- Crude Oil (WTI) 79.00 USD/bbl -0.73%
- Crude Oil (Brent) 84.84 USD/bbl 0.24%
- NYMEX Natural Gas 2.85 USD/MMBtu -2.06%
- OPEC Basket Price 84.39 USD/bbl -2.05%
Sanctions
Revised US, Russia Sanctions Bill Sparks Tariff Concerns
US senators have released a sanctions bill targeting Russia, lowering the proposed tariff to 100% from 500% in the previous version in an effort to secure broader congressional support, Reuters reported. However, Democratic lawmakers have expressed concerns over tariff provisions in a bipartisan US sanctions bill targeting Russia, warning that the legislation could expand President Donald Trump's authority to impose tariffs on countries importing Russian oil and natural gas.
ARC Resources
ARC Shareholders Approve Shell Acquisition
Canadian ARC Resources announced that its shareholders approved the company’s acquisition by Shell, according to a press release by ARC. Shell announced earlier this year it would buy the Canadian natural gas producer in a $16.4 billion transaction, aiming to strengthen its North American gas portfolio, according to Reuters.
Verdane
bp Signs Deal to Transfer Most Venture Investments to Verdane
bp has agreed to sell the majority of bp Ventures’ minority investment portfolio to European investment firm Verdane, as part of its strategy to simplify its business and sharpen capital allocation. The transaction, expected to close by the second quarter of 2027, will transfer stakes in more than 10 energy technology companies while allowing bp to retain select investments with strategic value.
EGPC
EGPC Reviews JV Exploration Progress and Outlines Five‑Year Plan
The Egyptian General Petroleum Corporation (EGPC) hosted a meeting with several exploration managers from joint venture companies (JVs) to review exploration and appraisal activities as well as discuss the petroleum sector’s five-year plan to boost hydrocarbon production and reserves.
Natural Gas
Burullus Gas Plans 40–60 mmcf/d output Boost starting September
Burullus Gas Company aims to increase gas output from some of its wells by 40-60 million cubic feet per day (mmcf/d) starting in September through acid stimulation, a well-intervention technique that involves pumping acid into the reservoir to improve natural gas flow into the wellbore, Mohamed Deghidy, the Company Chairman, told a meeting of senior Gas industry officials.
BP
bp Expects Lower Upstream Production in Q2 2026
British Petroleum (bp) expects a lower upstream production of between 2.17 million and 2.22 million barrels of oil equivalent per day (mmboe/d) in the second quarter (Q2) of 2026, down from 2.339 mmboe/d in the first quarter, according to its latest trading update. The company attributed the lower output to seasonal maintenance, mainly in the Gulf of America, and disruptions in the Middle East.
Iraq
Iraq PM Presses for Fair OPEC Share Amid Washington Investment Push
Iraq’s Prime Minister Ali al‑Zaidi said on Tuesday that the country must secure a fair share within the Organization of the Petroleum Exporting Countries (OPEC), responding to reporters who asked whether Baghdad was weighing an exit from the oil producers’ group.
oil supply
IEA Raises Concerns Over EU Methane Rules’ Impact on Oil Imports
The International Energy Agency warns that the EU’s upcoming methane emissions rules could significantly narrow the bloc’s crude oil supply options, potentially increasing refining costs and prompting calls from several member states to delay implementation.
