Goldman Sachs has lowered its second-quarter 2026 oil price forecasts to $90 for Brent and $87 a barrel for US WTI, down from previous forecasts of $99 and $91.
Oil prices rose on Thursday after Iran’s Islamic Revolutionary Guard Corps claimed that shipping through the Strait of Hormuz was stopped following what it said was an Israeli ceasefire violation in Lebanon.
Oman's Nama Power and Water Procurement Company (PWP) has signed new power purchase agreements with three independent power producers - Phoenix, Al Batinah and Al Suwadi Power - for gas-fired power projects with a combined capacity of 3,500MW in the sultanate.
The heads of the International Energy Agency (IEA), International Monetary Fund (IMF), and World Bank Group will meet on Monday to discuss the energy crisis triggered by the Iran war.
It would take months for jet fuel supply to recover even if the he Strait of Hormuz reopens, given disruptions to Middle East refining capacity, said Willie Walsh, Director General of the International Air Transport Association (IATA).
Oil prices have dropped sharply and stock markets have jumped after the US and Iran agreed a two-week ceasefire deal that includes the reopening of the Strait of Hormuz waterway.
Iran has said that the country’s military will coordinate safe passage through the Strait of Hormuz during the ceasefire.
Borouge, an Abu Dhabi-based petrochemicals company, has announced that it has won shareholder approval for $1.32 billion worth of dividends for FY2025, reflecting its strong operational performance and record sales. The final set of dividend payments for 2025 amounts to $658 million (8.1 fils per share).
Morocco’s decision earlier this year to pause elements of its long-anticipated LNG import strategy marks less a delay than a strategic reset – one that reflects both shifting global market dynamics and a more pragmatic approach to infrastructure development, said industry experts.
Oman’s Ministry of Energy and Minerals, with be’ah, held a workshop on a national facility to manage naturally occurring radioactive material (NORM) waste, supporting efforts to build a safe, integrated system for handling radioactive waste from oil and gas activities.
