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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 132.00
-29.00
1 175.00
+10.00
Aug 4
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 132.00	-29.00	1 175.00	+10.00	Aug 4

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
589.35	+4.88	761.24	+6.70	1 270.65	-2.70	Aug 10

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MABUX Market Differential Index (MDI)

Correlation between market bunker prices (MBP) and MABUX Digital Bunker Price Benchmark (DBP)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	Date
Rotterdam	515	591	-76	653	656	-3	1 175	1 349	-174	Aug 10
Singapore	584	613	-29	820	739	+81	1 135	1 342	-207	Aug 10
Fujairah	593	561	+32	780	681	+99	1 290	1 405	-115	Aug 10
Houston	471	587	-116	681	673	+8	1 152	1 242	-90	Aug 10

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Latest News
- 2026-08-10
  Oil rises on uncertainty over reopening of Hormuz
  Oil prices rose on Monday on uncertainty over the reopening of the Strait of Hormuz anytime soon, as Iran said a deal with Oman defining new shipping lanes was in its final stages but insisted the U.S. must still meet other conditions. Brent crude... Read more Oil prices rose on Monday on uncertainty over the reopening of the Strait of Hormuz anytime soon, as Iran said a deal with Oman defining new shipping lanes was in its final stages but insisted the U.S. must still meet other conditions.
  
  Brent crude futures rose 91 cents or 1.09%, to $84.46 a barrel by 0056 GMT, while U.S. West Texas Intermediate crude futures rose 61 cents, or 0.78% to $78.79 a barrel.
  
  Both benchmarks had fallen more than 7% last week on hopes that Iran and Oman were close to reaching a deal that would result in a reopening of the Strait of Hormuz, which carried a fifth of the world’s oil before the war.
  
  While Iran said on Sunday that a deal with Oman was in its "final stages", it reiterated that the waterway would only reopen once Washington met other conditions, including U.S. compensation to Iran for its widespread attacks.
  
  “Traders have been conditioned by the on-again, off-again nature of the negotiations and are waiting for tangible evidence, such as verified tanker movements or formal agreements, before further unwinding the risk premium,” said Tim Waterer, chief market ‌analyst at ⁠KCM Trade.
  
  Iran and the U.S. are not engaged in talks and Tehran will not start them as long as Washington breaches an interim deal signed in June, Iranian Foreign Minister Abbas Araqchi said on Sunday.
  
  In a further threat to supply, a Saudi oil plant was attacked over the weekend.
  
  The Iran-aligned Houthis said they had hit Saudi Aramco’s Jazan refinery on Sunday, two days after the kingdom signed a defence pact with Sunni Muslim allies Turkey and Pakistan in response to growing regional instability from the U.S.-Israeli war on Shi’ite Iran.
  
  Separately, the United Arab Emirates’ ADNOC said on Friday that 15 of its vessels had been attacked transiting the Strait of Hormuz since the beginning of the conflict. Source: Oilprice.com
- 2026-08-10
  Europe Bets Billions on North Africa’s Clean Energy Potential
  Europe is deepening its ties with North Africa to develop stronger clean energy connections between the two regions in support of a green transition. The European Union and several European countries have invested in Morocco and Egypt in recent years... Read more Europe is deepening its ties with North Africa to develop stronger clean energy connections between the two regions in support of a green transition. The European Union and several European countries have invested in Morocco and Egypt in recent years to support renewable energy development in countries with favourable climate conditions for energy production. Over the coming decade, Europe and North Africa are expected to establish a stronger clean energy trade corridor that will help both regions decrease reliance on fossil fuels.
  
  In June, the European Commission (EC) pledged almost $5.8 billion in renewable energy projects in the Middle East and North Africa (MENA) as part of its T-MED initiative, which it hopes will provide Europe’s grid with clean energy. The aim is to deploy solar panels in the Sahara Desert and wind turbines along the southern and eastern shores of the Mediterranean to produce clean energy in areas with optimal climate conditions. The electricity produced will be delivered to Europe’s grid via high-voltage transmission lines that run under the sea.
  
