MEOG - Middle East Oil & Gas
ExxonMobil, QatarEnergy plan new gas exploration wells in Egypt’s eastern Mediterranean
US energy major ExxonMobil (NYSE:XOM) and QatarEnergy are planning to drill new exploratory wells in the eastern Mediterranean by the end of 2026
BP plans $1.5bn investment to expand operations in Egypt
British energy major BP is currently planning to strengthen its presence in Egypt and expand its operations
Iraq begins oil exports via Syria border route amid Hormuz disruption
Iraq has begun exporting crude oil through the Al-Walid border crossing with Syria, as authorities seek alternative routes amid growing concerns over disruptions to maritime shipments.
Iran oil prices surge above $113 as Hormuz disruption chokes flows
Iran’s crude prices climbed above $113 a barrel in global markets, as a US-Israeli war against the country and near-halted flows through the Strait of Hormuz stoked supply fears.
Iranian Missiles Strike Dubai as UAE Reports Major Interceptions
Dubai sustained direct hits from Iranian missiles on March 31, with strikes reported at Dubai Investment Park, Jumeirah Lakes Towers, and a Kuwaiti crude oil tanker docked at Dubai Port.
COMMENT: An Iran embargo won't send oil to $200
A chorus of analysts and traders have spent recent weeks warning that oil prices will spike. But market is foward-looking and has already priced in the worst case. $200 oil won't happen.
Morocco faces gas supply disruptions, turns to coal to meet power demand
Morocco has experienced sharp disruptions in gas supplies in recent days after flows via Spain were halted for four consecutive days
Iran warns Trump any ground invasion would become 'civilisational' battle like 'Thermopylae'
Iran warns any US ground invasion would make the Ramadan defence "civilisational" invoking the Battle of Thermopylae.
UAE fuel prices for April surge amid Strait of Hormuz chokehold
The United Arab Emirates' Fuel Price Committee announced substantial increases in diesel and petrol prices for April.
Egypt and Cyprus sign gas framework deal to boost energy cooperation
Egypt and Cyprus signed a framework agreement on March 30 to strengthen cooperation in the gas sector
Will the Houthis once more target Red Sea shipping?
Saudi Arabia’s Red Sea bypass is now running close to its operational ceiling just as Yemen’s Houthis signal they are back in the regional fight.
Eni to invest $2bn in Egypt’s energy sector before end-2026
Italian energy major Eni is set to invest $2bn in Egypt’s energy sector before the end of 2026. The aim is to expand exploration activities and boost production.
UPDATE: Drone strike hits Kuwaiti oil tanker off Dubai coast
Authorities in Dubai announced that emergency teams successfully extinguished a fire aboard a Kuwaiti oil tanker.
Fires reported at pumping stations along UAE’s ADCOP pipeline
Satellite imagery appears to show fires at two pumping stations along the UAE’s Habshan–Fujairah oil pipeline, a key export route designed to bypass the Strait of Hormuz.
Saudi Arabia pushes East-West pipeline at 7mn bpd in bid to keep oil flowing amid Hormuz shutdown
Saudi Arabia has pushed its East-West pipeline to its 7mn barrel per day limit to reroute crude via the Red Sea
Iran’s shadow fleet and shadow banks keeps the money pouring in
Iran has doubled its oil exports since the start of Operation Epic Fury, sustaining flows of between 2.4mn and 2.8mn barrels per day (b/d), including 1.5mn to 1.8mn b/d of crude. It has also doubled the amount of money it’s earning.
Iran could earn $60bn a year from Strait of Hormuz tariffs, economist says
An Iranian economist says controlling the Strait of Hormuz could generate $60bn a year in transit tariffs for Tehran.
Egypt turns to Libya for oil imports as Hormuz disruption halts Kuwaiti supply
Egypt plans to import at least 1mn barrels of crude oil per month from Libya to offset a halt in Kuwaiti supplies caused by the effective closure of the Strait of Hormuz
Houthi strike puts Red Sea shipping on alert as Hormuz remains shut
Yemen’s Houthi strike on Israel has renewed fears that Bab el-Mandeb could join Hormuz as a critical choke point for global shipping and energy flows
Satellite imagery confirms extensive damage at Qatar’s Ras Laffan LNG plant
Satellite imagery indicates significant damage at Qatar’s Ras Laffan LNG plant that was hit by Iranian missiles on March 18, including the apparent collapse of primary heat exchangers at Train 6 and structural damage to adjacent facilities.
Iraq accelerates rehabilitation of oil export pipeline to Turkey
Iraq’s Oil Ministry has confirmed that work on the rehabilitation of the northern export pipeline, part of the Iraq-Turkey line is progressing at an accelerated pace.The project which operates three shifts per day aims to meet its completion deadline
Russia selling oil at premium as Hormuz disruption tightens global supply
Russia is now selling oil at a premium on some routes as Strait of Hormuz disruption tightens global supply, Deputy Prime Minister Alexander Novak has said, marking a sharp reversal from post-sanctions discounts.
