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.
Japan plans to release 20 days' worth of oil reserves from May, Prime Minister Sanae Takaichi told a cabinet meeting, to ensure stable domestic supply while searching for non-Middle East barrels as conflict in the region disrupts global supply.
Asia's biggest liquefied petroleum gas (LPG) importers, including India and China, are racing to replace disrupted Middle East supplies with cargoes from the Americas, driving spot premiums to record highs, analysts and traders said.
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.
Bernstein initiated Mena energy coverage, praising UAE governance, sovereign-backed ownership and strong cashflows. It said these enable rapid transformation of state assets into investable platforms, naming Adnoc Gas and Fertiglobe discounted, high-quality “best pick” opportunities.
The UAE Ministry of Energy and Infrastructure (MoEI) has announced the launch of a strategic project to implement microgrid systems, marking a significant step forward in strengthening the UAE’s approach to building a smart, resilient, and adaptive energy ecosystem.
CB&I has completed the acquisition of Petrofac’s Asset Solutions business, which provides operations, maintenance, wells, and decommissioning services for onshore and offshore energy assets, following an agreement initially announced on December 24, 2025.
