01 Aug Oil and gas, Energy Price, News ,commentary and analysis | Oil Markets Still on Edge
(Oilandgaspress) 01/08/26, Portugal’s government said on Thursday it had approved a 33% windfall tax on extraordinary profits earned in 2026 by oil and refining companies benefiting from an energy price surge triggered by the Iran war.
The finance ministry said in a statement that the windfall tax would be levied on the portion of companies’ 2026 profits that exceeds by more than 20% the average profits recorded in 2024 and 2025. The levy will hit all oil companies operating in Portugal, including Galp Energia, which posted a 45% surge in second-quarter adjusted net profit to €540 million on Monday as the Iran war lifted crude prices and refining margins, prompting the company to raise its 2026 dividend by 10%. Related News
Chevron and ExxonMobil reported sharply higher second-quarter profits on Friday after the Iran war sent crude prices soaring, boosting revenues for the major energy producers. Chevron more than quadrupled its net profit from a year earlier to just over $12 billion, while Exxon posted earnings of roughly $14.5 billion, more than double last year’s figure.
Chevron’s quarterly revenue climbed to $70 billion, while ExxonMobil generated more than $116 billion in sales in the quarter.
France’s Engie reported a 3.3% rise in first-half earnings on Friday. Earnings before interest and taxes, excluding nuclear, for the January-to-June period were €5.3 billion ($6.10 billion), compared to €5.1 billion a year earlier. Related News
| Oil and Gas Blends | Units | Oil Price | Notes |
| Crude Oil (WTI) Oilprice | US$/bbl | $84.67 | Up |
| Crude Oil (Brent) | US$/bbl | $89.93 | Up |
| Bonny Light 27/07/26 CBN | US$/bbl | $94.42 | — |
| Dubai | US$/bbl | $76.29 | — |
| Natural Gas | US$/MMBtu | $2.74 | Down |
| Murban | US$/bbl | $85.49 | Up |
| OPEC basket 30/07/26 OPEC | US$/bbl | $89.44 | — |
| At press time August 01, 2026 |
The Ryazan oil refinery in Russia, one of the largest in the country, has halted crude oil processing following a drone attack, according to Reuters.
What caused shutdown : The refinery’s operations were halted on Wednesday, July 29. According to two industry sources cited by the agency, the shutdown could last about two weeks. After an unscheduled shutdown, it takes a significant amount of time to resume refining operations. Related News
Shell Bahamas Power Company Inc. (Shell), has taken a final investment decision (FID) on an LNG regasification terminal in The Bahamas.
As part of the investment decision, Shell acquired a 40% interest in New Providence Gas Ltd. (NPG), a joint venture with Sun Oil Holdings (Sun Oil), a subsidiary of FOCOL Holdings Limited. NPG will construct, own and operate a new small-scale LNG regasification terminal at Clifton Pier, enabling the supply of natural gas for power generation on New Providence, the most populous island in The Bahamas.
The investment supports the modernisation of The Bahamas’ energy system and providing a lower‑emissions alternative to existing fuel oil and diesel-based power generation and seeking to enhance reliability. Shell will be the LNG supplier for this project and will leverage its US LNG portfolio to provide a secure and reliable fuel supply. Related News
Plug-in solar panels will become legal in Great Britain from 27 August, opening the way for supermarkets, DIY chains and electrical retailers to begin selling the small-scale solar systems to the public.
Lidl, B&Q, Currys and Amazon are among the household names that have been working with the government on plans to bring plug-in solar to the British market. Asda, Screwfix and Wickes have also taken part in talks about the technology, while Iceland was named in an earlier government announcement. Related News
Subsea 7 S.A. announced that, in connection with the proposed merger with Saipem S.p.A. (the “Merger”), all applicable waiting periods under the U.S. Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 have expired, and the parties are permitted to close the transaction in the United States. The transaction remains subject to certain regulatory approvals outside the U.S. Related News
EDF Small Business and Heliotec announced a partnership that begins with a four-month trial involving over 1,000 eligible EDF Small Business customers. The partnership combines EDF’s expertise and customer relationships with Heliotec’s AI-powered energy intelligence platform to make energy management more practical and accessible. Heliotec’s AI-powered platform analyses site-level energy data to identify inefficiencies and deliver real-time, site-specific recommendations in clear, practical language. The platform translates complex energy data into straightforward actions, providing clear guidance that businesses can act on immediately.
