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IEA deepens 2026 oil demand cut to 1.6mn b/d as Hormuz war drains stocks
Global oil demand will shrink this year at the fastest pace since the pandemic, as war around the Strait of Hormuz lifts fuel prices and drains the world's stockpiles.
Libya's NOC says it may shut down Zawiya refinery due to drone attacks
Libya’s National Oil Co. (NOC) has said that it may declare a force majeure at its Zawiya refinery if drone attacks on oil assets in the city continue.
Nigeria looks to overhaul supply rules to aid domestic refiners
Nigeria may be planning to change crude allocation and pricing rules to improve feedstock access for domestic refineries such as the 650,000 barrels per day (bpd) Dangote refinery, according to Reuters.
Vietnam seeks more long-term LNG
Vietnam's state-controlled PV GAS is sounding out suppliers for a second long-term LNG contract, as the country moves towards securing greater volumes under term agreements to support its rapidly expanding gas-fired power sector.
Origin Energy predicts decline at Australia Pacific LNG in 2027
APLNG production is forecast at 625-670 PJ in FY27, compared with 668 PJ in FY26.
China's CNOOC launches key offshore gas project
Bozhong 19-6 Phase I is now producing more than 5,200 tonnes of oil equivalent per day, or roughly 38,000 barrels of oil equivalent per day.
Eastern Gas spuds appraisal well at Venus coal seam gas project in Australia's Queensland
The well is the company’s first drilling campaign since listing on the Australian Securities Exchange in February and the first horizontal CSG well drilled in the area.
Naftogaz receivables rise as Gazprom debt remains unpaid
Ukrainian state energy company Naftogaz reported receivables exceeding $1.5bn, with nearly 77% of the total linked to unpaid gas transit debt owed by Russia's Gazprom, showing the financial pressures facing the company despite a debt restructuring.
Turkey plans first offshore wind YEKA tender for early 2027
Turkey will launch its first offshore Renewable Energy Resource Zone (YEKA) wind tender in the first quarter of 2027.
New Zealand issues 10-year oil and gas licence in push to revive upstream sector
New Zealand has awarded a new 10-year oil and gas production permit in the onshore Taranaki Basin, as the government seeks to revive investment in the country’s upstream sector and shore up declining domestic gas supplies.
Iraq to start gas pipeline project at Artawi oilfield
Iraq’s Oil Projects Company has completed its technical and operational preparations to begin work on the Gas Moving Project (GMP) at the Artawi oilfield in Basra, with construction scheduled to start in August.
Iraq’s Basra Medium crude records third-largest monthly drop in OPEC basket
Iraq’s Basra Medium crude recorded one of the largest monthly declines among OPEC basket crudes in July, falling by $6.73 per barrel to an average of $78.37.
Chad anti-corruption inspectors say security agents assaulted them during SHT audit
Chad's independent anti-corruption authority said security agents detained and assaulted members of an inspection team examining crude-oil operations at state-owned Société des Hydrocarbures du Tchad (SHT).
Mozambique approves $50mn emergency fuel import facility
Mozambique has approved an emergency mechanism allowing the mobilisation of up to $50mn through state-owned oil company PETROMOC to safeguard fuel imports and maintain domestic supplies during periods of crisis, Lusa reported on August 12.
Israel's Tamar Petroleum posts 41% annual profit surge in Q2
Tamar Petroleum posted a 41% y/y rise in net profit to $15.6mn in Q2 2026, driven by higher Brent-linked export prices and expanded production capacity from the Tamar reservoir offshore Israel.
Nigeria’s Tinubu approves deep offshore incentives to unlock up to $50bn investment
Nigeria’s President Bola Tinubu has approved a rules-based fiscal framework for the country’s deep offshore oil and gas sector aimed at unlocking up to $50bn in investment, beginning with the roughly $10bn Bonga South West project
International salvage operation races to contain oil spill off Oman
An international salvage operation is under way off Oman to stabilise the stricken crude tanker Caroline Bezengi and contain an oil spill that has begun reaching the country’s coastline, The National News reported on August 13.
Omani upstream energy firm extends $500m bridge-to-bond facility
OQ Exploration & Production (OQEP) - Oman’s leading upstream oil and gas company - announced on August 13 the extension of its existing $500 mn bridge-to-bond credit facility by 12 months.
Invictus confirms November spud for Musuma-1 well in Zimbabwe
Invictus Energy (ASX: IVZ, OTCQB: IVCTF, VFEX: INV) has confirmed that drilling of the high-impact Musuma-1 exploration well in Zimbabwe's Cabora Bassa Basin will begin in November.
Iran continues Qeshm island oil pollution cleanup as slicks reach mangroves
Iranian port authorities are continuing to clean oil pollution along the Suza and Shibderaz coast of Qeshm island, where slicks first seen in early August have spread to protected Hara mangrove forests.
Caspian Sea water level hits 200-year low
The Caspian Sea has fallen to its lowest level in about 200 years and is still declining, a Tehran official said, blaming higher temperatures, evaporation, weaker inflows and lower rainfall for a drop of up to 20 centimetres a year.
Murphy Oil raises 2026 capex by $300mn after offshore Côte d'Ivoire discovery
US energy company Murphy Oil (NYSE: MUR) has raised its 2026 capital expenditure programme by $300mn after its Bubale oil discovery offshore Côte d'Ivoire opened up new appraisal and development opportunities.
Guyana’s crude expansion strengthens tanker demand on longer Atlantic-Asia routes
Guyana’s oil boom is creating longer-haul tanker demand as growing Americas crude exports are increasingly routed towards Asia, tightening vessel utilisation across multiple tanker segments.
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