  Much of Europe is already accelerating the expansion of domestic renewable energy capacity. However, investing in a region with more suitable weather conditions could help European countries transition away from fossil fuels even faster, to meet their electrification targets and climate pledges. The EC estimates that the MENA region has approximately 2,300 GW of renewable energy potential, which is over twice the EU’s current installed capacity. Solar and wind power can also be produced at between 30 and 40 per cent less cost than in Europe.
  
  The hope is that the EU financing will encourage private funding of up to $29 billion by 2035 to support the growth of the MENA region’s renewable energy industry. This includes the development of solar and wind power, hydrogen, and electricity grids. However, to fully exploit its renewable energy potential, the EC estimates that MENA will require almost $115 billion in investment.
  
  The EC expects more governments, development banks, project developers, and private investors to see the value of investing in the region. Meanwhile, it will encourage countries across MENA to simplify permitting procedures, improve grid access, and strengthen regulatory frameworks to encourage investment.
  
  The European Commissioner for Energy and Housing, Dan Jørgensen, emphasised the need to invest in green energy in the face of ongoing geopolitical challenges that have led to energy shortages and driven fuel prices up. “The EU’s bill for fossil fuel imports has increased by over €47 billion in the past 100 days, but not a single molecule of energy in addition,” said Jørgensen. “Our energy security must be based on electrified energy systems that are based on clean energy, modern grids and increased connectivity,” he added. This echoes a broader movement to diversify energy production to improve energy security in several parts of the world.
  
  The EC intends for the initiative to lead to the development of at least 15 GW of new renewable-energy capacity by 2035, as well as to support the creation of over 100,000 jobs. It will also deepen the energy relationship between Europe and the MENA region. This is not Europe’s first clean energy investment in North Africa, but it may be the most ambitious.
  
  In 2019, the EU and European Investment Bank invested €106.5 million in the development of the Noor Ouarzazate solar power complex, a 580 MW power plant located around 10 km north-east of the city of Ouarzazate. The project is expected to reduce carbon emissions by around 760,000 tonnes a year.
  
  In June, the EU announced plans to deepen ties with Egypt by providing a financing package of up to $794 million to upgrade and expand Egypt’s electricity network. The package consists of a $690 million loan from the European Investment Bank’s development arm, EIB Global, and up to $104 million in EC grants.
  
  Meanwhile, Germany has launched a $30 billion project known as Sila Atlantik with Morocco to develop what would be the world's ‌longest intercontinental undersea power link. The aim is to connect Morocco and Germany via two high-voltage subsea cables to deliver up to 5 per cent of Germany’s annual electricity demand. However, the project has been delayed due to disagreements over structure and guarantees, Reuters reported in June.
  
  If developed, the cables would stretch around 4,800 km and deliver up to 15 GW of solar and wind power from Morocco to Germany. The German firm Sila Atlantik was established to manage the project following the collapse of a similar proposed Morocco-U.K. renewable electricity link, known as Xlinks, in 2025.
  
  The European Commission’s T-MED initiative is the latest and most ambitious plan to expand the MENA region’s renewable energy capacity and enhance clean energy trade between the two regions. It is expected to encourage high levels of private investment in the sector and support broader diversification aims to strengthen energy security across Europe, North Africa, and the Middle East. Source: Oilprice.com
- 2026-08-10
  Oil Traders Stay Bearish Despite Deepening Middle East Disruptions
  Despite continued hostilities in the Middle East and an expansion of the war to the Red Sea, oil traders have remained largely bearish on the commodity, betting on a quick peace deal—and they might get a nasty shock. Earlier this week, Brent crude... Read more Despite continued hostilities in the Middle East and an expansion of the war to the Red Sea, oil traders have remained largely bearish on the commodity, betting on a quick peace deal—and they might get a nasty shock.
  
  Earlier this week, Brent crude sank below $80 per barrel, and WTI dropped below $75, after President Trump said peace talks between the United States and Iran had resumed, even though Iranian officials denied there were any talks in progress. However, Iran is negotiating a deal about control over the Strait of Hormuz with Oman, which traders apparently took as more bearish news for oil.
  
