US crude oil production is expected to hit a record 13.8 million barrels per day (b/d) in 2026, surpassing the previous high of 13.7 million b/d set in 2025, according to the US Energy Information Administration’s (EIA) latest Short-Term Energy Outlook.
US inflation held at 3.4 per cent in August, while monthly consumer prices accelerated sharply to 0.4 per cent from 0.1 per cent in July. Rising petrol prices, up 3.9 per cent, drove about one-third of the overall monthly increase.
The Air Connectivity Programme (ACP) has signed a cooperation agreement with Delta Air Lines to strengthen direct air connectivity between Saudi Arabia and the US and expand the Kingdom’s international aviation network.
Global air cargo rates fell in July as the conflict involving Iran pushed up jet fuel costs and disrupted supply chains, while new European Union import rules further weakened shipments from China and Hong Kong to Europe, according to WorldACD Market Data.
Global chemical leader Saudi Basic Industries Corporation (Sabic) has announced that it has completed the sale of its engineering thermoplastics (ETP) business in the Americas and Europe to Mutares SE & Co, thus marking a key step in its portfolio optimisation strategy.
The Central Bank of the UAE (CBUAE) and the Central Bank of Egypt affirmed their full and continuous cooperation and coordination regarding the continued normal operation of all activities of Banque Misr branches in the UAE.
The US and Venezuela have reached a major oil agreement granting Washington access to more than 65 billion barrels of reserves, with President Donald Trump calling it the “biggest oil deal in world history.” Venezuela says the agreement could attract more than $100 billion in investment.
Venezuelan interim President Delcy Rodriguez said that a new energy agreement with the US will remain in force for 25 years, targeting crude oil production of more than 1.5 million barrels per day (bpd) while preserving Venezuela’s sovereignty over its natural resources.
Qatar stepped up regional mediation efforts on Thursday, with Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani pressing Iran to restore freedom of navigation through the Strait of Hormuz, even as Tehran insisted that reopening the strategic waterway would depend on conditions being met by the United States.
Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani is due to visit Tehran on Thursday in a fresh diplomatic push to ease tensions between the US and Iran and help restore freedom of navigation through the Strait of Hormuz.
