SLB, the global technology leader in oilfield services and energy transition, announced a 4% increase in revenues in the third quarter (Q3) of 2025, reaching $8.93 billion (Bn) compared to quarter 2 (Q2) 2025. However, revenues declined by 3% year on year (YoY).
Eight OPEC+ member countries—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—have agreed to raise oil output by 137,000 barrels per day (bbl/d) in November 2025. The Group increased output targets by more than 2.7 million barrels per day (mmbbl/d) this year.
In a virtual meeting held on October 5, the group cited a steady global economic outlook and healthy inventory levels as reasons for the adjustment. The November decision maintains the same modest monthly increase of 137,000 bbl/d that was implemented in October.
Karim Badawi, the Minister of Petroleum and Mineral Resources, and Expro, the international energy services company, met to discuss ways to enhance cooperation in drilling services and technological solutions for the oil and gas industry. The company was represented by Hussein Elsisi, MENA Vice President at Expro, and Ossama Amin, the company's CEO for the East Mediterranean and South Gulf region.
Iraq is stepping up its regional energy strategy through new agreements and projects aimed at bolstering oil and gas exports and expanding domestic power generation.
In a move with far-reaching implications, OPEC+ has announced a major boost in oil production—an action that extends well beyond the realm of commodity markets. This article explores how the decision is not merely a matter of output volumes, but a strategic play involving power, politics, and influence in a world marked by growing geopolitical fragmentation.
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.
Oxy Oman, wholly owned subsidiary of US Occidental Petroleum (Oxy), secured a 15-year extension of its Exploration and Production Sharing Agreement (EPSA) for the onshore Block 53 in south-central Oman, where it operates Mukhaizna Field, the largest producing oil field in the country. The extended period of the agreement involves drilling activities and applying enhanced oil recovery projects across various reservoirs with the aim of increasing the total estimated recoverable of oil by 800 million barrels (mmbbls). The agreement also entails the utilization of artificial intelligence (AI) to optimize steam flood patterns to boost hydrocarbon recovery.
Wael Sawan, the CEO of Shell stated that his company is being "very careful" with its Middle East shipments, due to the Israel-Iran conflict, to ensure not taking unnecessary risks, Reuters reported.
The International Energy Agency (IEA) stated in a report that any disruption to transit flows in the Strait of Hormuz (SoH) would have significant consequences for global oil and LNG markets. The report, issued in December 2023, notes that prolonged disruption will trigger a sharp surge in oil prices and lead to swift, widespread supply shortages. Moreover, worldwide LNG supply could fall by approximately 295 mmcm/d.
SoH is a narrow, strategically vital waterway located between the Persian Gulf and the Gulf of Oman, separating Iran to the north and Oman and the UAE to the south. It serves as a crucial route linking oil and gas producers in the Middle East Gulf with global export markets.
The Petroleum Projects and Technical Consultations Company (PETROJET) has signed a $21.76 million agreement with Jordan Petroleum Refinery Company (JPRC) and Jordan National Shipping Lines (JNSL) to build liquefied petroleum gas (LPG) storage facilities in southern Jordanian port of Aqaba.