  Meanwhile, the Yemeni Houthis are striking Saudi tankers in the Red Sea, prompting yet another rerouting of Saudi oil exports to the Suez Canal and a pipeline to the Mediterranean coast of Egypt that has much smaller capacity than the East-West pipeline from the Persian Gulf to the Red Sea port of Yanbu. This would mean additional constraints on Saudi oil exports, yet traders appear to be largely oblivious to the fact.
  
  In further fresh news from the Persian Gulf, the Iranian parliament is discussing a bill to ban access to the Strait of Hormuz to U.S., Israeli, and other “hostile” vessels. That would not do much for the free passage of energy carriers in the region, and it would certainly do nothing about improving the prospect of peace between Tehran and Washington.
  
  Indeed, the last bit of news seems to have gotten traders’ attention and oil prices were up on Friday, reflecting the possibility of extended restrictions on tanker traffic in the Strait of Hormuz, which, it might be worth recalling, used to account for about a fifth of global oil and gas trade before the U.S. and Israel attacked Iran at the end of February.
  
  The situation is quite unique. In any oil crises in the past, futures prices have normally reflected events on the ground rather than speculation. The latest example was the oil price surge back in 2022, when sanctions on Russia from the West appeared to threaten a solid chunk of global oil flows, with Russia being a top-three exporter. When this did not happen and Russian oil and fuel flows simply redirected from the West to the East, a perception came to dominate the oil market that oil, like love, always finds a way.
  
  True as this is, this time there is literal destruction of supply—and this is what a lot of traders are ignoring. Global oil production, as of July, was 9.4 million barrels daily below pre-war levels, the International Energy Agency said in its monthly Oil Market Report. That was despite a sharp rebound of over 4 million barrels daily in June as a result of the ceasefire deal that the U.S. and Iran agreed to, and that did not even last a month.
  
  “Nearly 3 million barrels per day of refining capacity in the region has been shut due to attacks and a lack of viable export outlets,” the IEA also warned in a separate report, which has made the refined oil product situation in the world complicated. Not only this, but the amount of crude in storage in the Gulf has declined, after the flood of oil that Gulf states sent out after the ceasefire deal was agreed in June.
  
  According to Kpler data cited by Reuters’ Ron Bousso, Gulf states exported 70 million barrels of crude in the weeks following the deal. This leaves 80 million barrels still in storage. They could be released if the Strait of Hormuz reopens, but that would leave storage empty. Global supply of crude oil, in other words, is still tightening. Yet oil prices are not reflecting this.
  
  The situation is problematic because it could make a future oil price shock a lot more severe than it would have been otherwise. Analysts noted early on in the war that it takes several months for the supply tightness in crude oil to fully materialize on physical markets and affect prices. Five months after the first strikes, we are much nearer to that point of full materialization.
  
  Even so, analysts appear quite confident that the war will end soon. ING commodity analysts earlier on Friday wrote that “Despite clear signs of progress in recent days, the tenor of the rhetoric and growing distrust between the US and Iran mean things could go from bad to worse once again. For now, we hold onto our view that flows will start to normalise through the third quarter, which leaves us expecting Brent to average $80/bbl this quarter.” They are not alone in their optimism, even if there is little cause for it.
  
  Some, however, are beginning to suspect that there will not be a return to full normal, even after the end of the war, whenever it comes. Iran’s discussion of charging for ships passing the Strait of Hormuz and the idea of co-managing it with Oman suggests that post-war Middle East oil flows will be different—and while those alternative pipelines get built, prices will be higher.
  
  Source: Oilprice.com
- 2026-08-10
  MABUX: Global bunker market to continue upward movement on Aug. 10.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — moved higher on Aug. 07, reversing four consecutive days of decline: 380 HSFO: USD/MT: 584.14 (+8.43) VLSFO: USD/MT: 754.54 (+4.80) MGO: USD/MT:... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — moved higher on Aug. 07, reversing four consecutive days of decline:
  
  380 HSFO: USD/MT: 584.14 (+8.43)
  VLSFO: USD/MT: 754.54 (+4.80)
  MGO: USD/MT: 1 273.35 (+26.33)
  
  As of Aug. 07, the MABUX Market Differential Index (MDI), which measures the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Benchmark (DBP), showed the following dynamics across the four major global bunkering hubs—Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Fujairah remained the only overvalued port in this fuel segment, with its premium narrowing by another $3. The other three ports remained undervalued. Discount levels narrowed by $1 in Rotterdam and Houston, while widening by $8 in Singapore. Houston's MDI was above the $100 mark.
  
