Issue 32

Oil & Gas

• Shell Sidesteps Cyprus Government In Aphrodite Sale
• KRG Slams Historic Khor Mor-Kirkuk Gas Sales Deal
• UAE Production Rises Again
• Aramco Prioritizes Additional Pipeline Optionality

Corporate

• Aramco Profits Surge 33% Despite Conflict Disruption
• ICE Winds Down Murban Futures After Adnoc Pricing Switch

OPEC

• Costs Mount For Qatar As LNG Export Crisis Enters Sixth Month
• Opec Output Extends Recovery In July

Geopolitical Risk

• Iraq Secures US Fuel Oil Export Waiver
• Ceuta Crisis Highlights Deep-Rooted Regional Rivalry

Refining & Petrochemicals

• Damietta FSRU Loss Tests Egypt’s Gas Balance

Power & Water

• Saudi Electricity Consumption Declined Slightly In Q2

Economics & Finance

• Saudi Arabia’s Deficit Narrows To Two Year Low

News In Brief

• Egypt Signs PPA For 407MW Wind Project
• Aramco CEO: Attack Damage Non-Material
• Cyprus Relaunches LNG Terminal Tender
• Saudi Renewable Capacity Reaches 18.8GW
• Luberef Expansion Pushed Back To 2027
• Adnoc Expands Tanker Fleet Amid New Hormuz Reality
• EOG Flows Unconventional Oil In UAE
• Oman Block 54 Partners Plan First Well In 2027
• Houthis Threaten To Reignite War In Yemen
• Iraq, Turkey Sign Oil Pipeline Extension
• Genel Board Rejects DNO Takeover Bid

Op-Ed & Documents

• A Tanker Tantrum: Post- Hormuz VLCC markets

Selected Data

• Benchmark Crude Prices ($/B)
• Aramco Official Selling Prices To Asia: Arab Light Cut Further For September Loadings ($/B Vs Oman/Dubai)