MEOG - Middle East Oil & Gas
Iraq’s Basra imposes rolling blackouts as gas shortages hit power generation
Iraq’s Basra has entered a scheduled electricity rationing system for the first time in years, with residents receiving four hours of power followed by two hours of outages, as falling generation capacity and rising summer demand.
Iran restores 30 mcm of gas processing capacity lost in war, oil minister says
Iran has restored 30mn cubic metres (mcm) per day of gas processing capacity wiped out during the recent US-Israeli war, Oil Minister Mohsen Paknejad told a group of lawmakers.
US energy giants pursue Syria oil and gas investments at World Energy Forum
Syrian Energy Minister Mohammed Al Bashir met with US Energy Secretary Christopher Wright in Washington on June 8 to discuss expanding bilateral energy-sector cooperation and attracting American investment into Syria’s energy and infrastructure.
Iraqi crude records sharp losses as global oil prices decline
Iraqi crude grades posted steep losses on June 9 as global oil prices extended their decline amid concerns over demand, supply dynamics and the outlook for OPEC+ production policy.
Iraqi fuel oil convoy enters Syria for export via Mediterranean route
A convoy of more than 150 Iraqi fuel oil tankers crossed into Syria through the Rabia-Al Yarubiyah border crossing in northeastern Hasakah province, marking the largest shipment of its kind under a new transit arrangement between Baghdad and Damascus
US attacks oil tanker bound for Iran in Gulf of Oman
US forces disabled a Palau-flagged oil tanker in the Gulf of Oman after it allegedly broke through an ongoing blockade imposed by the United States against Iran by trying to sail to an Iranian port, the American military said.
Iran gas chief calls conservation top priority after South Pars strikes
Optimising energy consumption and managing demand have become the top priorities for Iran’s gas industry this year, a senior energy official said after air strikes damaged key facilities linked to the giant South Pars gas field.
Fitch raises oil and gas sector outlook to improving on Hormuz closure price effect
Fitch has raised its 2026 oil and gas outlook to improving, lifting its Brent assumption to $87 on a five-month Strait of Hormuz closure, with prices seen at $100-110 before easing to $70 by September.
OPEC+'s symbolic quota raise
OPEC+’s latest decision to raise oil production quotas is unlikely to have much immediate impact on global supply.
Yemen declares ban on Israeli shipping in Red Sea
Yemen's armed forces have declared a total ban on Israeli shipping in the Red Sea, calling any Israeli vessel a military target, as Iran's missile strike on Israel widens the regional conflict.
Libyan crude exports fall to 19-month low amid infrastructure strain
Libya’s seaborne crude oil exports fell by more than 11% month-on-month (m/m) in May 2026, dropping to their lowest level in 19 months
Iraq’s BOC makes progress on export loading facilities
Iraq’s state-owned Basra Oil Co. (BOC) is accelerating the development of onshore crude loading platforms across the Zubair 1, Zubair 2 and Tuba fields, signalling a strategic shift to mitigate exposure to maritime chokepoints.
OPEC+ group raises July output by 188,000 bpd in second straight monthly increase
Seven OPEC+ producers will raise oil output by 188,000 bpd in July, a second straight monthly increase, as the group keeps easing voluntary supply cuts. The next meeting is set for July 5.
Iran oil exports slump to six-year low amid US naval blockade
Iran’s oil exports fell in May to their lowest level in at least six years as a US naval blockade on Iranian ports appeared to become a significant and effective obstacle to crude shipments, according to shipping data.
Iran says gas grid reaches 96% of country, shifts focus to alternative energy
A senior official at the National Iranian Gas Co. (NIGC) said 96% of Iran was now covered by the national gas network, with authorities planning to meet the energy needs of the remaining 4% through alternative sources.
