framework agreement to be signed within a year
OPEC
OPEC+ Agrees September Output Increase of 188,000 bbl/d
OPEC+ has approved a production increase of 188,000 barrels per day (bbl/d) for September 2026, completing the phased rollback of the additional voluntary output cuts introduced in 2023 by seven key member countries. The decision was made during a virtual meeting on August 2 attended by Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman, which reviewed global oil market conditions and the outlook.
ECHEM
ECHEM Chairman Inspects Trial Operations at WOTECH MDF Plant in Idku
Alaa El-Din Abdel Fattah, Chairman of the Egyptian Petrochemicals Holding Company (ECHEM), inspected Wood Technology Company (WOTECH) project in Idku, Beheira Governorate, to follow up on the trial operation of the factory producing medium-density fiberboard (MDF) from rice straw.
