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.
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.
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.
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.
The US-Iran pact has begun to ease concerns around oil supply and shipping routes through the Hormuz. However, a return to normal will take time, and uncertainty remains over where oil will settle and how markets will respond. For the construction industry, the implications go far beyond fuel costs, said an expert.
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).
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.
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.
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.
