Iraq and Türkiye have signed a one-year agreement to transport and load Iraqi crude oil through the Iraq-Turkey pipeline to the Turkish port of Ceyhan at a minimum rate of 750,000 barrels per day.
Egypt has launched its 2026 international bid round for crude oil and natural gas exploration, offering 14 new areas to international and Egyptian companies as the government seeks to attract investment, boost domestic production and meet the targets of its five-year output plan.
Saudi Arabia's National Shipping Company (Bahri) has reported a more than six-fold increase in Q2 net profit which hit SAR2.75 billion ($733 million), while its revenue soared to SAR6.3 billion ($1.6 billion), helped by higher freight rates and stronger demand for its crude oil shipping business.
Total energy production in the US increased to a new record of 107 quadrillion British thermal units (quads) in 2025, a 3.4 per cent increase from the previous record set in 2024, according to new data in the US Energy Information Administration (EIA) Monthly Energy Review.
US President Donald Trump has said the US navy will protect ships in the Middle East and the government will provide insurance "if necessary" in a bid to contain soaring energy prices sparked by the US-Israel war with Iran.
The Gulf countries continue to consolidate their position as one of the most influential hubs in global energy markets, (with 32.7% of global oil reserves and 21.2% gas reserves) supported by a broad base of natural resources, advanced infrastructure and accumulated expertise, said a report.
Brent crude jumped 10% to about $80 a barrel over the counter on Sunday, oil traders said, while analysts predicted that prices could climb as high as $100 after US and Israeli strikes on Iran plunged the Middle East into a new war, reported Reuters, citing senior analysts.
