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.
Global oil prices declined during Friday's trading session, reaching their lowest levels since early March. Kuwait's crude oil too fell by 6.1% to $94.84 per barrel on Friday, down from $101.04 per barrel the previous day, according to data from Kuwait Petroleum Corporation (KPC).
GlobalData says geopolitics and supply chain risks, driven by Iran tensions and potential Strait of Hormuz disruption, will dominate oil and gas in 2026, alongside US tariffs, energy transition themes, and emerging digital technologies.
Oil prices eased slightly on Tuesday after jumping about 6% yesterday following increased hostilities in the Strait of Hormuz.
Adnoc has confirmed it is accelerating growth and delivery of its strategy with AED200 billion ($55 billion) in new project awards for 2026-2028. The planned project awards reinforce delivery of Adnoc’s five-year capital expenditure (Capex) plan approved by its Board of Directors last year.
The heads of four major global economic institutions warned on Friday that the war in the Middle East is posing growing risks to the world economy, with disruptions to oil shipments through the Strait of Hormuz driving down global inventories and threatening energy security ahead of peak summer demand.
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.
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.
