Houthi threats and Gulf attacks disrupt oil shipping, lifting crude prices amid escalating regional tensions and US retaliation. Two Saudi oil tankers reversed course in the Red Sea after Houthi threats, while traffic through the Strait of Hormuz slowed sharply following a
The investment aims to add 600 million cubic feet per day of natural gas by 2030, meeting 10% of UAE's current demand. ADNOC approved a $6.2bn final investment decision to develop the Umm Shaif Gas Cap, targeting increased natural gas production. The project involves inter
The UAE energy giant aims to boost natural gas production by 600 million cubic feet daily by 2030 to meet rising domestic and global demand. Abu Dhabi National Oil Company (ADNOC) has approved a $6.2 billion investment to develop the Umm Shaif Gas Cap offshore field, targe
An oil tanker strike in a critical Middle East shipping lane lifts Brent crude above $90 per barrel amid rising regional tensions. Brent crude prices climbed above $90 per barrel after a Kuwaiti-owned oil products tanker was hit by a projectile in the Strait of Hormuz. The
India's crude oil imports have remained close to record-high levels in July despite the end of the U.S. waiver the previous month. The U.S. quietly let the waiver allowing the purchase of Russian oil loaded on tankers expire on June 17, just as the U.S. and Iran signed the
Contract aims to boost output to 150,000 bopd and 300 million scf/d of gas in first five years, supporting Iraq’s energy security. Halliburton won a contract from Basra Oil Company to provide integrated field management services for Iraq’s Bin Umar and Sindbad fields. The
State importer secures July cargo at elevated prices after term supplier Qatar fails to deliver amid geopolitical tensions. Pakistan is purchasing liquefied natural gas at record-high spot prices after disruptions to its term supply from Qatar. The renewed closure of the S
ADNOC approves $6.2 billion gas project investment Abu Dhabi's national oil company has made a final investment decision to develop the Umm Shaif Gas Cap project. The project is part of its strategy to grow its global gas portfolio, with a total investment of $6.2 bil
MUFG’s Michael Wan notes that disruptions in the Strait of Hormuz have shifted more Middle East Oil flows toward the Red Sea and Bab el-Mandeb, increasing vulnerability to regional conflict. While Houthi threats and potential rerouting via Suez and Cape of Good Hope could
Oil prices retreated as reports of U.S.-Iran ceasefire negotiations overshadowed ongoing geopolitical tensions in the Persian Gulf. Brent crude dropped to $88.77 per barrel from over $90 after reports emerged of renewed ceasefire talks between the U.S. and Iran. West Texas
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