- Crude Oil (WTI) 93.69 USD/bbl 2.00%
- Crude Oil (Brent) 106.71 USD/bbl 2.08%
- NYMEX Natural Gas 3.15 USD/MMBtu -2.17%
- OPEC Basket Price 111.98 USD/bbl -1.80%
Oil Prices
Houthi Attacks on Saudi Push Oil Higher, Outweighing U.S.–Russia Diesel Deal
Oil prices rose to near two-week highs on October 12 as attacks on Saudi Arabia heightened concerns over Middle East supply disruptions, outweighing expectations of additional diesel supplies from Russia, Reuters reported.
Minister of Petroleum and Mineral Resources
Egypt, SLB Discuss Technology Cooperation to Boost Egypt’s Oil and Gas Production
Egyptian Minister of Petroleum and Mineral Resources Karim Badawi has discussed expanding technology cooperation to boost Egypt’s oil and natural gas production with CEO of global technology company SLB Olivier Le Peuch, according to a statement by the ministry on October 12.
Minister of Electricity and Renewable Energy Mahmoud Esmat
Esmat Calls for Stronger Arab Cooperation on renewables
Mahmoud Esmat, Minister of Electricity and Renewable Energy, stressed the importance of developing a unified Arab database for renewable energy and energy efficiency projects, as part of efforts to strengthen regional cooperation in the electricity sector Speaking at the opening session of the 16th session of the Arab Ministerial Council for Electricity in Riyadh, Saudi Arabia, Esmat highlighted the importance of the Arab Common Electricity Market and comprehensive Arab electricity interconnection in supporting economic and social development across the region.
Saudi Arabia
Egypt Highlights Energy Security, Investor Confidence at WPC
Addressing the opening ministerial session of the World Petroleum Congress (WPC) in Riyadh, Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi said the country is prioritizing energy security by attracting investment to boost domestic output, accelerate exploration and development, and maximize existing infrastructure. He stressed that Egypt has adopted a practical approach to tackling sector challenges by strengthening cooperation with international investors, improving the business climate, and turning opportunities into productive projects.
Russia
US Senators Urge Trump to Reverse Russia Diesel Deal
Seven US senators from both the Republican and Democratic parties urged President Donald Trump to reverse a diesel supply deal with Russia, saying it violates US law prohibiting Russian energy imports until Moscow ends its aggression against Ukraine, according to Reuters.
Saudi Arabia
Egypt, Saudi Arabia Sign MoU to Expand Cooperation in Oil, Gas
Egypt and Saudi Arabia have signed a memorandum of understanding (MoU) to strengthen cooperation in oil, natural gas and petrochemicals and expand trade in petroleum products, according to a statement by Egypt’s Ministry of Petroleum and Mineral Resources on October 11.
bidding
MRMIA Sets October 16 Deadline for Bids on Two Gold Blocks
Egypt’s Mineral Resources and Mining Industries Authority (MRMIA) has set October 16, 2026, as the deadline for bidding on the gold blocks DC69 to FG62, according to an announcement by the authority on October 11.
Crude oil reserves
US Authorizes Release of 4 Million Barrels of Crude Oil From Strategic Reserve
The US Department of Energy has authorized the release of up to four million barrels of crude oil from its Strategic Petroleum Reserve to offset supply disruptions caused by Hurricane Isaias, Reuters reported.