  • VLSFO segment: All four ports remained overvalued, although premiums narrowed across the board — by $21 in Rotterdam, $15 in Singapore, $24 in Fujairah and $13 in Houston. Fujairah's MDI moved below the $100 mark, while Rotterdam and Houston approached 100% correlation between MBP and DBP.
  
  • MGO LS segment: All four ports continued to be undervalued. Discount margins narrowed by $37 in Rotterdam, $7 in Singapore, and $2 in Fujairah, while widening by $11 in Houston. The MDIs in Fujairah, Rotterdam and Singapore remained well above the $100 mark.
  
  MABUX expects Global bunker market to maintain its upward momentum on Aug. 10: 380 HSFO: plus 3-6 USD/MT, VLSFO: plus 3-8 USD/MT, MGO LS: plus 4–15 USD/MT.
  Source: MABUX
- 2026-08-10
  EU Locks In Plan To Triple Energy Storage Capacity By 2030
  Europe desperately needs an energy storage revolution. As the region gets rocked by the third energy crisis in four years, the continent’s insufficient indigenous energy systems, and backups to those systems, has become abundantly and painfully clear.... Read more Europe desperately needs an energy storage revolution. As the region gets rocked by the third energy crisis in four years, the continent’s insufficient indigenous energy systems, and backups to those systems, has become abundantly and painfully clear. "We swore we’d learn. We promised things would change but here we are," a ‘highly frustrated European diplomat’ was recently (anonymously) quoted by the BBC in March.
  
  As a result, the continent is now in an incredibly precarious position that could leave the bloc highly vulnerable to widespread energy shortages, grid failures, and even matters of national security as energy becomes Europe’s adversaries' most potent weapon. Getting through the next year will be a major stress test for the European Union, as the region endures historic energy- and life-threatening heat waves while also scrambling to prepare for what is sure to be a ‘long, cold winter.’ Europe’s natural gas reserves are perilously low at just barely more than 50 percent capacity, and imports have stemmed to a mere trickle driven by the closure of the Strait of Hormuz, with no relief in sight.
  
  Avoiding the next energy crisis will require Europe to ease its reliance on energy imports, thereby sheltering European markets from external conflict and market shocks. As a result, European leaders are fast-tracking the development of indigenous energy supplies, most notably solar and wind energy. But as intermittent renewable energies like solar and wind take up more and more of Europe’s energy mix, new energy security concerns arise. As wind and solar are dependent on the weather, the time of day, and the season, energy demand and supply are becoming increasingly mismatched, resulting in extreme market volatility and grid vulnerabilities.
  
  In response to this compounding crisis, European leaders are finally treating energy storage as a matter of priority for the continent’s energy security and geopolitical stability. In June, energy ministers signed a historic agreement to triple the European Union’s energy storage capacity, starting by adding approximately 30-35 gigawatt-hours (GW) of new capacity by 2028. Currently, the EU has just 55 GW of installed storage capacity, a starkly scant amount compared to the estimated 200 GW of storage capacity that the bloc will need by 2030.
  
  “For the first time, the EU has established a clear political direction, turning storage from enabling technology to a delivery priority”, Walburga Hemetsberger, CEO of SolarPowerEurope, was recently quoted by Euronews.
  
  Currently, lithium-ion batteries dominate the energy storage sector on a global scale. But these batteries have some key drawbacks, including the problematic reality that they can only hold onto energy for a maximum of about four hours. Balancing energy supply and demand will require long-term energy storage solutions, which are still in developmental stages. But European leaders are taking a leap of faith and better big on one of these nascent technologies.
  
