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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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Jordan targets eight major energy projects by 2029
Equinor selects Aibel for maintenance of Hammerfest LNG plant
A $2bn contract for maintenance and modifications is intended to reduce the facility’s offline time.
Kuwait’s KOC provides update on well drilling
Kuwait Oil Co. (KOC) has completed 1,337 oil wells over the past three years
Turkey’s natural gas consumption climbs to record 60-61 bcm in 2025
Households burnt through more than an annual 20 bcm for the first time.
Iraq's state-owned Basra Oil takes operatorship of West Qurna-2 from Russia's Lukoil
Saudi Arabia raises natural gas service tariff to SAR1.39 per MMBtu
Natural Gas Distribution Company announces Saudi Arabia has raised natural gas service tariff to SAR1.39 per MMBtu effective January 1, expecting positive impact on first quarter 2026 results.
Egypt exports new LNG cargo to Canada as gas output expansion gains pace
Egypt exported a new liquefied natural gas (LNG) cargo from the Idku LNG complex on the Mediterranean coast, destined for Canada on behalf of France’s TotalEnergies (TTE: EPA)
QatarEnergy expands mediterranean footprint with Lebanese offshore venture
Following the formal signing of a new maritime exploration agreement, QatarEnergy has officially increased its strategic presence in the Levant Basin by entering a second Lebanese offshore concession.
Qatar welcomes global energy leaders for LNG2026
IOC consortium signs exploration deal for Lebanon’s Block 8
A consortium led by TotalEnergies has formalised an entry into Block 8 offshore Lebanon
TPAO and ExxonMobil sign deal for offshore exploration
Turkiye's TPAO has formalised a strategic partnership with a subsidiary of ExxonMobil for offshore exploration
Iraq’s oil exports to US decline sharply in first week of January, EIA reports
US crude oil imports from Iraq fell in the first week of January 2026, average US crude oil imports from nine major suppliers rose to 5.667mn barrels per day (bpd).
Iraq expects Iranian gas supplies to remain suspended
Iraq’s Ministry of Electricity announced there were no indications that Iranian gas supplies to the country would resume in the near term, illustrating ongoing pressure on the power sector during the winter demand peak
Syria to receive 60mn cubic feet of Egyptian natural gas
Syria is set to receive around 60mn cubic feet of Egyptian natural gas as part of an agreement linked to the transit of gas supplies from Egypt to Lebanon
Oil prices rise for second day on Venezuela, Iran supply concerns
Oil prices climbed for second consecutive day on January 10 with Brent rising 0.71% to $62.43 per barrel on Venezuela and Iran supply concerns, heading for third weekly gain.
Russia-bound oil tanker sailing Black Sea calls for Turkish coastal guard assistance after suspected drone hit
A Russia-bound empty crude oil tanker sailing the Black Sea on January 8 reportedly called for assistance from the Turkish Coastal Guard after a suspected drone attack.
Iraq among eight oil producers set to add 450,000 bpd to global supply
S&P Global Energy announced on January 8 that eight of the world’s largest oilfield development projects scheduled to begin operations in 2026 could add more than 450,000 barrels per day (bpd) to global crude markets
Libya expects to resume oil exports from Es Sider port within days
Libya expects to resume oil exports from the Es Sider port within the next few days, after the key terminal remained closed for nearly a year due to protests
Iran’s South Pars gas refinery installs compressors to recover flared gas
Iran’s South Pars eighth gas refinery has begun setting up reciprocating compressors as part of a project aimed at collecting gases burned in flare stacks, a senior official said.
Iranian oil minister faces decision on Azadegan development
Iran’s Oil Minister Mohsen Paknejad has to make a tough decision whether to continue or cancel the development contract for the giant Azadegan oilfield after a deadline to secure initial financing expired.
Iran’s NIDC completes 101 oil, gas wells this year
The National Iranian Drilling Co. (NIDC) has drilled or carried out workovers on 101 oil and gas wells so far in the current Persian calendar year, which started on March 21, 2025, its chief executive Morteza Fouladi said.
Iraq's Basra crude prices fall more than 2% as global oil markets weaken
Iraq’s Basra Heavy and Basra Medium crude prices dropped by more than 2%, mirroring a broader sell-off across global oil markets amid renewed concerns over rising supply.
Iraq’s gas output exceeds demand amid cooking gas shortages
Iraq’s domestic gas output is exceeding national consumption levels, even as temporary distribution and transport problems have led to reported shortages of cooking gas in parts of the country
Jordan seeks one-year extension of Iraqi oil import deal
Jordan seeks to renew a memorandum of understanding (MoU) with Iraq to continue importing Iraqi crude oil under the same terms and specifications as in the previous agreement
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