The Group of Seven countries (G7) and the European Union (EU) are discussing replacing the existing price cap on Russian oil with a full ban on providing maritime services for Russian oil exports, to further reduce the revenue funding Russia’s war in Ukraine, six sources familiar with the matter told Reuters.
Turkey finalized a one-year extension of two natural gas import contracts with Russia's Gazprom totaling 22 billion cubic meters (bcm), while advancing plans to invest in US natural gas production, Energy Minister Alparslan Bayraktar announced, Reuters reported.
A rocket attack struck a liquid storage tank at Iraq’s Khor Mor gas field, one of the largest in the Kurdistan region, forcing a halt in production and causing major power cuts across northern Iraq, joint field operator Dana Gas confirmed on Thursday, November 27, as reported by Reuters.
For nearly a century, the International Gas Union (IGU) has stood at the intersection of technical excellence, policy dialogue, and global energy strategy. Founded in 1931 as a knowledge-sharing body focused on engineering safety and operational standards, the IGU has since transformed into the recognized global voice of the Gas industry, representing over 70 countries and shaping the future of energy through collaboration, insight, and influence.
Israel’s September 9 military strike on Hamas leaders in Doha marked a shocking escalation of Middle East geopolitical conflict, threatening Qatar’s role as a diplomatic mediator and backbone of global energy security. The strike challenged Qatari sovereignty and the delicate balance of power in the region, especially following Israeli attacks on Iran. While immediate economic repercussions were contained, the strike introduces geopolitical risk that forces regional players, including Egypt, to critically re-evaluate their long-term energy strategies and security alliances.
Since 2016, and as a part of the IMF-backed reform program, Egypt opted to reducing fuel subsidies, driving up energy prices and reshaping not only household spending but also the costs incurred by key industries—most notably petrochemicals, one of the country’s most strategic and fastest-growing sectors.
Egypt, once a net exporter of natural gas, is now grappling with a significant energy challenge caused by natural gas shortage. This situation has put immense pressure on the nation's electricity grid, particularly during the peak summer months when demand for air conditioning soars. To address this critical issue and ensure a stable power supply for its citizens and industrial sector, the Egyptian government is pursuing a multi-faceted strategy.
The international prices of oil and gas remain among the most powerful levers shaping the global economy, particularly at a time when key energy exporters like Russia and Iran are entangled in escalating conflicts.
Misr Fertilizers Production Company (MOPCO) and Abu Qir Fertilizers and Chemical Industries Co have gradually resumed operations of their plants following a temporary shutdown in recent days on the back of the government suspending the natural gas supplies to energy-intensive industries, according to disclosures sent by the two companies to the Egyptian Stock Exchange.
The Ministry of Petroleum and Mineral Recourses announced on Thursday the resumption of natural gas supply at normal levels to all industrial sectors. following Minister Karim Badawi visit to the main control center of the national natural gas network operated by the Egyptian Natural Gas Company (GASCO) in New Cairo. He oversaw natural gas flow regulation and the security of domestic supply across both the industrial and electricity sectors.
OPEC+, the world’s largest oil-producing alliance, is set to boost crude output by another 411,000 barrels per day (bbl/d) in August as part of its effort to reclaim market share. If agreed upon, this would raise OPEC+’s cumulative 2025 production increase to 1.78 million bbl/d—representing more than 1.5% of global demand.
