25 Aug Latest Oil prices, news and commentary;Oil Prices fall as Markets awaits U.S.’s ‘Economic D-Day’ campaign
(Oilandgaspress) 25/08/26, U.S. Treasury Secretary Scott Bessent, specifically singles out countries and entities that purchase and transport Iranian petroleum, facilitate Tehran’s financial transactions, and turn a blind eye to seaborne transfers of Iranian fuel. He also reportedly formally launched “Operation Economic Outcast,” giving countries a defined, but unspecified, timeline to shut down Iran-related activity identified by Washington.
The US Office of Foreign Assets Control (OFAC) also issued new sanctions covering Iran’s digital assets, technology, gold, aviation and shipping sectors, allowing the Treasury to sanction foreign persons operating in or providing services to those sectors. They also sanctioned international companies operating in Iran’s petroleum sector and facilitating the movement and sale of Iranian crude and petroleum products. Countries that fail to comply will face U.S. action and risk being cut off from the U.S. financial system.
Blocking North Sea production while plans are afoot to boost infrastructure for imports suggests that “the only oil and gas some politicians and activists object to is our own”, industry leaders say. “The North Sea can therefore no longer be relied upon to meet our energy needs and we will become more reliant on our import infrastructure,” wrote energy minister Michael Shanks.
But offshore experts say that the first move must be to ensure domestic supply continues. Approving Rosebank and Jackdaw must be “the first of many projects”, they argue.
The fates of both Rosebank, Britain’s largest untapped oil field, and Jackdaw, a gas field, hang in the balance.
U.S. Treasury Secretary Scott Bessent on Monday unveiled an expansion of sanctions to cut off Iran’s economic lifeline, to force an end to the war between them, telling countries they would need to sever their business ties or risk being cut out of the dollar-based financial system.
However, he declined to identify the countries that would be targeted or reveal when those penalties would take effect, saying he would instead provide them time to comply with the new directive.
Saab UK’s Seaeye SR20 eWROV, its next-generation all-electric work-class remotely operated vehicle (ROV), has successfully completed a comprehensive programme of inland water trials.
The recent water trials marked an important step in the SR20’s development, forming a key part of the verification and validation programme.
The water trials assessed vehicle performance against specification requirements, measuring capability and stressing the ROV as a complete system. Throughout the trials, the SR20 demonstrated manoeuvrability, precise pilot control and stable operation, providing further validation of its electric architecture and integrated control systems.
For 40 years, Saab’s Seaeye ROVs have supported subsea operations across a range of applications. The SR20 builds on that experience as development progresses toward operational deployment.
Aramco and Maaden announced the signing of a shareholders’ agreement to form a Joint Venture (JV) to unlock new opportunities in mineral exploration and hard-rock mining in the Kingdom of Saudi Arabia. Combining the strengths of two leaders in their respective fields, the JV would focus on copper and other minerals critical to the energy transition. Plans for the JV were first disclosed in January 2025.
The JV is expected to be owned 51% by Maaden and 49% by Aramco and would focus on exploration across Zone-4, also known as the Transition Zone, within the Arabian Platform. It represents a major new opportunity for mineral discovery in the Kingdom. Spanning approximately 182,000 square kilometers, nearly 10% of Saudi Arabia’s total land area, the expected exploration area stretches along a 100-kilometer-wide zone running parallel to the Arabian Shield.
Aramco announced agreements and a Memorandum of Understanding (MoU) with a potential combined value of more than $3.7 billion with French companies.
These collaborative efforts are expected to strengthen Aramco’s supply chain ecosystem, enhance operational continuity and efficiency, advance industrial artificial intelligence and digital technologies, and deliver economic value to the Kingdom and France.
Amin H. Nasser, Aramco President & CEO, attended the French-Saudi Investment Roundtable Meeting, during which the agreements and MoU signed by Aramco and Aramco Digital were announced.
The collaborations focus on project support, capacity building and capability development, technology transfer and innovation, and supply chain resilience. They include:
Corporate procurement agreement for drilling equipment
Purchase agreement for Oil Country Tubular Goods (OCTG)
Memorandum of Understanding with Aramco Digital that establishes a framework for potential collaboration in industrial AI, virtual twin/digital twin technologies, and related technologies, including potential applications in the oil and gas sector
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reportedly stated that the newly signed Deep Offshore Oil and Gas Project Incentives (Tax Remission) Executive Order 2026 has the potential to attract up to $50 billion in investments and boost Nigeria’s crude oil and condensate production by an additional one million barrels per day.
The Commission Chief Executive (CCE), NUPRC, Mrs Oritsemeyiwa Eyesan, said the executive order signed by President Bola Tinubu would establish a transparent, rules-based investment framework capable of driving the next phase of Nigeria’s deep offshore oil and gas development.
