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Oil Set for Weekly Loss on Uncertainty over Global Supply Outlook

A view shows a pressure gauge near oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows a pressure gauge near oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
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Oil Set for Weekly Loss on Uncertainty over Global Supply Outlook

A view shows a pressure gauge near oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer
A view shows a pressure gauge near oil pump jacks outside Almetyevsk, in the Republic of Tatarstan, Russia July 14, 2025. REUTERS/Stringer

Oil prices edged lower on Friday, heading for a weekly loss of nearly 3% after the IEA forecast a growing glut and US President Donald Trump and Russian President Vladimir Putin agreed to meet again to discuss Ukraine.

Brent crude futures were down 15 cents, or 0.25%, at $60.91 a barrel at 1140 GMT, while US West Texas Intermediate futures were 8 cents lower, down 0.14%, at $57.38.

Trump and Putin agreed on Thursday to another summit on the war in Ukraine, to be held in the next two weeks in Hungary.

The surprise development came as Ukrainian President Volodymyr Zelenskiy was headed to the White House on Friday to push for more military support, including US-made long-range Tomahawk missiles, while Washington pressured India and China to stop buying Russian oil.

"Now that the two leaders are expected to meet, it could be a sign that the US's stance on Russia may ease. If so, that should push prices lower," said Tamas Varga, analyst at PVM.

Ukrainian drone strikes on Russian refineries and the threat of secondary sanctions on buyers of Russian oil such as India and China set a floor under the market, but this could now change, Varga said.

This week's decline was also partly due to rising trade tensions between the US and China, which added to concerns about an economic slowdown and lower energy demand.

"It just demolishes confidence," said Jorge Montepeque, managing director at Onyx Capital Group. He expects the US economy will quickly be impacted.

Also weighing on prices was the International Energy Agency's outlook for a growing supply glut in 2026. The Energy Information Administration said on Thursday that US crude inventories increased by 3.5 million barrels to 423.8 million barrels last week, compared with analysts' expectations in a Reuters poll for a 288,000-barrel rise.

The bigger-than-expected build in crude inventory was largely due to lower refining utilization as refineries go into autumn turnarounds.

The data also showed a rise in US production to 13.636 million barrels per day, the highest on record.

In the previous session, Brent settled 1.37% lower and US WTI closed down 1.39%, their lowest since May 5.

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Business

Four Saudi Companies Sign Agreements to Develop Syrian Oil and Gas Fields 

Saudi and Syrian officials are seen at Tuesday's signing ceremony. (SANA)
Saudi and Syrian officials are seen at Tuesday's signing ceremony. (SANA)
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Four Saudi Companies Sign Agreements to Develop Syrian Oil and Gas Fields 

Saudi and Syrian officials are seen at Tuesday's signing ceremony. (SANA)
Saudi and Syrian officials are seen at Tuesday's signing ceremony. (SANA)

Under the supervision and follow-up of the Saudi Ministry of Energy, four Saudi companies, TAQA, ADES Holding, Arabian Drilling, and the Arabian Geophysical and Surveying Company (ARGAS), signed on Tuesday agreements with the Syrian Petroleum Company covering services, technical support, and the development of oil and gas fields in Syria.

The agreements build on the ongoing cooperation between Saudi Arabia and Syria in the energy sector. They come within the framework of implementing the memoranda of understanding signed on August 28 and the subsequent technical workshops and field visits to gas fields and associated facilities, reported the Saudi Press Agency.

Tuesday’s deals include an agreement between ADES Holding and the Syrian Petroleum Company that sets out the basic principles for the development, operation, and production of gas fields. It defines the core terms that will form the basis of a final technical services contract to develop and operate gas fields and associated facilities within the designated contract area.

The agreement aims to increase production across five gas fields, Abu Rabah, Qamqam, North Al-Faydh, Al-Tiyas, and Zumlat al-Mahar, as well as any additional areas agreed upon at a later stage.

The second deal is a master service agreement between TAQA and the Syrian Petroleum Company to provide advanced, integrated solutions and services for the construction and maintenance of oil and gas fields and wells in Syria.

The agreement aims to boost operational efficiency and boost production using the latest technologies and state-of-the-art equipment.

