Adnoc Logistics & Services (Adnoc L&S) reported Q1 2026 net profit rose 20 per cent year-on-year to $222 million, while revenue fell 10 per cent to $1.083 billion due to the scheduled completion of the Al Omairah Island mega project.
The International Energy Agency (IEA) warns the Middle East conflict-driven energy crisis is disrupting LPG supplies via the Strait of Hormuz, causing shortages and price spikes that threaten cooking fuel access for billions in developing Asia and other emerging economies.
Dana Gas reported Q1 2026 net profit of AED270 million ($74 million), up 72% year-on-year, driven by a one-off Kurdistan gas adjustment, while revenue rose to AED531 million amid higher production and gas sales in Egypt and Iraq.
Africa’s energy transition must be guided by realism, technological innovation, and sustained investment rather than abrupt shifts away from fossil fuels, according to energy expert Profv Bart Nnaji Chief Executive Officer, Geometric Power and former Nigerian Minister of Power.
Oman unveiled updated net-zero and carbon market framework targeting carbon neutrality by 2050, aiming for 33 per cent emission reduction by 2035 across seven sectors, boosting green hydrogen, renewables, investment, and low-carbon GDP growth.
Action Energy Company, a Kuwait-based upstream services provider, reported strong first-quarter 2026 growth, with revenue rising 69.2 per cent year-on-year as the Kuwait-based upstream services provider expanded its operating rig fleet from 13 rigs in Q1 2025 to 20 rigs this year.
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.
Europe is increasing reliance on US LNG, projected to supply two-thirds of imports in 2026, potentially becoming the EU’s main and costliest gas source amid shifting global supply, according to Institute for Energy Economics and Financial Analysis (IEEFA).
Benchmark Mineral Intelligence reported 1.60 million global EV sales in April 2026, up 6 per cent year-on-year but down 9 per cent month-on-month, driven by policy support, high petrol prices and Chinese OEM growth.
Corvus Energy and BYD Energy Storage have signed a Strategic Cooperation Agreement to expand their partnership on next-generation maritime battery technologies.