Gulf producers accelerate bypass strategies to counter vulnerabilities
Gulf oil producers are accelerating talks to construct bypass pipelines because the prolonged closure of the Strait of Hormuz exposes severe vulnerabilities for isolated exporters
Aramco accelerates offshore capex with new pipeline tender
Saudi Aramco has launched a new offshore pipeline tender, highlighting a sustained period of aggressive capital deployment across its upstream assets
Explosion hits oil loading facility in Oman
Egypt approves four oil and gas exploration agreements worth $53mn
The Egyptian cabinet approved four oil and natural gas exploration agreements with combined minimum investments of $52.97mn, committing to drilling six new wells
Legislature told gas pipeline linking Turkey and northern Cyprus to go operational in 2028
A natural gas pipeline that will link Turkey and northern Cyprus will go operational in 2028, the northern territory’s ‘public works minister’ Erhan Arikli reportedly told the Turkish Cypriot legislature earlier this week.
Iraq launches oil leadership reshuffle amid major corruption arrest
Iraq's newly formed government has launched a sweeping overhaul of its oil sector leadership, accompanied by high-profile corruption arrests and the establishment of a powerful new oversight body.
Iraq's PM directs Kurdistan oil companies to resume operations as war hits revenue
Iraq has directed oil companies operating in the Kurdistan region to resume production from June 4, marking the first significant move to revive output since the outbreak of the Iran war in late February.
Kuwait to restore 70% of oil production within weeks as Hormuz reopens, KPC says
Kuwait could restore nearly 70% of its oil production within six to eight weeks after the Strait of Hormuz reopens.
Inventory drawdowns mask impact of Hormuz disruption as clock runs down towards a September supply crunch
Global oil markets are relying heavily on inventory drawdowns to offset a supply shock caused by the closure of the Strait of Hormuz, with OECD stockpiles potentially reaching stress levels by mid-September if current trends persist, according to Oxf
Gulf states weigh pipelines to bypass Hormuz as strait stays shut
Gulf oil exporters are in talks over new pipelines to bypass the Strait of Hormuz, shut to shipping for over three months, as Kuwait, Saudi Arabia and the UAE seek contingency export routes.
Egypt, Chevron set September 2026 deadline to finalise Aphrodite gas field deals
Egypt and US energy major Chevron (NYSE:CVX) have agreed to finalise all core agreements to connect Cyprus’s Aphrodite gas field to Egyptian infrastructure for liquefaction and re-export by September 2026
Iraq's fuel supply crisis persists due to production gap and import delays
Baghdad and several Iraqi provinces continue to face a worsening petrol shortage, according to an economic monitor, with the crisis expected to persist until fuel import shipments arrive.
Iran agrees not to pursue nuclear weapon, Trump says amid renewed Gulf strikes
Trump says Iran has agreed not to build a nuclear weapon and that he expects to meet its supreme leader, even as fresh missile strikes on Kuwait and Bahrain test a fragile Gulf ceasefire.
KEPCO wins $1.4bn Saudi cogeneration contract from Aramco
South Korea's KEPCO has won a $1.4bn contract from Saudi Aramco to build and operate Phase 2 of the Jafurah cogeneration plant, deepening its presence in the Middle East energy market, The Korea Times reported.
UAE exploring pipeline to bypass Strait of Hormuz
The United Arab Emirates is evaluating a dedicated pipeline for refined petroleum products, gasoline, diesel, and jet fuel, that would bypass the Strait of Hormuz.
Iran sets up special committee to speed restoration of war-battered refineries
Iran’s state-run Pars Oil and Gas Co. (POGC) has established a “strategic committee for the reconstruction of damaged South Pars refineries” to restore gas-processing capacity hit during two recent conflicts, the company said.
Baghdad seeks export alternatives as Turkish deal nears expiry
As its key Turkish pipeline treaty nears expiration, Iraq is urgently establishing alternative Syrian export routes, courting foreign energy investors, and launching major anti-corruption crackdowns
Kuwait continues mergers as KNPC absorbs KIPIC
Kuwait has consolidated its downstream energy sector by dissolving Kuwait Integrated Petroleum Industries Co. (KIPIC) and transferring its assets to the Kuwait National Petroleum Co. (KNPC)
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