4/29/2026 10:00:23 AM (Volume: 43 / Issue: 5)
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Tag: OIL

Energy, Oil & Gas

Opec+ reaffirms stability commitment amid healthy market fundamentals

Eight Opec+ countries reaffirm pausing production increases in early 2026 and maintaining flexibility to restore or extend voluntary cuts. They emphasised cautious monitoring, full compliance with agreed adjustments, JMMC oversight, and compensating for any overproduction since January 2024....

Energy, Oil & Gas

OQEP reports nine-month revenue of $1.64bn

OQ Exploration and Production (OQEP) announced financial results for the nine months ending September 30, 2025, reporting revenues of OMR 633.8 million (about $1.64 billion) and an EBITDA of OMR 471.2 million (approximately $1.23 billion)....

Energy, Oil & Gas

Opec forecasts balanced oil market by 2026

Global oil supply will match demand in 2026 in a reflection of the wider Opec+ group's production increases and higher supply from other producers, an Opec report showed today, marking a further shift from its earlier projections of a supply deficit....

Energy, Oil & Gas

Oman oil exports exceed 230 million barrels

Oman’s oil exports reached approximately 230.1804 million barrels by the end of September 2025, recording a slight decrease of 0.2 per cent compared to the same period in 2024, which totalled 230.5755 million barrels....

Energy, Oil & Gas

India's HPCL, MRPL buy 5m barrels of US, Mideast oil

Two Indian refiners have purchased 5 million barrels of crude oil from spot markets, seeking alternatives to Russian supplies. Hindustan Petroleum acquired 2 million barrels each of US West Texas Intermediate and Abu Dhabi's Murban crude, while Mangalore Refinery and Petrochemicals bought 1 million barrels of Basra Medium crude....

Energy, Oil & Gas

O&G demand driven by data centre expansion: UAE Minister of Energy

Suhail Al Mazrouei, Minister of Energy and Infrastructure, affirmed that the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) continues to grow and evolve in both the quality of participation and the diversity of discussions, with artificial intelligence (AI) and advanced technology emerging as central themes....

Energy, Oil & Gas

Mena economies face new pressure as oil prices drop

Oil prices have fallen to about $57 per barrel due to a growing imbalance of supply exceeding demand, despite Opec+ increasing production. This decline significantly impacts Mena economies, which heavily rely on oil revenues for their financial stability, according to Mohanad Yakout, Senior Markets Analyst, Scope Markets....

Energy, Oil & Gas

IEA expects global oil market to remain oversupplied in 2026

The International Energy Agency (IEA) forecast a global oil market oversupply of 4 million barrels per day (bpd) in 2026, citing the recent increase in crude oil supplies from the Middle East and the Americas. It noted that this increasingly underscores the need for market change....

Energy, Oil & Gas

Suriname emerges as Caribbean’s next O&G powerhouse

Suriname is becoming a significant player in global energy, with major offshore oil discoveries and recoverable resources of 2.4 billion barrels of oil equivalent and 12.5 trillion cubic feet of natural gas. Rapid exploration is expected, with production anticipated between 2025 and 2027....

Energy, Oil & Gas

AUTOMA 2025 builds roadmap for smarter O&G industry

The future of the oil and gas industry was on display at The Oil and Gas Automation and Digitalisation Congress (AUTOMA) 2025, held on October 13-14 in Amsterdam. Experts from O&G companies, EPCs, pipeline operators, refineries, service providers and technology developers explored technologies driving AI-powered transformation, smart infrastructure, digital decarbonisation and autonomous operations....

Energy, Oil & Gas

Saudi Arabia's Midad Energy signs $5.4bn Algeria hydrocarbons deal

Algeria's Sonatrach and Saudi company Midad Energy North Africa have signed a production-sharing hydrocarbon contract for the exploration and exploitation of hydrocarbons on the contractual perimeter of Illizi South, located nearly 100 km south of In Amenas....

Energy, Oil & Gas

Aramco will stay dominant in oil, asserts Nasser

Aramco President & CEO Amin H Nasser has emphasised the importance of energy addition to meet rising global demand and Aramco's determination to remain dominant in oil. ...

Energy, Oil & Gas

bp starts up its sixth major upstream O&G project in 2025

bp has started up its sixth major upstream oil and gas project of 2025 with production from the Murlach field in the UK North Sea. The six projects add around 150,000 barrels of oil equivalent per day (boed) combined peak net production, contributing to bp’s target to deliver an additional 250,000 boed combined peak net production by the end of 2027....

Energy, Oil & Gas

US crude oil production will average 13.5 mmb/d in 2025, 2026: EIA

The US Energy Information Administration (EIA) forecasts in its October Short-Term Energy Outlook (STEO) that US crude oil production will average 13.5 million barrels per day (mmb/d) in both 2025 and 2026, both slightly higher than the agency’s September forecast....

Energy, Oil & Gas

Opec+ to implement production adjustment of 137,000 bpd

The eight Opec+ countries—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—will adjust production by 137,000 bpd in November due to a stable global economic outlook and low oil inventories....

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