8/31/2026 8:28:10 PM (Volume: 43 / Issue: 9)
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Tag: OIl

Energy, Oil & Gas

Oil holds around $108 as Saudi pipeline shutdown erodes global supply buffer

Oil prices held around $108 a barrel on Wednesday, near a four-month high, as markets grappled with mounting concerns over global energy supplies following the shutdown of Saudi Arabia's East-West oil pipeline and continuing attacks on key oil and shipping routes in the Middle East....

Energy, Oil & Gas

Saudi pipeline shutdown raises fresh threat of oil price surge

Global oil markets face a fresh supply shock after Saudi Arabia shut down its 1,200-km East-West Pipeline following multiple drone attacks, as continuing attacks on shipping in the Strait of Hormuz and a widening Houthi offensive in the Red Sea threaten to disrupt vital energy routes on both sides of the Arabian Peninsula....

Energy, Oil & Gas

Oil races towards $100 as US-Iran escalation fuels Gulf supply fears

Crude oil prices surged for a fourth consecutive session on Wednesday, with Brent approaching the psychologically important $100-a-barrel threshold as a fresh escalation in the US-Iran conflict heightened fears of prolonged disruptions to oil supplies from the Gulf....

Energy, Oil & Gas

Chevron agrees new Venezuela terms, plans $7bn investment

Chevron has reached new agreements with Venezuela covering its joint ventures, unlocking plans for more than $7 billion in investment over five years and production growth to about 600,000 barrels per day, supported by additional Orinoco Belt acreage and lower costs....

Energy, Oil & Gas

Saudi Oil Sustainability Programme wins two Vega Digital Awards

The Saudi Oil Sustainability Programme (OSP) has won two international Vega Digital Awards for its “We Know Its Worth” campaign, launched to mark Saudi Arabia’s 95th National Day and highlight the importance of oil in everyday life....

Energy, Oil & Gas

CCUS pipeline expands as O&G firms focus on core assets: report

More than 70 per cent of operational and upcoming carbon capture facilities globally were associated with energy assets as of June 2026, highlighting the continued role of oil and gas companies in carbon capture, utilisation and storage (CCUS), according to GlobalData....

Energy, Oil & Gas

US, Venezuela reach major deal covering 65bn barrels of oil

The US and Venezuela have reached a major oil agreement granting Washington access to more than 65 billion barrels of reserves, with President Donald Trump calling it the “biggest oil deal in world history.” Venezuela says the agreement could attract more than $100 billion in investment....

Energy, Oil & Gas

Oman's Q2 revenues rise 13% to reach $17.17bn on higher oil income

Oman's public revenues recorded a 13 % increase by the end of the second quarter of 2026, reaching approximately OMR6.602 billion ($17.17 billion), compared to approximately OMR5.839 billion during the corresponding period of the previous year. ...

Energy, Oil & Gas

Iran, China reject Trump’s threat of tougher sanctions

Iran and China have pushed back against US President Donald Trump’s threat to impose what Washington says will be the “toughest sanctions in history” on Tehran, warning that unilateral economic pressure could further destabilise the region and damage global trade....

Energy, Oil & Gas

Saudi economy contracts 4.8% in Q2 as oil output slumps

Saudi Arabia’s real gross domestic product contracted 4.8% year-on-year in the second quarter of 2026, said a report, as a 24.7% decline in oil activity outweighed growth in non-oil activities and government output. Non-oil activity grew 0.6% in the quarter, while government activity rose 0.9%. ...

Energy, Oil & Gas

Oil prices rise for fourth consecutive day

Oil extended gains for a fourth day in Asia trade, with Brent and WTI near three-week highs. Brent crude edged up 26 cents to around $91.28 a barrel, while US WTI crude rose 37 cents to around $85.31. ...

Energy, Oil & Gas

Iran’s grip on Strait of Hormuz weakens; Trump rules out talks

Iran appears to be losing significant control over the Strait of Hormuz as commercial vessels increasingly use an Omani shipping route despite Tehran’s warnings, while US President Donald Trump has ruled out any current or planned negotiations with Iran, adding to uncertainty over the strategic waterway and pushing oil prices higher....

Energy, Oil & Gas

IEA lowers 2026 oil supply, demand forecasts amid Gulf disruptions

Renewed Gulf export disruptions have derailed the global oil market recovery, prompting the International Energy Agency (IEA) to cut its 2026 supply and demand forecasts. Global oil demand is now expected to decline by 1.6 million barrels per day as the Strait of Hormuz remains closed....

Energy, Oil & Gas

Egypt reports 112 oil, gas discoveries over two fiscal years

Egypt’s exploration sector has delivered positive results over the past two fiscal years, with 149 exploration wells drilled and 112 new discoveries made, including 88 crude oil and 24 natural gas finds, the government said. Among the notable discoveries was the Denis offshore gas field in Port Said....

Energy, Oil & Gas

Luberef extends Aramco utilities, land lease agreement through 2030

Saudi Aramco Base Oil Company (Luberef) has announced that it had extended its utilities sales and land lease agreement with its majority stakeholder and global oil giant Aramco through 2030, supporting the continued operation of its key facility in Jeddah as well as Group I base oil production. ...

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