Author: Rigs & Barge World

The UAE announced on April 28 that it is withdrawing from both OPEC and OPEC+, a major setback for the oil producers’ alliance and its leading member, Saudi Arabia, according to Reuters. The decision comes amid the ongoing Iran war, which has triggered an energy shock and rattled global markets. As a long-standing member of the Organization of the Petroleum Exporting Countries (OPEC), the UAE reported that the step was taken after reassessing its energy policies. Energy Minister Suhail Mohamed al-Mazrouei told Reuters that the decision was taken after a careful review of the regional power’s energy strategies. The choice…

With the ceasefire deadline approaching, US President Donald Trump announced an indefinite extension on the evening of 22 April, stepping back from earlier threats to resume attacks on Iran. In a post on Truth Social, he said the ceasefire would be extended “until such time as their proposal is submitted, and discussions are concluded, one way or the other.” Despite initial expectations that both countries would send delegations to Islamabad this week for a second round of talks, meaningful discussions have yet to resume. Tehran is conditioning further talks on the US lifting its recently imposed blockade on Iranian ports…

Egypt and Türkiye are set to strengthen mining sector cooperation. Karim Badawi, Minister of Petroleum and Mineral Resources, met Alparslan Bayraktar, Türkiye’s Minister of Energy and Natural Resources, in Istanbul to discuss cooperation opportunities in the mining and energy sectors between the two countries, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). This meeting builds on previous engagements between officials from Egyptian Mineral Resources and Mining Industries Authority (MRMIA) and Türkiye’s OZ Minerals Company, as well as the memorandum of understanding (MoU) signed between the two countries in May 2025. The meeting included a proposal…

Goldman Sachs has increased its oil price projections for the fourth quarter (Q4), attributing the revision to reduced Middle East output, with Brent crude forecast at $90 per barrel and US West Texas Intermediate (WTI) at $83, Reuters reported. In an April 26 report, analysts led by Daan Struyven, co-head of Global Commodities Research and head of Oil Research at Goldman Sachs, suggested that broader economic risks exceed the bank’s base crude scenario, highlighting upward pressure on oil prices, persistently high refined product prices, risks of supply shortages, and the magnitude of the current market disruption. The updated forecast assumes…

The closure of the Strait of Hormuz has reinforced the importance of the Iraq-Turkey Pipeline, now Iraq’s only functioning export route following the suspension of Gulf exports. With the waterway’s long-term viability undermined by the threat from Iran, Ankara has renewed calls to expand the ITP and link it directly to Iraq’s major oil fields in Basra, though political, commercial and logistical hurdles remain. Diversifying supply routes from the Middle East to avoid disruptions in the future is also an energy security concern for consumers. The IEA’s Executive Director, Fatih Birol, spoke of the project’s importance to security of supply.…

Prime Minister Mostafa Madbouly urged the government to launch an initiative to incentivize factories and households to transition to solar energy, stressing that this is a top government priority. This came during the Central Crisis Management Committee meeting, chaired by Madbouly, to follow up on the latest developments of the current crisis. During its meeting, the Committee approved suspending the decision requiring public shops, shopping centers, and restaurants to close at 11 PM, and returning to the normal operating hours previously in effect. The meeting reviewed the latest repercussions of the current crisis, the most recent developments in the status…

Prime Minister Mostafa Madbouly met with Karim Badawi, Minister of Petroleum and Mineral Resources, to follow up on efforts to secure the local market’s needs for natural gas and petroleum products. Madbouly reviewed different scenarios prepared by the Ministry of Petroleum and Mineral Resources (MoPMR) to secure fuel supplies needed for the electricity sector to meet the expected increase in consumption, according to Mohamed Elhomosany, the official spokesperson for the Cabinet. This will be achieved through boosting local production and utilizing regasification vessels, ensuring safe and sustainable supplies, while also supporting the continued operation of the industrial sector at full…

 As the U.S. counter-blockade remains in place without any sign of a breakthrough, there are clear indications that Iran is going to suffer beyond losing its vital revenue from the sale of oil. In fact, it is much more damaging than the loss of petrodollar in the long run.It is the damage to the infrastructure that could happen in a sequence that analysts are worried about. The damage is going to be triggered off by the storage saturation, well-shut-ins and of course, physical degradation. As of April 2026, Iran’s steady production oil has been dealt a severe blow by a ‘hard…

Jordanian Energy Minister Saleh al-Kharabsheh met Algerian Energy Minister Mohamed Arkab on 14 April to discuss potential LNG supply arrangements and broader hydrocarbons cooperation. The talks also covered crude oil shipments and LPG exports, reflecting a wider push to diversify supply options amid disruptions caused by the ongoing closure of the Strait of Hormuz. The talks, described by Mr Kharabsheh as “fruitful”, examined mechanisms to strengthen bilateral energy cooperation, according to a Jordanian ministry read-out. (CONTINUED – 855 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by…

Leading oilfield services providers SLB and Baker Hughes expect a rise in global spending on oil exploration and production, as supply disruptions linked to the Middle East conflict underscore the need for greater investment, particularly in North America, according to Reuters. The ongoing US -Israeli conflict with Iran has disrupted flows through the Strait of Hormuz, halting around 20% of global oil trade and shutting in approximately 9 million barrels per day (mmbbl/d) of production. The disruption has forced countries across Asia and Europe to seek alternative supplies, while intensifying focus on energy security and diversification of supply sources. Baker…