This approach reduces the time and effort required to improve energy performance, without the need for additional hardware installation or complex implementation, allowing businesses to focus on running and growing their operations. Related News
Two nuclear power stations are each set to generate for two years longer in a boost to the UK’s energy security and to local employment.
Heysham 1 in Lancashire and Hartlepool in Teesside are now expected to produce low carbon electricity until March 2030 after a decision by operator, EDF.
As well as supporting more than 1000 jobs across the two sites for longer, extending the generating lives of these plants could boost nuclear output by 28TWh over the two-year period, enough to power 8.4 million homes. Related News
Occidental announced that Brad Pollack has been appointed Senior Vice President and General Counsel, effective August 1, 2026, overseeing the company’s global legal department. Pollack will succeed Sylvia Kerrigan as part of a planned transition. Kerrigan will remain Senior Vice President and Chief Legal Officer through the end of 2026 and serve as a senior strategic adviser through 2027.
Pollack joined Occidental in 2014 and most recently served as Vice President and Deputy General Counsel, overseeing legal support for the company’s U.S. and international operations and commercial development, including acquisitions, divestitures, commercial transactions, midstream and marketing, major projects and supply chain. During his tenure, he held several leadership roles within the legal department and helped advance strategic initiatives across the organization. Related News
Subsea 7 S.A. announced the award of a sizeable contract by Brunei Shell Petroleum (BSP). The contract covers the subsea installation for a Pipeline Replacement Project, offshore Brunei. Subsea7’s scope of work includes EPCI of subsea pipeline and riser systems for offshore assets, in water depths up to 50 metres. Project management and engineering work will commence immediately from Subsea7’s office in Kuala Lumpur, Malaysia with support from offices in Perth, Australia, Paris, France and other Subsea7 global locations.
David Bertin, Senior Vice President for Subsea7 Global Projects Centre East, said: “This award represents an important milestone in our relationship with BSP that began in 2018. We look forward to continuing our collaboration and working closely with BSP to deliver the project safely, efficiently, and to the highest standards.” Related News
Iran has said it struck two tankers trying to pass through the strait of Hormuz under the escort of the US military as Donald Trump gathered his cabinet to discuss the stalling war and rising prices as midterm elections in the US loom.
Iran’s Islamic Revolutionary Guard Corps said on Friday that the “non-compliant oil tankers … were struck and brought to a halt, while four other oil tankers quickly changed course and returned to their previous positions”. The military body said the ships had tried to pass through the strait via an “undeclared route” and under US aerial escort. Related News
Vitol has agreed to sell its US upstream company, VTX Energy Partners, LLC (VTX) to Verde Operating Company, LLC (Verde) for an undisclosed sum, subject to certain customary conditions precedent.
VTX was created in 2022 by Vitol and the former ATX management team, led by Gene Shepherd and Erik Hoover. Today, VTX is a successful operation, producing 60,000 barrels of oil equivalent a day in the southern Delaware Basin, spanning Reeves and Pecos counties, Texas. Verde will fund the acquisition utilizing equity commitments from funds managed by Carnelian Energy Capital Management, L.P. and EnCap Investments L.P., together with additional equity investments from Chief Capital, HF Capital, Formentera Partners, management and a group of other co-investors.
Vitol was advised by Goldman Sachs & Co. LLC and Kirkland & Ellis LLP as financial and legal advisors, respectively. Related News
U.S. turned to Ukraine for help with its own military tech, according to a report. The two countries inked a deal last week to have Ukraine send its drones to the U.S. for military testing and evaluation, according to NBC News. “We are so proud that we have a lot of activity to work with for our technologies,” Olga Stefanishyna, the Ukrainian ambassador to the U.S., reportedly told the outlet Thursday. Related News
Saudi Arabia announced it had joined the US in carrying out a series of airstrikes inside Iraq, against the Iranian-backed Popular Mobilization Forces (PMF), killing at least 20 fighters. Saudi officials had blamed the Iraqi-based militias for launching drone attacks against Saudi oil facilities on 27 July, and warned that the kingdom would retaliate if the Iraqi government did not restrain the groups. The PMF is a network of mostly Shia Muslim militias that was created, with Tehran’s support, in 2014 to fight the Islamic State terror group that had taken control of large parts of Iraq. Related News
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