- Crude Oil (WTI) 96.34 USD/bbl 0.55%
- Crude Oil (Brent) 106.05 USD/bbl -0.46%
- NYMEX Natural Gas 3.21 USD/MMBtu 1.58%
- OPEC Basket Price 111.60 USD/bbl -0.62%
SinoHydro
Elsewedy Electric’s JV Secures $2.2Bn Saudi Power Project
Elsewedy Electric, Egyptian integrated energy solution company, has announced that its joint venture (JV) with Chinese Sinohydro has secured a $2.2 bn engineering, procurement, and construction (EPC) contract for the Rabigh 2 Independent Power Plant (IPP) expansion project in Saudi Arabia, Zawya reported on 14 October.
crude oil
Aramco Offers Additional Crude Oil Cargoes for Spot Delivery to Europe
Saudi Aramco has offered additional crude oil cargoes for spot delivery to Europe between late October and mid-November, as the state-owned oil producer continues to make supplies available to traders, three trade sources familiar with the matter told Reuters. The sources said Aramco contacted traders this week to offer the additional cargoes. The report did not specify the volumes, crude grades, pricing terms, or European destinations of the shipments.
Claudio Descalzi
Eni CEO Urges EU to Suspend ETS to Ease Industrial Costs
Claudio Descalzi, CEO of Italian energy giant Eni said on October 15 that EU should suspend its carbon emissions trading system (ETS), arguing that it is burdening the bloc’s industrial sector as companies face the effects of the wars in Ukraine and Iran. “The emissions trading system should be suspended until a solution is reached to the Russia-Ukraine war and the Gulf war, because it is an extremely costly levy for our industrial sector,” Descalzi said, according to Reuters.
IEA
IEA: Record Tanker Freight Costs Push Asian Refiners’ Margins Into Negative
Record-high tanker freight rates have pushed profit margins for Asian oil refineries processing medium-sour crude into negative territory in September, as rising transportation costs increase the price of delivered crude, the International Energy Agency (IEA) said in its October Oil Market Report. Shipping costs for very large crude carriers (VLCCs) transporting oil from the Middle East Gulf to Asia reached approximately $36 per barrel in early October, more than five times their level before the Iran war, according to the agency.
LNG
Trump: Taiwan to Buy Up to $80 Bn in LNG from Proposed Alaska Project
US President Donald Trump said Taiwan plans to purchase 30% of the output from the proposed Alaska LNG project over 20 years, with the commitment valued at $70 billion to $80 billion.
Investment Opportunities
Petroleum, Investment Ministries Sign Protocol to Boost Investment
With the aim of attracting new investment and exploring innovative financing mechanisms in Egypt’s oil and gas sector, Petroleum Minister Karim Badawi and Investment Minister Mohamed Farid signed a cooperation protocol on 14 October, the Cabinet said. Badawi described the agreement as a key step toward strengthening the financial, technical and competitive capacities of petroleum and mining companies through new financing tools, broader partnerships and improved asset management. Farid stressed that the Ministry of Investment and its affiliated entities will contribute their investment, financing, and promotional expertise to make investment opportunities more attractive and broaden the pool of investors interested in the oil, gas, and mining sectors.
Edison
EDF Pauses Edison Stake Sale as Qatar Gas Supply Uncertainty Persists
France's EDF has suspended plans to sell a minority stake in its Italian subsidiary Edison due to uncertainty over liquefied natural gas (LNG) supplies from Qatar, with the sale process potentially resuming in early 2027. Edison CEO Nicola Monti said the company lacked sufficient visibility into the timing of QatarEnergy's deliveries to support long-term planning. He added that the company hoped supplies would resume early next year, although the outlook remained unclear.
North Sea
Equinor Discovers Oil and Gas Near Oseberg Field in Norway
Equinor and its partners have discovered oil and gas near Norway’s Oseberg field, with recoverable resources estimated at up to 50 million barrels of oil equivalent. The partnership plans to tie the discovery back to existing subsea infrastructure to accelerate development and reduce costs.
