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Real-time News
On July 26, an official statement revealed that Iraq will sign a pipeline construction agreement with Syria to connect domestic oilfields and export crude oil to global markets via the Mediterranean. The Iraqi cabinet issued a statement saying it has authorized the general manager of Basra Oil Company to sign a memorandum of understanding for the project with the Syrian Ministry of Oil. The cabinet also instructed the Minister of Oil to sign a memorandum of understanding with a consortium of companies including ConocoPhillips, TI Capital, and Novatera to initiate consultations on the exploration and development assessment of the Arkas oil and gas field and surrounding areas.Official data shows that Saudi Arabias imports fell by 19.5% in May. Saudi Arabias non-oil exports (including re-exports) decreased by 26.1% compared to May 2025.According to official data, Saudi Arabias oil exports increased by 19.5% in May.When asked about the current situation in the Strait of Hormuz, a spokesperson for the Iranian Foreign Ministry stated that there has been no change in the navigation situation.Iranian Foreign Ministry spokesman: Negotiations between Iran and Oman regarding the Strait of Hormuz have been fruitful. Technical and political consultations between the two sides are ongoing.
