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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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Turkey, Turkmenistan sign deal covering gas imports via Iran
Turkey and Turkmenistan have agreed on a deal covering imports of Turkmen gas to Turkey via Iran beginning March 1. The specifics of the agreement have yet to be disclosed, but media reports say that volumes could reach up to 2 bcm annually.
Russia and Saudi Arabia to continue OPEC+ cooperation
Russia and Saudi Arabia affirmed their commitment to continued cooperation within OPEC+ during a telephone conversation between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman on February 20.
OPEC+ considers increasing production
OPEC+ is currently deciding on whether to delay a collection of monthly supply increases that were previously scheduled to start in April.
Saudi Aramco to acquire 25% stake in Philippine oil company Unioil
The Saudi Arabian Oil Company, Aramco, has finalised agreements to purchase a 25% stake in Unioil Petroleum, a leading oil company in the Philippines.
Iranian oil flow to China hits four-month high despite US sanctions
Iran’s oil sales to China bounced back to a four-month high in February—the same month US President Donald Trump restored his so-called “maximum pressure” campaign to drive down the seaborne trade to a “zero.”
Second LNG tanker in 2025 traverses Red Sea
An unloaded LNG vessel is passing through the Red Sea, becoming only the second LNG tanker to travel the route since June 2024 amid attacks by Yemen’s Houthi militia on cargo vessels.
Top Turkish refiner Tupras says it's stopped buying Russian crude amid stepped-up sanctions
Turkey’s top oil refiner Tupras has ceased purchasing Russian crude because of stepped-up US sanctions announced in mid-January on Russian energy companies and tankers carrying Russian oil, the company said on an earnings call on February 17.
Iran, Russia push for closer energy ties with joint oil projects
Iran’s deputy oil minister and Russia’s deputy energy minister called for greater cooperation through joint energy projects.
Iraqi oil minister says KRG crude exports to Turkish port will resume next week ending two-year suspension
Oil exports from northern Iraq’s semi-autonomous Kurdistan region will start flowing to the Turkish Mediterranean coast next week following a suspension of almost two years, Iraq’s Oil Minister Hayan Abdel Ghani said on February 17.
Pressure drop in Iran’s mammoth gas field poses ‘biggest threat’
A senior Iranian official described a looming pressure drop in the giant South Pars gas field as the “biggest threat” to the country’s energy security.
Crude output surges at Iran’s giant energy company by 7%
Crude oil production at the National Iranian South Oil Co. (NISOC) has climbed by 7% since August when Iran’s new government took office, the company’s CEO said.
Istanbul-listed Petkim’s port unit obtains $140mn three-year loan from JPMorgan at SOFR+4.35%
Port operator Petlim, a unit of Turkish petrochemical producer Petkim (PETKM), has obtained a $140mn three-year loan from JPMorgan.
Turkey seeks to strengthen energy ties with Venezuela
Iran moves to stabilise production at South Pars
Iran has underscored the strategic significance of the South Pars pressure boosting project, highlighting its pivotal role in enhancing production and job creation.
Kurdish and Federal Iraqi officials share views on resuming oil exports
The president of Iraq’s Kurdistan region has indicated the likely resumption of oil exports next month.
Iraq’s IDC starts new drilling campaign at East Baghdad oilfield
The Iraqi Drilling Co. (IDC) has begun work on an 18-well drilling campaign at the giant East Baghdad oilfield
Iran vows to expand oil sales via cooperation with others, including Russia
Iran’s Oil Minister Mohsen Paknejad vowed to “seize every opportunity” to secure a stronger foothold in the global energy market and to boost cooperation with other countries, including Russia.
Iraqi deputy PM for energy meets Ukrainian ambassador in Baghdad
ADNOC Gas pens LNG supply deal with Indian Oil Corp
ADNOC Gas has signed a 14-year sales and purchase agreement (SPA) with state-owned Indian Oil Corporation for the supply of up to 1.2mn tonnes per annum (mtpa) of liquefied natural gas (LNG), the Abu Dhabi-based company said in a press release
Biggest Turkish refiner Tupras reportedly restricting Russian oil purchases amid tightened sanctions
Biggest Turkish refiner Tupras is reportedly placing restrictions on its purchases of Russian oil and fuels in order to steer clear of potential breaches of US sanctions.
Iranian floating crude storage rises as US sanctions bite
Iran’s floating oil reserves have seen a sharp jump after the United States blacklisted dozens of tankers carrying Iranian crude over the past few months.
Power outage halts over 30 oil wells in southern Iraq
More than 30 oil wells stopped working due to power outages in Basra and the southern governorates of Iraq on February 13.
Gulf Cooperation Council committed to tackling climate change
The Gulf Cooperation Council this week said that it would continue with plans to address the impacts of climate change.
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