The Saudi Oil Sustainability Programme (OSP) has won two international Vega Digital Awards for its “We Know Its Worth” campaign, launched to mark Saudi Arabia’s 95th National Day and highlight the importance of oil in everyday life.
The US and Venezuela have reached a major oil agreement granting Washington access to more than 65 billion barrels of reserves, with President Donald Trump calling it the “biggest oil deal in world history.” Venezuela says the agreement could attract more than $100 billion in investment.
More than 70 per cent of operational and upcoming carbon capture facilities globally were associated with energy assets as of June 2026, highlighting the continued role of oil and gas companies in carbon capture, utilisation and storage (CCUS), according to GlobalData.
Venezuela’s oil production has surpassed 1.23 million barrels per day, reaching its highest level since February 2019, interim President Delcy Rodriguez said.
Oman's public revenues recorded a 13 % increase by the end of the second quarter of 2026, reaching approximately OMR6.602 billion ($17.17 billion), compared to approximately OMR5.839 billion during the corresponding period of the previous year.
Iran and China have pushed back against US President Donald Trump’s threat to impose what Washington says will be the “toughest sanctions in history” on Tehran, warning that unilateral economic pressure could further destabilise the region and damage global trade.
Opec+ members have agreed to increase oil production by a combined 188,000 barrels per day in September 2026, as part of the gradual easing of voluntary output cuts introduced in April 2023 to support market stability.
Iran appears to be losing significant control over the Strait of Hormuz as commercial vessels increasingly use an Omani shipping route despite Tehran’s warnings, while US President Donald Trump has ruled out any current or planned negotiations with Iran, adding to uncertainty over the strategic waterway and pushing oil prices higher.
Oil extended gains for a fourth day in Asia trade, with Brent and WTI near three-week highs. Brent crude edged up 26 cents to around $91.28 a barrel, while US WTI crude rose 37 cents to around $85.31.
Saudi Arabia’s real gross domestic product contracted 4.8% year-on-year in the second quarter of 2026, said a report, as a 24.7% decline in oil activity outweighed growth in non-oil activities and government output. Non-oil activity grew 0.6% in the quarter, while government activity rose 0.9%.
