- 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%
Europe
Global Supply Shocks Drive Record US Crude Exports
US crude oil exports surged to an all-time high of 5.6 million barrels per day (mmbbl/d) in May, as Asian and European refiners increased purchases to offset supply disruptions triggered by the war between the US and Israel against Iran. Ship-tracking data from analytics firm Kpler showed exports surpassing the previous record of 5.2 mmbbl/d set in April.
Azerbaijan
Azerbaijan’s Absheron Field Secures Gas Sales Agreement with Regional Partners
SOCAR, TotalEnergies, ADNOC International and Turkey’s BOTAS have concluded a natural gas sales and purchase agreement (SPA) for future volumes from Azerbaijan’s Absheron field.
Alparslan Bayraktar
Badawi: Egypt Secures Caspian–Europe Energy Link
Karim Badawi, Minister of Petroleum and Mineral Resources, underscored Egypt's capacity as a vital energy bridge between the Caspian region and Europe. He highlighted the country's strategic geographic position and advanced infrastructure in natural gas, petroleum refining, handling, storage, and export, which collectively reinforce its position as a regional hub for energy trade. The Minister delivered his remarks during the ministerial session of Baku Energy Week in Azerbaijan's capital, Baku, attended by ministers, senior officials, and energy sector decision-makers from across the globe.
Baku Energy Week
Egypt Strengthens Energy Ties at Baku Energy Week
Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, represented the country at the opening of Baku Energy Week, held in Azerbaijan’s capital from 1–3 June. The event was inaugurated by President Ilham Aliyev, following an official invitation extended by the Republic of Azerbaijan. On the sidelines of the event Badawi met with a delegation from the State Oil Company of Azerbaijan Republic (SOCAR), led by Vice President Elshad Nassirov.
Mineral Resources and Mining Industries Authority (MRMIA)
Türkiye’s OZ Mining to Explore Gold Potential in Eastern Desert
The Mineral Resources and Mining Industries Authority (MRMIA) has signed a Memorandum of Understanding (MoU) with Türkiye’s OZ Mining to explore the potential for gold ore and associated minerals in the Egyptian Eastern Desert. The MoU came to conclude discussions held in April in Türkiye, as well as a series of meetings between the MRMIA team and officials from OZ Mining, to establish a framework for cooperation and explore the mining opportunities available in Egypt
Italy
Eni, Seri Industrial Develop Lithium Iron Phosphate Battery Supply Chain in Italy
Eni Industrial Evolution, a subsidiary of Italian energy major Eni, has signed an agreement with FIB, a subsidiary of battery manufacturer Seri Industrial Group, to jointly develop an integrated industrial supply chain for lithium iron phosphate batteries in Italy.
EAGA
Egypt Plans $5 Bn Green Ammonia Project in Ras Banas
Egypt is planning to establish a green ammonia production project in Ras Banas, with initial investments estimated at $5 billion. The investments are expected to rise to $10 billion upon reaching full production capacity, as part of Egypt’s strategy to advance sustainable development and expand reliance on renewable energy.
World Bank Group (WBG)
IMF, WTO, World Bank, IEA Flag Rising Energy Risks From Middle East War
The heads of the International Monetary Fund (IMF), World Bank Group (WBG), World Trade Organization (WTO), and International Energy Agency (IEA) have warned that US-Israeli war on Iran is generating substantial and highly asymmetric impacts on energy supplies, food security, and economic activity across countries and regions. Following the institution's meeting on May 28, they released a joint statement stating: “While the global economy continues to show resilience, the effects of the conflict are disproportionately affecting the most vulnerable countries through higher fuel and fertilizer prices, increased uncertainty, and risks to jobs and livelihoods. Higher fertilizer prices are of particular concern as many countries enter the planting season.”