Iraq’s state oil marketer SOMO and QatarEnergy are reportedly offering crude through rare tenders that require buyers to load cargoes inside the Strait of Hormuz, multiple trade sources said on Monday.
SOMO offered September-loading Basrah Medium and Basrah Heavy crude from Iraq’s Basrah oil terminal or single point mooring and its associated facilities, the sources said, who participate in the Middle Eastern crude market.
Iran has granted permission for a number of Iraqi oil tankers to pass through the Strait of Hormuz following repeated requests from Baghdad through various channels, Iran’s state news agency IRNA reported on Saturday.
Bids for Iraqi oil purchases will close on August 26.
ADNOC Distribution delivered record first-half results, with net profit rising 59% year-on-year (YoY) to $568 million and reported EBITDA increased 39% to $786 million, reflecting strong operational performance and inventory gains during the period.
Underlying EBITDA increased 14% YoY to $603 million. Performance was supported by record fuel volumes, continued network expansion, inventory gains and sustained growth in the higher-margin non-fuel retail (NFR) segment.Fuel volumes reached a record 7.75 billion liters, supported by network expansion, as well as resilient retail and commercial demand. ADNOC Distribution’s fuel retail network, spanning the UAE, Saudi Arabia and Egypt, increased to 1,045 service stations in H1 (+11% YoY).
ADNOC Logistics & Services plc announced the acquisition of five modern Very Large Gas Carriers (VLGCs) and six Very Large Crude Carriers (VLCCs) for a combined investment of approximately USD 1.3 billion (AED 4.8 billion). The investment will rapidly expand ADNOC L&S’ gas and crude oil shipping capacity and support ADNOC Group’s integrated value chain and continued growth in production, trading and export volumes.
Nine of the vessels, six VLCCs and three VLGCs, were acquired on the secondary market and are scheduled for delivery in Q3 2026. They will enter service with ADNOC immediately following delivery. The remaining two VLGCs are newbuild vessels acquired through a resale transaction from a leading Chinese shipyard, with delivery scheduled for Q4 2026.
ADNOC Logistics and Services plc reported record second quarter (Q2) and first-half (H1) 2026 results, surpassing market expectations and demonstrating resilience and operational strength underpinned by strong performance from services supporting the delivery of energy from the UAE to the world.
ADNOC L&S delivered Q2 2026 revenue of US$2,584 million (AED 9,490 million), up 98% year-on-year (YoY). EBITDA increased 176% YoY to US$1,106 million (AED 4,063 million), while net profit rose 303% YoY to US$951 million (AED 3,491 million).
For H1 2026, revenue increased 46% YoY to US$3,667 million (AED 13,466 million). EBITDA rose 98% YoY to US$1,475 million (AED 5,416 million), with a margin of 40%, up 11 percentage points YoY, driven by record shipping performance. Net profit increased 179% YoY to US$1,173 million (AED 4,308 million).
The company also raised its 2026 guidance for the third time, reflecting the strong earnings achieved supporting ADNOC Group.
ADNOC L&S’ diversified business model, its global operations, and elevated market rates enabled the company to deliver exceptional profitability and operating free cash flow for the first half of 2026. The company continues to strengthen its position as a critical enabler of ADNOC Group’s global operations, delivering the scale, reliability, and flexibility required to serve growing international demand.
Borouge Plc confirmed approval for an interim dividend of $656 million, equivalent to 8.1 fils per share.
The company also reaffirmed its intention to pay a total dividend of 16.2 fils per share for 2026, with the final 8.1 fils per share expected in Q2 2027. Since its June 2022 IPO, Borouge shareholders have distributed $4.9 billion in dividends.
Equinor’s equity production outside Norway was 750,000 boepd in the second quarter (Q2) 2026, more than 10% growth in two years, despite exits from legacy positions with world class assets in Azerbaijan and Nigeria.
The portfolio is becoming more focused and competitive through portfolio high-grading, including the creation of Adura in the UK, and investments in next-generation developments across the international business. Equinor’s equity production from the US was 433,000 boepd in Q2 2026, around 100,000 boepd more than in the same quarter 2024. Equinor along with operator Azule Energy, sanctioned the Greater PAJ (Palas, Astrea and Juno) project. Planned to come on stream in 2029, it will unlock around 250 million barrels of resources and contribute to sustaining Angola as an important production hub for Equinor.
The Equinor operated Bacalhau field, the first Brazilian pre salt field ever developed by an international company, came on stream late 2025 and is continuing to ramp up production from wells that are exceeding expectations.
The Raia field development is progressing well towards start-up in 2028. Once in operation, it can potentially supply around 15% of Brazil’s total projected gas demand.
Professor Eric Golson, Professor of Economic History at the University of Surrey, said:
“Whether this becomes another cost-of-living squeeze depends less on how high oil and natural gas prices rise than on how long they remain elevated and whether the shock spreads through the wider economy.
