Oil prices climbed nearly 2% on Wednesday as renewed US airstrikes on Iran and fresh sanctions on Tehran's oil exports reignited concerns over supplies from the Middle East after attacks on commercial vessels in the Strait of Hormuz....
Seven Opec+ members have agreed to raise oil production by 188,000 barrels per day in August 2026 as part of a gradual adjustment to the additional voluntary output cuts introduced in April 2023....
Oil prices edged higher on Monday after fresh exchanges of fire between the US and Iran renewed concerns over the security of shipping through the Strait of Hormuz, highlighting the fragility of an interim peace agreement reached earlier this month....
Global energy markets faced their worst supply shock after the near-closure of the Strait of Hormuz cut flows from 20 million to 2.7 million barrels per day, driving record price spikes and prompting emergency stock releases and global supply adjustments, according to International Energy Agency (IEA). ...
Leading Spanish group Técnicas Reunidas has announced that it has secured two major contracts from a national oil company in the Middle East region to provide engineering, procurement, and construction (EPC) services for upstream oil and gas production facilities. ...
Oil prices surged on Monday after US President Donald Trump threatened renewed military action against Iran and warned that Washington could "take over" the Strait of Hormuz if ongoing negotiations with Tehran fail, reigniting concerns over global energy supplies....
Iraq is preparing to expand crude oil and naphtha exports through Syrian ports as it moves to diversify trade routes after the Iran war disrupted its main Gulf shipping channels and effectively closed the Strait of Hormuz....
Opec’s World Oil Outlook 2026 projects global energy demand to rise 23 per cent by 2050, with oil reaching 124 mb/d. It highlights the need for diverse energy sources, expanded access, and sustained investment to balance growth, sustainability and affordability....
Oil prices rose on Friday, but Brent crude remained on track for a weekly loss of nearly 8% amid continued market volatility. Brent crude futures soared to $80.38 a barrel, while US West Texas Intermediate (WTI) crude rose 1.2% to $77.54 a barrel. ...
John Crane has developed a validated drivetrain analysis method improving prediction accuracy for rotating equipment, reducing failure risk, downtime and vibration issues through dynamic modelling, testing and real-world data across oil, gas, LNG and power sectors....
Oil prices declined further on Thursday, following the release of the text of the interim agreement signed by the US and Iran....
Oil prices further declined on Wednesday, extending the previous session's losses following the US-Iran interim peace deal which is expected to allow free passage for vessels through Strait of Hormuz....
Oil prices extended their decline on Tuesday, although they initially staged a modest recovery after plunging nearly 5% in the previous session following reports of a breakthrough agreement between the United States and Iran....
Saudi Arabia and South Korea signed an MoU to expand oil and gas cooperation, covering petroleum, petrochemicals, crude storage, pipeline infrastructure, technology, and sustainability initiatives, as the two countries seek to strengthen energy security and investment ties. ...
Freudenberg Group has expanded its energy portfolio by acquiring Balmoral Comtec, strengthening its Flow Technologies business in sealing and connector systems for global energy markets spanning offshore oil, gas and renewables industries worldwide....
SLB has signed a long-term framework agreement with Petróleos de Venezuela (PDVSA) to modernise the oil and gas sector, covering exploration, production, digital enablement, and workforce training, strengthening cooperation in field development and operational efficiency....
QatarEnergy announced an oil discovery with encouraging results from the Merlin-1X exploration well in the Petroleum Exploration License 39 (PEL 0039), offshore Namibia....
Global oil prices declined during Friday's trading session, reaching their lowest levels since early March. Kuwait's crude oil too fell by 6.1% to $94.84 per barrel on Friday, down from $101.04 per barrel the previous day, according to data from Kuwait Petroleum Corporation (KPC). ...
British oil and gas company bp has announced that it would reorganise its business into two operating segments - Upstream and Downstream - thus replacing its current three-segment structure, effective July 1. This comes as part of bp's efforts to simplify its structure, boost performance as well as shareholder returns. ...
Seven Opec+ producers, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, met on June 7, 2026, and agreed to implement a 188,000-barrel-per-day production adjustment in July, aiming to support oil market stability amid evolving global conditions....
