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Saudi Arabia Announces Discoveries of Natural Gas in Eastern Province, Empty Quarter

Gas pipelines are seen in the Kingdom. Photo: Aramco website
Gas pipelines are seen in the Kingdom. Photo: Aramco website
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Saudi Arabia Announces Discoveries of Natural Gas in Eastern Province, Empty Quarter

Gas pipelines are seen in the Kingdom. Photo: Aramco website
Gas pipelines are seen in the Kingdom. Photo: Aramco website

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz announced that Saudi Aramco has discovered two natural gas fields in the Empty Quarter: Al-Hiran and Al-Mahakik natural gas fields.

The discovery of Al-Hiran natural gas field was confirmed after gas flowed from Hanifa reservoir in the Al-Hiran – 1 well, at a rate of 30 Million standard cubic feet (MMSCF), and 1,600 Barrel of Condensates daily (BCPD), and from the Al-’Arab – C reservoir in the same field at a rate of 3.1 MMSCFD.
On the other hand, the discovery of Al-Mahakik natural gas field was confirmed after gas flowed from the Al-Mahakik – 2 well, at a rate of 0.85 MMSCFD.
Furthermore, Natural gas was also discovered in five reservoirs in previously discovered fields. It was discovered in the Jallah reservoir in the ‘Usaikerak field in the Empty Quarter, after gas flowed at a rate of 46 MMSCFD, in addition to discovering an additional natural gas reservoir in Shadoun field, west of Haradh, after gas flowed from ‘Unayzah – A reservoir, at a rate of 15.5 MMSCFD, with about 460 BCPD.
Natural gas was also discovered in ‘Unayzah B/C reservoirs in Mazalij field, southwest of Dhahran, where gas flowed at a rate of 14 MMSCFD, with about 4,150 BCPD, and in Al-Sarah reservoir in Al-Wadhihi field and Al-Qusaibah reservoir in Awtad field, southwest of Hofuf city, where natural gas flowed at a rate of 11.7 MMSCFD and 5.1 MMSCFD, respectively, with about 57 BCPD.

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Business

Egypt Overhauls Nitrogen Fertilizer Export Levy, Exempts High-grade Ammonium Nitrate

General view of part of Cairo (Reuters)
General view of part of Cairo (Reuters)
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Egypt Overhauls Nitrogen Fertilizer Export Levy, Exempts High-grade Ammonium Nitrate

General view of part of Cairo (Reuters)
General view of part of Cairo (Reuters)

Egypt has revamped its export tax regime for nitrogen fertilizers, replacing a fixed export tax with a 10% ad valorem duty on all nitrogenous fertilizer exports, while exempting high-purity ammonium nitrate, according to a decision published in the Official Gazette on Thursday.

The duty, calculated on the FOB invoice value, does not apply to pure ammonium nitrate with a nitrogen concentration exceeding 34.2%, or to shipments destined for productive enterprises in Egypt's free zones, Reuters reported.

The World Bank warned in its April Commodity Markets Outlook that global fertilizer prices could rise by more than 30% in 2026 due to conflict-related disruptions in the Middle East and logistical risks around the Strait of Hormuz.

The new decree replaces a flat $90-per-metric-ton tax introduced in May, tying the levy more directly to prevailing export prices, which have fallen since peaking in mid-April.
Egypt is the world's seventh-largest exporter of nitrogen fertilizers, according to LSEG data.

Business

Gold Lingers Near 7-month Low as Fed Hike Bets Boost Dollar

A worker displays gold bullion bar at the ABC Refinery in Sydney - AFP
A worker displays gold bullion bar at the ABC Refinery in Sydney - AFP
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Gold Lingers Near 7-month Low as Fed Hike Bets Boost Dollar

A worker displays gold bullion bar at the ABC Refinery in Sydney - AFP
A worker displays gold bullion bar at the ABC Refinery in Sydney - AFP

Gold fell for a third straight session on Thursday, lingering near a more than seven-month low it had reached in the previous session, as expectations of US rate hikes lifted the dollar and weighed on the precious metal.

Spot gold fell 0.5% to $3,982.49 an ounce by 1054 GMT. US gold futures for August delivery edged 0.3% lower to $3,997.60 per oz.

The US dollar hit its strongest level in more than 13 months on Thursday, making greenback priced-metals more expensive for other currency holders. Markets currently see a 66% chance that the US Federal Reserve will hike rates in September, CME FedWatch data showed, Reuters reported.

"The Fed's hawkish shift, which has led to a repricing of rate hike expectations, remains the dominant driver of gold's weakness," said Nikos Tzabouras, senior market analyst at Jefferies-owned Tradu.com. ETF outflows and the rotation into equities driven by the AI boom are definitely factors weighing on the precious metal, said Tzabouras, noting that these forces tend to be cyclical and do not subtract from the broader structural case for gold.

Bullion has declined more than 6% since Fed's meeting last week and dipped below the $4,000 level on Wednesday for the first time since November 2025. Prices were down over 28% from its record high of $5,594.82 reached on January 29.

Investors now await the US Personal Consumption Expenditures data, the Fed's preferred inflation gauge, due at 1230 GMT, forI further cues on monetary policy.

Business

Oil Falls to Pre-war Levels on Rising Middle East Supply

A drilling rig operates near a crude oil reserve in the Permian Basin oil field in Texas, USA (Reuters)
A drilling rig operates near a crude oil reserve in the Permian Basin oil field in Texas, USA (Reuters)
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Oil Falls to Pre-war Levels on Rising Middle East Supply

A drilling rig operates near a crude oil reserve in the Permian Basin oil field in Texas, USA (Reuters)
A drilling rig operates near a crude oil reserve in the Permian Basin oil field in Texas, USA (Reuters)

Oil prices fell on Thursday to levels last seen before the start of the Iran war as expectations of rising supply from the Middle East outweighed demand concerns.

Prompt-month Brent crude futures for August delivery were down 51 cents, or 0.7%, to $73.23 a barrel by 1201 GMT, while US West Texas Intermediate lost 53 cents, or 0.8%, to $69.81 a barrel.

Both contracts hit their lowest since February 27, Reuters reported.

August Brent was trading lower than September, which was priced at $73.50, signalling ample short-term supply.

US Energy Secretary Chris Wright told a forum that flows through the Strait of Hormuz were close to those before the start of the Iran war, with at least 20 million barrels having exited the strait in the last 24 hours.

A return to complete normalcy would take a few weeks, however, because the strait needs to be demined, he added.

"Most of the increase in flows from the Gulf is outbound —ships exiting the Strait," UBS analyst Giovanni Staunovo said.

However, a significant increase in inbound flows requires shipping confidence to return, including safety assurances and mine clearance to allow insurance premiums to normalise, Staunovo said.

Rising Middle Eastern supply, together with Iran set to boost sales after a temporary reprieve from US sanctions, drove down prices of physical crude oil cargoes around the world.

Goldman Sachs said it does not expect a large pick-up in Iranian production, even if sanctions relief extends beyond the August 21 expiry.

On the demand side, China is likely to remain the main buyer of Iranian crude, as EU and UK sanctions on Iranian oil and vessels remain in place, the bank added.

An accord agreed last week to end the US-Israeli war, which began on February 28, has allowed the resumption of traffic through the strait.

It set up a 60-day period of negotiations to tackle tougher issues, such as Iran's nuclear program. Wright said oil would continue to flow through the strait even if the deal did not hold, and that Iran would not be able to close it again.

UBS lowered its Brent price forecasts to $85 per barrel for end-September and end-December, and $80 per barrel for end-March and end-June 2027.