bp has agreed to acquire a 60 per cent interest in three offshore exploration blocks in Namibia from Eco Atlantic Oil & Gas as part of bp’s strategy to grow its upstream portfolio.
Gas and oil sites are among the most vital and high-risk pieces of critical infrastructure. This is especially true for the Mena region, which produces 30 per cent of the global oil supply and 17 per cent of the global gas supply, while having to account for active security risks and vulnerabilities that most of the world never considers.
Opec lowered its forecast for world oil demand in the second quarter by 500,000 barrels per day, the producer group's monthly oil report showed in its first public assessment of the Iran war's impact on the market.
Oil prices jumped above $100 a barrel again on Monday as the US Central Command said it will block ships from entering and exiting Iran ports via the Strait of Hormuz.
deVere Group CEO Nigel Green warns that closing the Strait of Hormuz would trigger a sharp oil price surge beyond previous spikes and cause intensified market volatility as blockade risks become more plausible.
Kuwait has raised the official selling price for Kuwait Export Crude to Asia in May to $17 a barrel above the average of Oman/Dubai quotes, a price document reviewed by Reuters showed.
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.