  Ore Energy, a Netherlands-based company just landed a huge deal to deploy 1 gigawatt-hour (GWh) of energy storage through the use of an iron-air battery which, in theory, is capable of storing energy for up to four days rather than four hours. “The project is notable not only for its size but also because it’s the first iron-air storage agreement with a European energy supplier,” Electreck wrote in a report published earlier this week. The technology uses iron, water, and air, and is configured out of modular 40-foot containers which can be interconnected to boost capacity as needed.
  
  “European grids are already curtailing clean power at scale, wasting electricity that costs billions to generate, while we stay dependent on fossil fuels to cover the gaps,” said Ore Energy cofounder and chief executive officer Aytaç Yilmaz. “Short-duration batteries alone can’t fix this. They shift solar by a few hours, but wind-heavy European grids need storage that works across days, not hours.”
  
  If successfully scaled, this technology could be a major gamechanger for European markets, which have struggled to keep up with the rest of the world when it comes to installed energy storage capacity. It will also provide much-needed resilience and autonomy to the European energy sector. “Without optimised storage, the EU remains dependent on imported fossil gas to fill gaps when the sun sets or winds fade,” Euronews recently reported. “Despite renewables supplying 44 per cent of EU electricity, the bloc still imports around 55 per cent of its total energy, including oil and gas.” Source: Oilprice.com
- 2026-08-10
  Iran Says Hormuz Stays Closed Until U.S. Meets Six Sweeping Demands
  Iran has effectively rejected expectations of an imminent reopening of the Strait of Hormuz, laying out sweeping conditions that would require the United States to fundamentally change its policy toward Tehran. In a statement issued by Mohammad Baqer... Read more Iran has effectively rejected expectations of an imminent reopening of the Strait of Hormuz, laying out sweeping conditions that would require the United States to fundamentally change its policy toward Tehran.
  
  In a statement issued by Mohammad Baqer Zolghadr, secretary of Iran's Supreme National Security Council, Tehran said the strait would remain closed until Washington ends what Iran described as its hostile behavior. The six demands include an end to U.S. threats and military action, a permanent end to the war, withdrawal of U.S. naval and air forces from around Iran, compensation for war damages, sanctions relief and the release of frozen Iranian assets.
  
  The statement is significant because it indicates that the much-discussed U.S.-Iran draft agreement does not, at least from Tehran's perspective, amount to a deal to reopen Hormuz. Any agreement would ultimately require approval from Iran's Supreme National Security Council.
  
  The shipping data also points to continued disruption. Just 33 vessels transited Hormuz from Monday through Thursday, down from 50 during the same period the previous week, while only six crude tankers have reportedly cleared the strait outbound so far this week. The decline comes despite expectations that Iran and Oman were close to an arrangement governing a shipping corridor.
  
  That uncertainty has kept the energy market on edge. Iran has also been considering restrictions on U.S. and Israeli vessels, while previous proposals for transit fees have added another layer of uncertainty. The European Union has already accused Iran's IRGC Navy of enforcing a screening and toll system for vessels using the strait.
  
  Washington, however, is presenting a considerably more optimistic picture. Vice President JD Vance said the U.S. expects oil and gas flows from the Gulf to eventually return to pre-war levels. He also said Iran had told Washington it had no plans to impose tolls, although the U.S. does not fully trust Tehran's assurances.
  
  That leaves the market facing two very different interpretations of the same negotiations. Washington is talking about restoring normal energy flows. Tehran is demanding major political, military and financial concessions before reopening Hormuz.
  
  For oil traders, the key question is therefore no longer simply whether talks are taking place, but whether the two sides are actually negotiating the same outcome. Source: Oilprice.com
- 2026-08-10
  Citi Lifts Brent Outlook but Still Sees Oil Falling in 2027
  Citi has raised its third-quarter Brent crude forecast to $80 per barrel from $75 as the U.S.-Iran war drags on and repeated attempts at a deal fail to restore normal oil flows through the Strait of Hormuz. The bank still expects the conflict to be... Read more Citi has raised its third-quarter Brent crude forecast to $80 per barrel from $75 as the U.S.-Iran war drags on and repeated attempts at a deal fail to restore normal oil flows through the Strait of Hormuz.
  