Jordan’s Risha gas field meets 8% of domestic demand amid regional tensions
Jordan’s state-owned National Petroleum Company said gas production from the Risha field continues at stable levels despite ongoing regional tensions, supplying around 8% of the kingdom’s daily needs.
Saudi Arabia boosts Red Sea oil exports to 4.4mn b/d
Saudi Arabia has sharply increased crude exports from its Red Sea terminals at Yanbu as it diverts shipments away from the Persian Gulf and the Strait of Hormuz, where flows have been severely disrupted since late February, according to Bloomberg.
Syria explores energy ties with Chevron and ConocoPhillips at CERAWeek
Syria’s state-owned petroleum company has held talks with major international energy firms, including US-based Chevron and ConocoPhillips, on potential cooperation during the CERAWeek energy conference in Houston.
Putin warns Russian business not to squander 'Iran war' oil windfall
Putin has warned Russian businesses not to fritter away oil windfall profits as commodity prices surge amid the Middle East conflict, cautioning that market conditions could reverse sharply.
Turkish-owned tanker hit by drone in Black Sea attack
The Altura, a Turkish-owned crude oil tanker, was struck by a drone 15 nautical miles (28 kilometres) off Istanbul’s Bosporus strait while carrying crude oil picked up in Russa, NTV reported on March 26.
Italy, Spain race to secure Algerian gas amid Middle East crisis
Italian PM Giorgia Meloni is seeking to boost gas flows from Algeria, as Italy, along with Spain, competes to secure alternative energy supplies from North Africa, following disruptions in Middle Eastern exports
India’s Reliance buys Iranian crude after US eases sanctions
Reliance Industries has purchased around 5mn barrels of Iranian crude, marking India’s first such deal in nearly five years following a temporary easing of US sanctions.
Iraq’s oil output drops sharply as storage fills and Hormuz exports stall
Iraq’s oil production has dropped sharply amid ongoing conflict in Iran, as storage facilities reach critical levels and exports through the Strait of Hormuz remain blocked.
Turkey says Hormuz crisis adds urgency to consideration of “new energy architecture” for Iraqi, Qatari and Turkmen oil and gas exports
Looking to the future of oil and gas shipment routes beyond the current conflict in the Middle East, Turkey is with new urgency already assessing the potential of a "new energy architecture" in the region that would create new pipeline options.
Fitch revises outlook on largest Turkish refiner Tupras to positive
Fitch on March 25 in a rating action commentary revised the Outlook on Turkey’s largest refiner Tupras to Positive from Stable while affirming its Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB-'.
Syria allows fuel stations to pay for petroleum products in local currency
Syria’s state-owned petroleum company has allowed fuel station operators to pay for petroleum products in Syrian pounds, in a move aimed at easing operational pressures and stabilising the domestic fuel market.
GasLog LNG carrier discharges cargo in Bahrain after Hormuz trap
A GasLog LNG carrier stranded by the Hormuz closure has discharged its cargo in Bahrain, as at least 12 laden LNG vessels remain trapped in the Gulf with nowhere to deliver their shipments.
Saudi Arabia doubles Yanbu exports toward 5mn bpd as Hormuz closure forces rerouting
Saudi Arabia has doubled Yanbu crude exports toward a 5mn bpd target as the Hormuz closure traps 56mn barrels in the Gulf, with Asia-bound shipments dominating the rerouted flows.
Losers and winners from the Qatari LNG disruption
While European and Asian importers have been hit hard by the disruption in Qatari LNG to varying degrees, the crisis has both short- and long-term benefits for US exporters and other LNG competitors.
Turkish energy minister denies Iran has halted gas deliveries to Turkey
Turkey’s Energy and Natural Resources Minister Alparslan Bayraktar has denied that natural gas flows from Iran to Turkey have been halted.
Iran tells ‘non-hostile vessels’ they can pass through Strait
Tehran has formally notified the International Maritime Organization (IMO) that “non-hostile vessels” may now navigate the Strait of Hormuz, provided they act “in co-ordination with Iranian authorities”.
Egypt plans LNG imports worth up to $3bn ahead of summer demand
Egypt’s Ministry of Petroleum and Mineral Resources is currently studying a plan to import around 45 liquefied natural gas (LNG) cargoes at an estimated cost of between $2.5bn and $3bn.
The Philippines declares national energy emergency
The Philippines has declared a nationwide energy emergency, becoming the first country to take such a step in response to disruptions caused by the ongoing conflict involving Iran.
India set to pay premium for Iranian oil
Traders have begun offering Iranian crude to Indian refiners at prices above ICE Brent following a temporary easing of US sanctions.
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