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.
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.
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.
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 air cargo volumes rebounded in the first week of June as airlines restored capacity following disruptions caused by a convergence of public holidays in Europe (Pentecost), US (Memorial Day) and Eid Al Adha festival affecting notably Middle East & South Asia and Africa origin regions.
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.
