Adnoc has confirmed it is accelerating growth and delivery of its strategy with AED200 billion ($55 billion) in new project awards for 2026-2028. The planned project awards reinforce delivery of Adnoc’s five-year capital expenditure (Capex) plan approved by its Board of Directors last year.
The heads of four major global economic institutions warned on Friday that the war in the Middle East is posing growing risks to the world economy, with disruptions to oil shipments through the Strait of Hormuz driving down global inventories and threatening energy security ahead of peak summer demand.
The United States has announced new sanctions on Iranian oil and petrochemical networks, the latest move in its 'maximum pressure' strategy to curb the country's key sources of income and limit funding for its military operations, said a report.
Seven OPEC+ countries will raise oil output targets by 188,000 barrels per day in June, the third consecutive monthly increase, OPEC+ said in a statement.
Global energy investment is expected to reach $3.4 trillion in 2026, with $2.2 trillion going to low-emissions and grid technologies and $1.2 trillion to fossil fuels, according to the IEA report.
Two liquefied natural gas tankers passed through the Strait of Hormuz on Monday ( May 25) heading to route to Pakistan and China, while a supertanker carrying Iraqi crude for China departed the Gulf on Saturday after being stranded for nearly three months, according to shipping data cited by Reuters.
Seven leading producers in the Opec+ are likely to agree to a modest increase in July oil output when they meet on June 7, despite ongoing supply disruptions linked to the Iran war, four sources told Reuters.
The agreement the US and Iran are close to signing involves a 60-day ceasefire extension during which the Strait of Hormuz would be reopened, Axios has reported. Iran would freely sell oil, and negotiations would be held on curbing its nuclear programme, it said.
Ministry of Petroleum and Mineral Resources said Agiba Petroleum Company made its largest discovery in 15 years in Egypt’s Western Desert, with estimated reserves of 330 billion cubic feet of gas and 70 million barrels of oil equivalent.
The latest developments in the Middle East have pushed oil higher again, reintroducing some of the “war trades” that had faded in recent weeks. Markets are still being driven by a tug-of-war between strong fundamentals and rising macro risk, but the tone has become more cautious over the past 24 hours, said an expert.
