Industry News

Eni announced a 'significant' gas and condensate discovery offshore Egypt.

Oil futures dipped on the news.

Uniper and NGEN began construction for a 50-MW battery energy storage project on the site of Uniper's former coal power plant in Wilhelmshaven, Germany.

North America dropped 10 rigs week on week, according to Baker Hughes' latest North America rotary rig count.

The power and gas utility acquisitions add about 1.2 million customers to Eni's Plenitude.

'Namibia is a region attracting growing industry interest and has a number of exciting frontier basins'.

The Strait of Hormuz is now essentially fully closed, SEB Chief Commodities Analyst Bjarne Schieldrop said.

The European Commission is consulting member states on a draft proposal to relax state aid limits, aimed at protecting market competition, in response to spikes in energy prices brought about by the Middle East war.

The U.S. and Iran are weighing further negotiations to extend a two-week ceasefire as President Donald Trump presses ahead with a naval blockade to curb the Islamic Republic's oil exports.

Analysts warn current prices understate the severity of supply disruptions and recovery timelines.

Iran said it would target all ports in and close to the Persian Gulf if its own shipping hubs are threatened.

India more than doubled export duties on diesel.

Eni committed $70 million in equity investment to Nouveau Monde Graphite and plans to place an order of 15,000 tpa of graphite concentrate from phase 2 of NMG's Matawinie Mine project in Canada.

State-owned Petrobras will assume full ownership by acquiring Malaysian counterpart Petronas' 50 percent stakes for $450 million.

OMV's executive board proposed Emma Delaney, outgoing customers and products executive vice president at BP, as replacement for Alfred Stern and the Austrian state-backed energy company's first female CEO.

The Gulf country's Energy and Minerals Ministry opened bidding applications for five new oil and gas concession areas.

The negotiations collapsed because of differences over the nuclear issue, Trump said.

Europe faces a systemic jet-fuel shortage in three weeks' time if the Strait of Hormuz remains restricted until then, a regional airport trade association warned.

Saudi Arabia's oil exports via the Red Sea are holding steady for now, as the impact of a drone attack on its vital cross-country pipeline has yet to filter through.

Crude markets remain volatile with supply risks and geopolitical tensions unresolved.