“The petrol pump is, in some ways, the least interesting part of the story. Crude oil is the largest component in a litre of fuel, but fixed fuel duty and VAT mean pump prices do not move one-for-one with the price of a barrel.
“The greater damage is happening downstream. European refining capacity is unusually tight because of closures, low stocks and reduced access to Russian output. This helps explain why diesel prices have risen more sharply than petrol. Diesel powers freight, so its price matters far beyond the forecourt.
“Oil is not only what we put in our cars. It transports food to shops and is used to produce fertiliser and packaging. Airlines feel higher prices quickly because fuel represents a substantial share of their costs and hedging only buys time. Hauliers and supermarkets may initially absorb higher costs, but eventually renegotiate and pass them on.
“Households therefore notice the effects at the pump within weeks, then on supermarket shelves and in travel costs months later. Low European natural gas stocks could also feed into higher electricity and heating costs this winter.
“CPI was 2.6% in June, and the Bank had expected to be sitting close to 2% by now. An energy shock alone may be temporary, but it becomes a more persistent inflation problem if workers seek higher wages to compensate and businesses raise other prices in response.
“This is why the Bank of England is proceeding cautiously. An oil shock cuts both ways: it raises prices while weakening demand. Waiting may appear the safest option now, but households could pay the price this winter.”
Related News, For More Info,Contact University of Surrey: georgina.mehta@surrey.ac.uk
The Afipsky Oil Refinery, one of the largest oil processing facilities in southern Russia, was struck in an overnight drone attack, Russian Telegram channels reported.
The refinery in the Krasnodar Krai region is one of the largest oil processing sites in southern Russia, producing gasoline, diesel fuel, gas condensate distillates, heavy petroleum residues, and sulfur. The facility processes roughly 6.25 million tons of crude annually — about 2% of Russia’s refining output — and has been targeted in previous Ukrainian attacks.
The Troll A platform in the North Sea is being supplied with additional gas. On 22 August production started from the Troll Phase 3 stage 2 subsea project.
This helps maintain jobs, value creation and high gas deliveries to Europe from Troll A and the Kollsnes processing plant, which marks its 30th anniversary this year.
The project accelerates production of 55 billion standard cubic metres of gas from the Troll West reservoir. This corresponds to nearly two years of France’s gas demand. The Trollpartnership consists of Petoro, Equinor, Shell, TotalEnergies and ConocoPhillips.
McDermott has been awarded a mega* engineering, procurement, construction and installation (EPCI) contract by ADNOC for Package 4 of the Umm Shaif Integrated Gas Cap and Surface Pressure Boosting (SPB) Project. The project is a critical component of the Umm Shaif Long Term Development Plan (LTDP), designed to maximize gas recovery from the field and increase gas production.
Under the contract, McDermott and its Qingdao McDermott Wuchuan (QMW) consortium will provide the complete EPCI scope for a new surface pressure boosting facility, including the construction and installation of a jacket and topside, as well as associated brownfield modifications. Upon completion, the topside will rank among the heaviest offshore modules ever installed in the Middle East. Engineering and project management activities will be led from McDermott’s offices in the United Arab Emirates. Fabrication will be carried out at QMW, McDermott’s joint venture fabrication yard in Qingdao, China.
*McDermott defines a mega contract as over USD $1 billion.
| Oil and Gas Blends | Units | Oil Price | Notes |
| Crude Oil (WTI) Oilprice | US$/bbl | $82.46 | Down |
| Crude Oil (Brent) | US$/bbl | $89.55 | Down |
| Bonny Light 14/08/26 CBN | US$/bbl | $98.16 | — |
| Dubai | US$/bbl | $90.10 | Down |
| Natural Gas | US$/MMBtu | $2.74 | Down |
| Murban | US$/bbl | $93.30 | Down |
| OPEC basket 21/08/26 OPEC | US$/bbl | $94.91 | — |
| At press time August 25, 2026 |
U.S. Rig Count is down 5 from last week to 588 with oil rigs down 3 to 452, gas rigs down 1 to 127 and miscellaneous rigs down 1 to 9.
Canada Rig Count is down 3 from last week to 216 with oil rigs down 3 to 148, gas rigs unchanged at 65 and miscellaneous rigs unchanged at 3.
International Rig Count is up 23 from last month to 1,096 with land rigs up 14 to 847, offshore up 9 to 249.
The Worldwide Rig Count for June was 1,822, up 88 from the 1,734 counted in May 2026, and up 60 from the 1,762 counted in June 2025
| Region | Period | Rig Count | Change |
| U.S.A | 21 August 2026 | 588 | -5 |
| Canada | 21 August 2026 | 216 | -3 |
| International | July 2026 | 1,096 | +23 |
| Baker Hughes |
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