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Overview
With around 40% of the world’s oil supply coming from the Persian Gulf, in addition to exploration and production (E&P), MEOG’s coverage includes policy and transport issues which can cause price spikes in the global hydrocarbon markets.
MEOG offers insight into the latest developments in the oil and gas sectors of Bahrain, Iraq, Iran, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, Turkey, the UAE and Yemen. While much of the region has been extensively explored, there remain ‘frontier’ areas of E&P. Oil shale efforts in Jordan could provide vast resources through the greater cost effectiveness of new technologies. To the north-west, Beirut has grown increasingly impatient to follow the major gas discovery trend in the Eastern Med. and Lebanon’s first offshore bid round is likely to kick off drilling campaigns in the medium term.
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Iraq’s Basra oil prices drop amid global market decline
Iraq’s Basra crude prices slipped alongside global oil losses, pressured by growing risk aversion across financial markets, a firmer US dollar, and data indicating a rise in US crude inventories.
Oman, Spain seal MoUs on LNG, green methanol
The governments of Oman and Spain on November 4 signed a string of memoranda of understanding (MoUs) in Madrid, including two major energy accords on liquefied natural gas (LNG) and green methanol, TradeArabia reported on November 5.
Iraq begins trial operation of two refineries with combined 140,000 bpd capacity
Iraq has officially begun trial operations at two major refineries ( North Refinery 2 and Saladin Refinery 3), each with a capacity of 70,000 barrels per day(bpd), bringing the country’s total refining output up by 140,000 bpd
Egypt launches international bid round for gas exploration in Red Sea
Egypt’s Ministry of Petroleum and Mineral Resources has launched a new international bid round for oil and gas exploration in four blocks in the Red Sea
ExxonMobil to explore new gas area west of Egyptian Zohr field
US oil and gas supermajor ExxonMobil has signed a letter of intent with the Egyptian Natural Gas Holding Company (EGAS) to explore a new offshore gas area west of the Zohr field, near Egypt’s maritime border with Cyprus
Price drop, discounts result in significant drop in Iranian oil revenues
Only around 32% of Iran’s projected oil revenue for the current fiscal year was realised in the first half, a senior lawmaker said, blaming lower crude prices and steeper discounts offered by Tehran to its buyers.
Gas extraction from Iran’s South Pars hits record high
Iran’s natural gas extraction from the South Pars field has climbed to an all-time high of 718mn cubic metres (mcm) per day, said Touraj Dehqani, CEO of the state-run Pars Oil and Gas Co. (POGC).
Syria seeks 7mn barrels of crude to alleviate power crisis
Syria’s Ministry of Energy has issued a call for bids to purchase 7mn barrels of light crude oil, as the country continues to grapple with a severe energy crisis
Norway's DeepOcean launches Saudi subsea joint venture with Jana Marine
Norway's DeepOcean and Saudi Arabia's Jana Marine establish JADE Subsea Services joint venture for Middle East offshore energy sector, with five-year charter for hybrid-powered diving support vessel Jana 201.
Oman gas aggregator IGC inks $8.8bn supply deals in Muscat
Iraq cancels Russian Lukoil crude shipments amid US sanctions
Iraq’s state oil marketing firm SOMO has cancelled the loading of three crude oil cargoes from Russian energy Lukoil this November, citing concerns over newly imposed sanctions by the US and the UK
Iraq cuts off fuel imports as domestic production rises
The Iraqi government has officially suspended imports of key petroleum products, including gasoline, diesel, and kerosene, after confirming that domestic production now exceeds national consumption levels.
Egypt to resume natural gas supplies to Lebanon by end-2025
Egypt is finalising arrangements to export 650mn cubic meters of natural gas annually to Lebanon through the Arab Gas Pipeline by the end of 2025
Abu Dhabi’s capacity ambition accelerates as Exxon signals early milestone
Abu Dhabi’s campaign to cement its long-term market influence is accelerating, with comments reported by Bloomberg this week suggesting its flagship $30bn offshore expansion is running ahead of schedule.
Southern Iraq sees major rise in flared gas recovery
Iraq’s South Gas Company (SGC) has announced a significant surge in flared gas recovery across the southern oil-producing provinces, reaching 1.75bn standard cubic feet per day,a fivefold increase compared to levels recorded in 2013
Iraq's SOMO denies participation in 50,000-unit housing project in Mada'in
Iraq's State Oil Marketing Organisation SOMO denies social media reports about building 50,000-unit housing complex for Ministry of Oil in Mada'in district south of Baghdad, calling reports completely false.
Iran confirms steady gas exports to Iraq amid US sanctions pressure
Iran’s gas exports to Iraq are continuing without interruption or restrictions, despite ongoing US sanctions and the expiry of waiver exemptions
Jordan’s NPC to increase gas output tenfold at Risha by 2030
Jordan’s National Petroleum Company (NPC) plans to increase its production at the Risha gas field by tenfold, as part of its strategy to support national industry, energy security, and job creation
Oil prices continue gains after OPEC+ freezes first quarter increases
Oil prices rise for fourth session after OPEC+ announces freeze on production increases for first quarter 2026, with Brent crude jumping above $65 per barrel amid supply concerns.
Iran yet to finalise $240mn deal to develop three western oil fields nine months after groundbreaking
More than nine months after a groundbreaking ceremony for the development of three small oil fields in western Iran, the projects have yet to see their contracts finalised.
Turkish refineries reportedly buying more non-Russian crude in response to sanctions
Turkey's largest oil refineries are reportedly purchasing more non-Russian oil as they react to the latest Western sanctions imposed on Russia in relation to its war in Ukraine.
Navigating headwinds, OPEC+ pivots to price defence for Q1 2026
In a significant strategic pivot, the OPEC+ consortium is prioritising market stability and price defence over its recent campaign to recapture market share
Iran raises South Pars gas output with new infill well
Iran brought on stream the fourth well of its infill drilling project at the giant South Pars gas field, boosting gas extraction from the shared reservoir by 1.8mn cubic metres (mcm) per day, the state-run Pars Oil and Gas Co. (POGC) said.
Iran hires local firms to curb flaring at southern oilfields
Iran’s Oil Ministry awarded 12 contracts to local companies to capture associated petroleum gas (APG) from nine oil fields in what it described as the largest flare-gas recovery project in the nation’s history.
Iran widens oil discounts to China as US sanctions bite
Iran has widened the discounts on its crude oil sales to China to their largest in more than a year, as tougher US sanctions have complicated transport and delivery.
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