  The bank still expects the conflict to be resolved, but the five-month war has lasted longer than Citi anticipated and kept more geopolitical risk in crude prices. Citi left its fourth-quarter Brent forecast unchanged at $70 per barrel and still sees the benchmark averaging $65 in 2027.
  
  Brent futures were trading at $83.11 per barrel on Friday afternoon, up $0.62, while West Texas Intermediate gained $0.51 to $77.80. Concerns over U.S.-Iran negotiations helped lift prices after Brent briefly fell below $80 earlier in the week on renewed hopes for a Hormuz agreement.
  
  Citi’s latest revision is another retreat from the bank’s aggressively bearish call earlier this summer. In early July, Citi recommended selling summer rallies and predicted Brent would fall to $60-$65 by year-end as Hormuz traffic normalized and Washington and Tehran moved toward a broader agreement.
  
  Neither assumption has aged particularly well.
  
  Shipping through Hormuz remains heavily constrained, Middle East oil production is still well below pre-war levels, and attacks on commercial vessels have continued even as negotiators discuss possible arrangements for the waterway.
  
  Citi’s December outlook had Brent averaging just $62 for all of 2026, with a bearish scenario of $50 and a bullish case of $75 if geopolitical disruptions actually materialized. They did. Brent spent much of the second quarter well above those levels after the war removed millions of barrels per day from the market.
  
  Goldman Sachs is less convinced that prices are ready for Citi’s expected fourth-quarter drop. The bank said earlier this week that Brent should remain between $80 and $90 until markets get either confirmation of a U.S.-Iran agreement or a significant escalation in attacks, with the possibility of as much as $120 per barrel should Hormuz remain closed for longer.
  
  Citi’s $70 fourth-quarter forecast now depends heavily on the same thing its July call did: more barrels getting through Hormuz.
  
  Source: Oilprice.com
- 2026-08-10
  Norway’s $2.3-Trillion Fund Opposes SEC Idea to Rescind Climate Reporting
  The world’s biggest sovereign wealth fund, Norway’s $2.3-trillion Government Pension Fund Global, does not support the U.S. Securities and Exchange Commission’s (SEC) proposal to scrap requirements for climate-related risks and disclosures. The SEC... Read more The world’s biggest sovereign wealth fund, Norway’s $2.3-trillion Government Pension Fund Global, does not support the U.S. Securities and Exchange Commission’s (SEC) proposal to scrap requirements for climate-related risks and disclosures.
  
  The SEC in May requested input from investors about a proposal to rescind the Final Rules requiring registrants to provide certain climate-related information in their registration statements and annual reports.
  
  Norway’s Government Pension Fund Global (GPFG), which is commonly referred to as 'Norway's oil fund' because it was created with oil and gas revenues, is a shareholder in many large companies in the world, including Big Oil. The Norwegian fund was created in the 1990s, and today it holds, on average, 1.5% of all listed companies in the world.
  
  The manager of the Norwegian fund, Norges Bank Investment Management (NBIM), published on Friday a letter it had sent to the SEC to express its view on the proposed scrapping of climate-related disclosures.
  
  “NBIM does not recommend outright rescission of the Final Rules. We support the existing framework's materiality standard, which elicits disclosure of climate-related risks when material to a registrant's financial condition,” the manager of the world’s biggest sovereign wealth fund said.
  
  “In our view, the Final Rules would add a valuable analytical layer by codifying a structured framework for how climate-related risks, when material, are identified, managed and reflected in company governance, strategy and financial statements,” NBIM’s Chief Governance and Compliance Officer, Carine Smith Ihenacho, noted.
  
  NBIM believes that “alternatives to outright rescission exist that would address the Commission's concerns about scope and cost, while preserving a baseline of financially material disclosure.”
  
