Oil prices declined on Thursday, reversing some of the previous session’s gains, as renewed diplomatic efforts to end the conflict involving Iran tempered concerns over potential supply disruptions amid continuing Houthi attacks in the region.
Brent crude climbed above $115 a barrel on Wednesday as continued Houthi attacks on Saudi Arabia renewed concerns over potential disruptions to Middle East oil supplies, reversing some of the previous session’s losses as diplomatic efforts to ease regional tensions continued.
ADNOC Drilling reported record revenue of $3.7 billion and net profit of $1.07 billion for the first nine months of 2026, as it launched its Drill-to-Operate strategy to expand services across the well lifecycle and diversify revenue streams.
Eni has completed the sale of its Nigerian subsidiary, Agip Energy and Natural Resources to Apex Global Energy, a company wholly owned by Sterling Oil Exploration and Energy Production Company.
South Africa’s Adroit Technologies and Nigeria-based Aril Technologies are strengthening operational safety, efficiency and regulatory compliance in Nigeria’s oil and gas sector through the deployment of advanced supervisory control and data acquisition (SCADA) technology.
Saudi Arabia's crude oil exports rose nearly 8 per cent in August to their highest level since March, signalling a continued recovery in shipments despite the prolonged disruption to regional energy flows caused by the Middle East conflict.
Saudi Arabia’s crude oil production rose to 8 million barrels per day (mbpd) in September 2026, an increase of 12.2% month-on-month, while Brent crude prices settled at $103.5 per barrel at the end of the month, according to Al Rajhi Capital Research.
The International Energy Agency (IEA) forecast a global oil market oversupply of 4 million barrels per day (bpd) in 2026, citing the recent increase in crude oil supplies from the Middle East and the Americas. It noted that this increasingly underscores the need for market change.
Oil prices have fallen to about $57 per barrel due to a growing imbalance of supply exceeding demand, despite Opec+ increasing production. This decline significantly impacts Mena economies, which heavily rely on oil revenues for their financial stability, according to Mohanad Yakout, Senior Markets Analyst, Scope Markets.
Oil prices jumped more than $4 per barrel at settlement on Thursday after a report said the US was sending additional troops and another aircraft carrier to the Middle East, while China suspended oil product exports, fuelling concerns that global fuel shortages could worsen.