Another master service agreement, between ARGAS and the Syrian Petroleum Company, will provide 2D and 3D seismic surveying and related technical services to support exploration and drilling activities.

It establishes a long-term cooperation framework designed to advance petroleum exploration and development in Syria’s energy sector, ensuring rapid response, operational flexibility, and the efficient initiation of technical projects.

The fourth agreement, between Arabian Drilling Company and the Syrian Petroleum Company, calls for the provision of drilling and workover services for oil and gas wells in Syria, including the leasing and operation of onshore drilling and workover rigs.

Arabian Drilling will supply the drilling and workover rigs, deliver workover operations and operational support, and provide workforce training and development.

Business

Egypt’s Inflation Eases to 12.3% in November 

Boats sail on the Nile River in Cairo, Egypt, December 9, 2025. (Reuters)
Boats sail on the Nile River in Cairo, Egypt, December 9, 2025. (Reuters)
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Egypt’s Inflation Eases to 12.3% in November 

Boats sail on the Nile River in Cairo, Egypt, December 9, 2025. (Reuters)
Boats sail on the Nile River in Cairo, Egypt, December 9, 2025. (Reuters)

Egypt's annual urban consumer inflation slowed slightly to 12.3% in November after a month-on-month drop in food prices, statistics agency CAPMAS said on Wednesday, with inflation coming in lower than analyst expectations.

The median forecast in a poll of 14 analysts had been for inflation to climb to 13.1%. The urban consumer inflation rate in October was 12.5%.

Month-on-month, urban consumer prices rose by 0.3% in November, CAPMAS said. Food and beverage prices rose by an annual 0.7% but fell by a monthly 2.6%, it said.

The annual inflation rate has plunged from a record 38% in September 2023, helped by an $8 billion financial support package from the International Monetary Fund in March 2024.

Inflation has been in part fueled by an expanding money supply. M2 money supply grew by an annual 21.68% in October, central bank data showed.

The central bank's monetary policy committee left its overnight lending rate unchanged at its last meeting on November 20, but cut rates by 100 basis points in October and 200 points in August as inflation slowed.

The policy committee is next scheduled to review overnight interest rates at a meeting on December 25.

Business

Egypt, Israel in Advanced Talks to Approve Israeli $35 Billion Gas Agreement

Israeli Energy Minister Eli Cohen and US Ambassador Mike Huckabee visiting the Leviathan platform in October. (Israeli Energy Ministry)
Israeli Energy Minister Eli Cohen and US Ambassador Mike Huckabee visiting the Leviathan platform in October. (Israeli Energy Ministry)
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Egypt, Israel in Advanced Talks to Approve Israeli $35 Billion Gas Agreement

Israeli Energy Minister Eli Cohen and US Ambassador Mike Huckabee visiting the Leviathan platform in October. (Israeli Energy Ministry)
Israeli Energy Minister Eli Cohen and US Ambassador Mike Huckabee visiting the Leviathan platform in October. (Israeli Energy Ministry)

Israel’s Ministry of Energy announced on Tuesday that negotiations over a natural gas supply agreement with Egypt have reached an “advanced stage,” though some issues remain unresolved.

Israel signed its largest-ever export deal in August to supply Egypt with up to $35 billion worth of natural gas from the Leviathan field.

After marathon discussions this week between the Leviathan partners and Israel’s Ministry of Energy and Infrastructure, a final agreement was reached that will allow the export of 130 BCM (billion cubic meters) to Egypt for $35 billion, the largest export agreement in the country's history.

Israel's Energy Minister Eli Cohen has said he was holding up approval for the gas deal to secure better commercial terms for the Israeli market, according to Reuters. On Tuesday, he confirmed that talks were still ongoing.

As part of the agreement, the Leviathan Partners, NewMed Energy, Chevron and Ratio Petroleum Energy, will commit to a guaranteed price for the domestic economy, to give priority to the Israeli economy, so that if there are any malfunctions in the Tanin, Karish or Tamar fields, it will transfer gas directly to the local economy.

One of the issues that senior Washington officials have been dealing with is ensuring that US energy major Chevron, which owns 39.66% of Leviathan, remains committed to the deal.

The partners are expected to make an investment decision to expand the Leviathan field infrastructure withing two weeks, once the Israeli government announces its final approval.