- Crude Oil (WTI) 81.78 USD/bbl -0.86%
- Crude Oil (Brent) 88.26 USD/bbl 0.18%
- NYMEX Natural Gas 2.91 USD/MMBtu 0.00%
- OPEC Basket Price 83.39 USD/bbl -1.18%
Wanda well
Khalda Petroleum Brings New Western Desert Gas Discovery Onstream at 40 mmcf/d
Khalda Petroleum has started production from the newly discovered Wanda deep natural gas exploration well in Egypt’s Western Desert at an initial rate of 40 million cubic feet per day (mmcf/d). Natural gas flow from the well commenced on June 21, with full tie-in to the national natural gas grid scheduled before the end of July, according to a statement by the Cabinet.
US-Iran Conflict
Saudi May Crude Exports Hit Record Low Amid Gulf Tensions
Saudi Arabia’s crude oil exports fell to a record low of 3.434 million barrels per day (mmbbl/d) in May despite a rebound in production, as regional conflict disrupted Gulf shipments and higher domestic crude use weighed on export volumes, according to JODI data.
Equinor
Equinor Net Operating Income Grows 127% in Q2 2026 YoY
Equinor International Energy Company posted an adjusted operating income of $11.48 billion for the second quarter (Q2) of 2026, compared to $6.53 billion in Q2 2025. Net operating income came in 127% higher than Q2 2025, standing at $12.99 billion in Q2 2026. Meanwhile, net income totaled $4.84 billion. Adjusted net income stood at $3.22 billion, translating into adjusted earnings per share of $1.33.
Middle East conflict
IEA warns Mideast Conflict Puts Oil, Gas Routes at Risk
The International Energy Agency (IEA) is warning that escalating Middle East tensions are increasing uncertainty in global oil and gas markets. Hostilities threaten the Strait of Hormuz and regional energy infrastructure.
Drilling and Evaluation
Halliburton Q2 Profit Rises on Global Growth, Contracts
In the second quarter of 2026, Halliburton posted net income of $534 million, or $0.64 per diluted share, up from $461 million last quarter. This growth was driven by a 5.5% sequential increase in revenue to $5.7 billion, an operating margin of 14%, and adjusted operating income of $683 million.
Maridive and Oil Services
Maridive Records Rise in Consolidated Net Profit in Q1 2026
Maridive & Oil Services reported rise in its consolidated operating revenues amounting to $66.31 million during the first quarter (Q1) of 2026, up from $60.47 million in Q1 2025, according to the company’s consolidated financial disclosure to the EGX. The Egyptian company also recorded increase in its net profit reaching $23.24 million in Q1 2026, up from $18.004 million in Q1 2025.
GIPCO
GUPCO Boosts Crude Production to 71,250 bbl/d, Highest Since 2019
Gulf of Suez Petroleum Company (GUPCO), the joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and the UAE’s Dragon Oil, has raised its crude oil production to 71,250 barrels per day (bbl/d), marking the company’s highest output level since July 2019.
Umm Shaif Gas Cap project
ADNOC Secures $6.2 Bn FID For Umm Shaif Gas Cap Offshore Project
Abu Dhabi National Oil Company (ADNOC) has secured a $6.2 billion final investment decision (FID) to develop the Umm Shaif Gas Cap in Abu Dhabi, reinforcing the country's energy security and its role as a reliable global energy supplier, according to the company's release. The project is a partnership between ADNOC and French TotalEnergies, Italian Eni and China National Petroleum Corporation (CNPC). It aims to unlock more than 600 million cubic feet per day (mmcf/d) of natural gas and associated gas liquids, equivalent to almost 10% of the UAE’s current daily gas consumption. Production from the development is expected by 2030.
