Adnoc signs LNG deal with Japan and buys Shell's South Africa business

The UAE's state oil company Adnoc has signed a 15-year agreement to supply liquefied natural gas (LNG) to Japan's Inpex from its Ruwais facility. Separately, Adnoc Distribution has agreed to buy Shell's downstream business in South Africa for $1 billion. These moves come amid broader shifts in Gulf oil markets, where exporters are cutting prices as buyers gain leverage. Meanwhile, Shell reported a boost in oil trading profits due to the Iran conflict, but its gas output fell after losing Qatari volumes.