- 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%
Elsewedy Capital Holding for Investments
Egypt Launches Phosphate Fertilizer Project Amid Push for Mining Growth
The Egyptian Mineral Resources and Mining Industries Authority (MRMIA), the New Valley for Mineral Resources and Oil Clay (WADICO), and Elsewedy Capital Holding for Investments signed a shareholders’ agreement to establish a company to develop, construct, manage, and operate an integrated phosphate fertilizer production plant in Ain Sokhna. The agreement comes in Implementation of the Ministry of Petroleum and Mineral Resources' strategy to maximize the added value of the country’s mineral resources.
Mostafa Madbouly
Egypt Expands Strategic Fuel Reserves to Counter Regional Tensions
Prime Minister Mostafa Madbouly announced that Egypt is proactively strengthening energy security by increasing strategic reserves of petroleum products and other essential commodities, following directives from President Abdel Fattah El-Sisi. The initiative aims to protect the economy from disruptions stemming from ongoing regional tensions.
Standard Chartered Bank
Standard Chartered: Clearing IOC Arrears Boosts Egypt’s Outlook
The recent settlement of overdue payments owed to international oil companies (IOCs) marks a significant positive indicator for Egypt’s medium-term economic outlook, according to Standard Chartered's July 2026 report. The bank noted that the repayment comes alongside investment commitments exceeding $6 billion in oil and gas exploration and production (E&P) activities, a development expected to support injecting more investments into the energy sector and support higher domestic production.
natural gas discovery
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.
Strait of Hormuz
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.
IEA
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.
Global Energy Growth
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.