  As of the end of 2025, NBIM managed more than $2 trillion in assets, with the United States representing its largest market at 53% of total investments. Within the Norwegian fund’s equity portfolio, $822 billion was invested in shares of 1,306 U.S. public companies. NBIM is a minority shareholder in U.S. public companies, with an average equity ownership of 1.2%, the fund’s manager said. Source: Oilprice.com
- 2026-08-10
  ADNOC Reports 15 Vessel Attacks as Hormuz Risks Mount
  Abu Dhabi National Oil Company said attacks on its vessels and employees are having a significant impact on operations as the company tries to keep crude, gas and refined products moving through the Strait of Hormuz. Fifteen ADNOC vessels have been... Read more Abu Dhabi National Oil Company said attacks on its vessels and employees are having a significant impact on operations as the company tries to keep crude, gas and refined products moving through the Strait of Hormuz.
  
  Fifteen ADNOC vessels have been hit by missiles or drones since the war began, including three this week, the company said Friday. One crew member has been killed and 20 others injured.
  
  The Strait of Hormuz carried roughly one-fifth of global oil consumption before the U.S.-Israeli war against Iran expanded into a broader regional conflict. Repeated attacks on commercial vessels have disrupted traffic through the waterway, driven freight costs sharply higher, and made some shipowners reluctant to enter the Persian Gulf.
  
  ADNOC said it is working with authorities to protect personnel and assets while meeting customer requirements “as much as possible” in what it called an exceptionally challenging operating environment.
  
  The attacks are hitting one of the few Gulf producers that has managed to restore exports close to pre-war levels. The UAE has relied on crude loading points outside Hormuz, including Fujairah, while continuing to move some barrels through the strait despite the security risk.
  
  ADNOC is expanding its own shipping capacity even as those risks increase. Its logistics arm announced Friday that it had acquired six very large crude carriers and five very large gas carriers for about $1.3 billion.
  
  Nine of those vessels are scheduled to enter service this quarter, with two newbuild gas carriers due in the fourth quarter. ADNOC Logistics & Services already owns more than 340 vessels and operates another 600 chartered ships.
  
  The fleet additions are intended to support higher crude and LNG exports as ADNOC expands production and trading volumes. The company also ordered four new LNG carriers last month in a $900 million deal.
  
  “Freedom of navigation and the safe, uninterrupted passage of commercial shipping through international waterways must be respected and protected,” ADNOC said Friday.
  
  Source: Oilprice.com
- 2026-08-10
  Libya Aims to Boost Oil Production to 2 Million Bpd by Early 2030s
  Libya's National Oil Corporation (NOC) is confident the country could raise oil production to 2 million barrels per day (bpd) by early next decade from about 1.4 million bpd now, NOC chairman Masoud Suleman told Bloomberg in an interview published on... Read more Libya's National Oil Corporation (NOC) is confident the country could raise oil production to 2 million barrels per day (bpd) by early next decade from about 1.4 million bpd now, NOC chairman Masoud Suleman told Bloomberg in an interview published on Friday.
  
  A 2026 unified budget for Libya, brokered with the help of the United States, gives the NOC a “lifeline” of more than $2 billion (13 billion Libyan dinars) as an operating budget, the official told Bloomberg.
  
  The national oil company did not receive any funding in the 2025 budget.
  
  “The era of delayed funding, which used to cause problems and concerns, both for us and our partners, is now behind us,” Suleman told Bloomberg in an interview in Tripoli.
  
  The budget plans and the payments make NOC more confident in attracting investments in the country's oil and gas sector.
  
  These have recently increased as many international oil and gas companies returned to Libya and resumed operations and partnerships.
  
  Just last month, NOC and Austrian energy firm OMV declared the Essar oil discovery commercially viable as OPEC's second-largest African producer pushes to revive its industry in partnerships with the oil majors.
  
  Following years of civil war and turmoil, Libya and its national oil company have launched a campaign to bring Big Oil firms back to the country's upstream with the first oil tenders in nearly two decades.
  
  Last year, Libya launched its first bid round for oil and gas exploration in 18 years.
  
  The previous such bid round was held in 2007, four years before the toppling of Muammar Ghaddafi in 2011, which led to a protracted civil war in the country with various factions and tribal interests vying for control of key institutions and major oilfields.
  
  NOC earlier this year formally signed exploration and production-sharing agreements from its 2025 bid round with international companies including Repsol, Turkish Petroleum, Eni, QatarEnergy, and MOL, marking the country's first major licensing push in 17 years.
  
  Source: Oilprice.com

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