6/1/2026 9:49:02 AM (Volume: 43 / Issue: 6)
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Tag: oil

Energy, Oil & Gas

bp simplifies organisational structure; announces key appointments

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. ...

Energy, Oil & Gas

Opec+ countries agree July 2026 output increase of 188,000 bpd

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....

Energy, Oil & Gas

Oman’s OQEP inks MoU with Libya to boost O&G investment

OQ Exploration and Production (OQEP) Company has signed a memorandum of understanding with Libya’s Investment Authority to strengthen energy cooperation. The agreement aims to explore joint oil and gas investment opportunities in Oman, Libya and international markets. ...

Energy, Oil & Gas

'When Strait of Hormuz is strangled, the world's poorest cannot breathe'

Nearly one billion people living in the world's most vulnerable economies could face higher living costs, inflation and slower growth as disruptions in the Strait of Hormuz drive up global oil prices, the United Nations Conference on Trade and Development (UNCTAD) has warned....

Energy, Oil & Gas

US targets Iran's energy lifeline with fresh sanctions

The United States has announced new sanctions on Iranian oil and petrochemical networks, the latest move in its 'maximum pressure' strategy to curb the country's key sources of income and limit funding for its military operations, said a report....

Energy, Oil & Gas

Oil, LNG vessels exit hormuz for Pakistan, China

Two liquefied natural gas tankers passed through the Strait of Hormuz on Monday ( May 25) heading to ‌ route to Pakistan and China, while a supertanker carrying Iraqi crude for China departed the Gulf on Saturday after being stranded for nearly three months, according to shipping data cited by Reuters....

Energy, Oil & Gas

Opec+ likely to raise July oil output by 188,000 bpd

Seven leading producers in the Opec+ are likely to agree to a modest increase in July oil output when they meet on June 7, despite ongoing supply disruptions linked to the Iran war, four sources told Reuters....

Energy, Oil & Gas

Egypt announces largest Western Desert discovery in 15 years

Ministry of Petroleum and Mineral Resources said Agiba Petroleum Company made its largest discovery in 15 years in Egypt’s Western Desert, with estimated reserves of 330 billion cubic feet of gas and 70 million barrels of oil equivalent....

Energy, Oil & Gas

Renewed Mideast tensions drive oil higher, revive market jitters

The latest developments in the Middle East have pushed oil higher again, reintroducing some of the “war trades” that had faded in recent weeks. Markets are still being driven by a tug-of-war between strong fundamentals and rising macro risk, but the tone has become more cautious over the past 24 hours, said an expert. ...

Energy, Oil & Gas

OQEP reports $770.8m revenue for Q1 2026

OQ Exploration & Production (OQEP), Oman’s oil and gas exploration and production company, reported resilient Q1 2026 results, with revenue of OMR296.4 million ($770.8 million), broadly stable year-on-year, supported by higher gas sales and an under lift adjustment for oil and condensates....

Energy, Oil & Gas

IEA warns of oil market deficit amid Mideast disruption

International Energy Agency (IEA) says global oil markets face disruptions in 2026 due to Middle East conflict and Strait of Hormuz restrictions, with demand forecast to fall by 420 kb/d to 104 mb/d, led by a sharp Q2 decline....

Energy, Oil & Gas

Aramco CEO sees Hormuz risks delaying oil recovery to 2027

Amin Nasser, President and CEO of Aramco, warned that ongoing disruptions to oil exports through the Strait of Hormuz could postpone the global oil market’s recovery until 2027, according to a report by Reuters....

Energy, Oil & Gas

Korean budget airlines cut 900 flights over oil prices

Jeju Air, Jin Air and other Korean budget airlines cut 900 round-trip flights and introduced emergency measures as Middle East tensions pushed jet fuel prices sharply higher, with further flight reductions expected in coming months....

Energy, Oil & Gas

Aramco Q1 net income rises to $33.6bn despite disruptions

Oil giant Saudi Aramco reported a sharp rise in first-quarter profit on Sunday, citing strong operational resilience and the ability to maintain exports despite disruptions to shipping through the Strait of Hormuz....

Energy, Oil & Gas

Opec+ to raise oil output by 188,000 barrels

Seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in June, the third consecutive ​monthly increase, OPEC+ said in a statement. ...

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