- Crude Oil (WTI) 99.00 USD/bbl 2.87%
- Crude Oil (Brent) 109.95 USD/bbl 4.10%
- NYMEX Natural Gas 3.12 USD/MMBtu -0.32%
- OPEC Basket Price 109.93 USD/bbl -1.50%
Cyprus
MEES: Virtual EastMed Gas Route Positions Egypt as Regional Energy Hub
Egypt could strengthen its position as a regional natural gas transit and export hub through a proposed route connecting Cypriot offshore supplies to European markets via existing infrastructure, rather than a dedicated subsea pipeline, Middle East Economic Survey (MEES) reported on October 16.
ExxonMobil
ExxonMobil Sees $4.5 Bn Refining Earnings Boost in Q3
ExxonMobil expects higher refining margins to boost its downstream earnings by $4.5 Bn in the third quarter (Q3) of 2026 compared with the previous quarter, Reuters reported on October 16.
Kirkuk
Iraq Plans to Raise Kirkuk Oil Output to 450,000 bbl/d
Iraq plans to raise oil production from four Kirkuk oil fields to 450,000 barrels per day (bbl/d) and develop gas output of 500 million standard cubic feet per day (mmscf/d), Oil Minister Basim Al-Abadi said on October 15, according to the Iraqi News Agency (INA).
World Bank
US Urges World Bank to Resume Upstream Oil, Gas Financing
US Treasury Secretary Scott Bessent has called on the World Bank to end its restrictions on financing upstream oil and gas projects and increase support for critical minerals mining, including deep-sea extraction, Reuters reported on 15 October, citing an official statement.
Oil
IEA to Accelerate Release of Remaining Oil Stocks
The International Energy Agency (IEA) agreed to accelerate the release of more than 20 million barrels of diesel from emergency reserves as part of a broader release of oil stocks pledged in March 2026, Reuters reported on October 16.
fuel prices
Egypt Keeps Fuel Prices Steady for Q3 2026 Despite Global Oil Market Volatility
Egypt’s Fuel Automatic Pricing Committee (FAPC) has decided to keep domestic petroleum product prices unchanged for the third quarter (Q3) of 2026, according to a statement on October 15.
drilling
Khalda Brings SKAL-02 Online Within 50 Days of Drilling Start
Khalda Petroleum Company, a joint venture (JV) between Apache and the Egyptian General Petroleum Corporation (EGPC), has brought its SKAL-02 development well online within 50 days of starting drilling, accelerating the development of natural gas and condensates from the Shifa formation, the company said on October 15.
LNG
Venture Global Secures Agreements for Up to 10 GW of New Power Capacity
Venture Global, a US-based liquefied natural gas (LNG) producer and exporter, has signed agreements with GE Vernova and Baker Hughes Energy Services to support the development of up to 10 gigawatts (GW) of additional computing capacity at sites it owns or controls in the US, according to a company statement on 15 October.
