- Crude Oil (WTI) 82.40 USD/bbl 1.30%
- Crude Oil (Brent) 88.82 USD/bbl 1.95%
- NYMEX Natural Gas 2.75 USD/MMBtu 0.00%
- OPEC Basket Price 85.86 USD/bbl -0.15%
Operation
Scatec Starts Full Operations at Egypt’s 1.1‑GW Obelisk Solar Project
Scatec has reached the Commercial Operations Date (COD) for the second and final phase of its 1.1-gigawatt (GW) Obelisk solar and battery storage project in Egypt, bringing Africa's largest hybrid solar project into operation. The project is expected to generate more than 3,000 GWh of electricity annually which will be supplied to the Egyptian Electricity Transmission Company (EETC) under a 25-year Power Purchase Agreement (PPA) denominated in USD. The project will also reduce carbon dioxide emissions by more than 1.2 million tons per year (mt/y), according to the company.
crude oil
Saudi Crude Exports Go Dark as Houthi Threat Rises
Saudi Arabia’s crude oil exports from the Red Sea are increasingly being conducted without visible vessel-tracking signals as tankers seek to avoid attacks by Yemen’s Iran-aligned Houthis, creating significant uncertainty over the scale of disruptions to the Kingdom’s oil flows. All recent crude loadings from Saudi Arabia’s Red Sea port of Yanbu have been conducted without continuous Automatic Identification System (AIS) signals.
Minister of Petroleum and Mineral Resources Karim Badawi
Badawi, Abdelatty Discuss Boosting Petroleum Investment
Karim Badawi, Minister of Petroleum and Mineral Resources met on August 12 with Badr Abdelatty ,Minister of Foreign Affairs, Emigration and Expatriates to discuss joint efforts to promote investment opportunities in Egypt’s oil, gas and mining sectors.
OPEC
OPEC: Global Oil Demand Growth to Accelerate to 2.2 mmbbl/d in 2027
OPEC expects global oil demand to grow by 0.6 million b/d in 2026 and accelerate to 2.2 million b/d in 2027, while non-DoC liquids production is forecast to increase by 0.6 million b/d in both years.
MOC
MOC 2026 to Bring 10,000 Participants to Alexandria for Energy Conference
Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, reviewed preparations for MOC 2026, which will bring energy companies, government officials and industry experts to Alexandria from October 20 to 22.
Minister of Petroleum and Mineral Resources Karim Badawi
Egypt Expands Exploration Frontier with Landmark Western Desert Seismic Survey
Egypt is preparing a seismic survey spanning about 110,000 km² in the western Western Desert near the Libyan border, aimed at building a new geological and geophysical database and attracting oil and gas investment in this largely unexplored area, Karim Badawi Minister of Petroleum and Mineral Resources announced.
Egypt
Heatwave Drives Egypt’s Power Demand to Record high of 40,000MW
Egypt’s electricity load hit a record 40,000 megawatts (MW) on August 11, up 700 MW from the previous day’s 39,300 MW, as the grid continues to absorb unprecedented summer demand driven by extreme heat, according to the National Energy Control Center (NECC).
H1 of 2026 reustls
TAQA Arabia Consolidated Net Profit Surges 65% in H1 2026
TAQA Arabia, an Egypt-based energy and utility provider, posted a 34% increase in consolidated revenue to EGP 15.46 billion in the first half (H1) of 2026, according to the company’s unaudited standalone and consolidated financial statements disclosed to the Egyptian Exchange (EGX). The company’s consolidated gross profit rose 20% year-on-year (YoY) to EGP 1.56 billion. It also recorded 65% rise in net profit after tax to EGP 577.9 million in H1 of 2026.
