- 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%
OPEC
OPEC+ to Consider Output Boost in Upcoming Meeting
Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia (OPEC+), are considering a major output boost on March 1 meeting, potentially surpassing the slated 411,000 barrels per day (bbl/d) increase. With Saudi Arabia and the United Arab Emirates (UAE) already ramping up exports after weekend strikes on Iran, the group is moving to stabilize the market, Reuters reported.
US and Israel strikes on Iran
ADNOC Says Operations Remain Steady Amid Regional Tensions
The Abu Dhabi National Oil Company (ADNOC) affirmed that its oil and gas operations remain fully operational, despite escalating regional tensions following reported US and Israeli strikes on Iran, heightening concerns over potential retaliation and broader instability in the Middle East.
Egypt
MoPMR Unveils Energy Security Strategy Amid Regional Tensions
Egypt has been implementing a package of proactive measures designed to secure domestic natural gas and petroleum product supplies, according to a statement by the Ministry of Petroleum and Mineral Resources(MoPMR) released after the Israeli strikes on Iran. This comes as part of an integrated Cabinet-led effort, in coordination with relevant ministries and state institutions, to enhance readiness for emerging developments as energy security remains a fundamental pillar of Egypt’s national security, according to the statement. The Ministry is closely monitoring current developments resulting from recent military strikes and the subsequent repercussions, including the suspension of piped gas supplies from the Eastern Mediterranean. The Ministry reassured citizens of the diversity of gas supply sources and the availability of ready alternative capacities.
oil production
Egypt Accelerates Horizontal Drilling to Boost Oil and Gas Output
The Minister of Petroleum and Mineral Resources, Karim Badawi, said that the petroleum sector is fast-tracking the deployment of horizontal drilling and hydraulic fracturing technologies to unlock hard-to-reach oil and gas reserves and drive a significant increase in crude and natural gas production under the ministry’s five-year plan.
General Assembly
MIDTAP Handles Over 5 mmt of Petroleum Products in 2025
Middle East Oil Tankage and Pipelines (MIDTAP), Egypt’s operator of oil storage, pipelines, and marine terminal services, handled more than 5 million tons of petroleum products in 2025, including diesel, jet fuel and styrene, one of the petrochemical products, with the total number of tankers reaching 180, said Chairman Hasanen Mohamad Hasanen during the the company’s general assembly meeting to approve its 2025 fiscal year (FY) results. He noted that the company’s marine dock recorded growth in activity in the movement of petroleum products compared to the previous year. In 2024, MIDTAP recorded a total of 4.7 million tons of petroleum products traded at its dock with receiving 153 of tankers.
Envision Energy
El-Sisi Talks Renewable Investments with Scatec, Envision Energy
President Abdel Fattah El-Sisi held a meeting with Terje Pilskog, Norway's Scatec CEO, and Lei Zhang, the Chairman of the Chinese Envision Energy, to discuss expanding renewable energy investments and green hydrogen collaboration, according to a presidential statement. The President highlighted that strengthening partnerships with leading international companies is essential to meet the growing domestic and global demand for renewable energy generation. This strategy aims to secure and enhance energy supply chains while transitioning toward a sustainable green economy.
Aramco
Saudi Aramco Halts Juaymah LPG Exports After Pipeline Collapse
Saudi Aramco has halted Liquefied Petroleum Gas (LPG) exports from its Juaymah terminal in eastern Saudi Arabia after structural damage to part of the delivery system carrying propane and butane, according to Reuters. The incident occurred on February 23, prompting Aramco to activate its emergency response plan. Propane and butane shipments scheduled from Juaymah over the next few weeks have been canceled, while the company evaluates the scope and duration of the impact. The company reported no leaks or injuries, and exports from its West Coast facilities remain unaffected.
cuba
US to Authorize Venezuelan Oil Resale to Cuba’s Private Sector
The US Treasury Department would grant licenses for companies to resell Venezuelan oil to Cuba’s private sector, according to a Reuters report citing official guidance. The move aims to alleviate the island’s acute energy crisis following the halt of Venezuelan oil shipments in January. The crisis intensified after Washington assumed control of Venezuela's oil exports following the capture of leader Nicolas Maduro.
