The total production of refineries in Oman recorded an increase of 11.1 per cent by the end of February 2026 compared to the same period in 2025.
OQ Group reported a net profit of RO 641 million ($1.6 billion) for 2025, up 25 per cent year on year. The result reflects the strength of its integrated business model and disciplined performance amid continued volatility in global energy markets.
The sharp hit to global oil production from the Iran war is poised to flip the oil market into a supply deficit this year, analysts say, a huge swing in forecasts that erases previous expectations of comfortable oversupply.
The US Department of Energy said it had loaned 8.48 million barrels of crude oil from the Strategic Petroleum Reserve to four oil companies, the second allotment under the Trump administration's effort to curb fuel prices that have surged during the US-Israeli war on Iran.
Oman’s Ministry of Energy and Minerals announced the offering of five concession areas in the oil and gas sector for competition among local and international petroleum companies.
Attacks on Saudi energy facilities have cut the kingdom's oil production capacity by around 600,000 barrels per day and throughput on its East-West Pipeline by about 700,000 bpd, Saudi Press Agency reported, citing an official source at the Ministry of Energy.
Iran continued its near-total blockade of the Strait of Hormuz despite US President Donald trump saying Tehran must allow oil to go through the waterway.
Euro zone inflation soared past the European Central Bank's 2% target this month as surging oil and gas costs drove up headline prices, but the jump was smaller than expected and core inflation declined, muddying the picture for policymakers, said a report.
Opec oil output plunged in March to its lowest level since the height of the Covid-19 pandemic in June 2020, a Reuters survey found, as the US-Israeli war against Iran effectively closed the Strait of Hormuz and forced export cuts.
Iraqi oil production from its main southern oilfields has fallen by 70 per cent to just 1.3 million barrels per day as the country is unable to export oil via the Strait of Hormuz due to the Iran war, three industry sources said.
