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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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COMMENT: The Oslo playbook returns to the Middle East
Norway has become the only NATO country still talking to Tehran. It is doing so for reasons that are partly diplomatic, partly mercantile, and with echos of the original Oslo accord of the 1990s.
ADNOC delivers update on landmark pipeline to Abu Dhabi crown prince
Abu Dhabi’s crown prince chaired an ADNOC meeting in which he was updated on the status of the company’s landmark West-East Pipeline Project.
Turkey seeks higher Kazakh oil flows to Mediterranean via BTC
Turkish President Recep Tayyip Erdogan has said Turkey wants greater volumes of Kazakh oil to reach global markets through the Baku-Tbilisi-Ceyhan (BTC) pipeline.
Algeria’s oil export revenues drop 13% y/y in 2025 to $22.4bn despite higher shipments
Algeria saw its oil export revenues decline by 13% year-on-year (y/y) in 2025 to $22.4bn, despite a slight increase in export volumes
Majors cautiously return to Syria with offshore exploration deals
Syria has signed initial exploration agreements with Western and Gulf energy majors, testing the cautious return of foreign capital to rebuild its shattered energy sector.
Italy’s Eni targets zero flaring at Iraq’s Zubair field by 2027
Eni increased its hydrocarbon production in Iraq during 2025, driven by expansion work at the Zubair oil field in southern Iraq. The company also reaffirmed plans to eliminate routine gas flaring at the field by 2027.
Libya targets restart of Ras Lanuf oil refinery within a year
Libya aims to restart the Ras Lanuf Refinery within 6 to 12 months, as the country seeks to strengthen domestic fuel supplies and revive key energy infrastructure
Jordan’s Risha gas field output rises to 80mn cubic metres after upgrades
Jordan’s National Petroleum Company said production from the Risha gas field has increased from 7.5mn cubic metres to 80mn cubic metres after upgrading production capacity and drilling new wells following a long period of suspension.
Syria’s SPC signs offshore exploration deal with ConocoPhillips, TotalEnergies and QatarEnergy
Syria’s state-owned Syrian Petroleum Company (SPC) has signed a memorandum of understanding (MoU) with US-based ConocoPhillips, France’s TotalEnergies and QatarEnergy to explore oil and gas resources in Syrian territorial waters.
Egypt signs MoU with TotalEnergies for West Mediterranean gas exploration
Egyptian Natural Gas Holding Company (EGAS), the state-owned company affiliated with Egypt’s Ministry of Petroleum and Mineral Resources, signed a memorandum of understanding on May 13 with French energy major TotalEnergies
Iran pushes to rebuild damaged South Pars refineries after Israeli strike
Iran’s state-run Pars Oil and Gas Co. (POGC) is mobilising “all capabilities” to rebuild refineries linked to the giant South Pars gas field after facilities were damaged in an Israeli air strike in March, the company’s chief executive said.
Egypt eyes Algerian crude imports to secure summer energy supplies
Egypt’s Ministry of Petroleum and Mineral Resources is studying plans to import around 6mn barrels of crude oil from Algeria starting in July 2026, as part of efforts to diversify supply sources and strengthen energy security,
Iraq sees sharp decline in crude exports to US, EIA data shows
Iraq’s crude oil exports to the United States nearly halved in March compared with the previous month, according to data released by the US Energy Information Administration (EIA).
ADNOC Gas profit slides by 15% for Q1 2026
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Lebanese fuel prices hike as energy crisis intensifies
Lebanon's fuel prices recorded mixed movements this week, with 95 and 98 octane gasoline rising in price while gas can and diesel costs declined.
Libya regains full control of Ras Lanuf refinery and petrochemical complex as Trasta Energy exits
Libya signed a final agreement with Trasta Energy to end their partnership in the Libyan Emirates Oil Refining Company (LERCO), restoring full Libyan ownership and management of the Ras Lanuf refinery and petrochemical complex
Pakistan gambles on Qatar LNG even as Hormuz disruption exposes energy vulnerability
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US slap fresh sanctions on Iranian oil sales to China
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Tehran council chief calls to relocate key oil depot after wartime blaze
Tehran’s top councillor has demanded that a fuel depot in the northwest of the Iranian capital be relocated more than two months after the facilities there came under attack during the recent US-Israeli war on the country.
Iran rejects report of oil slick near Kharg Island as ‘false’
Iran dismissed reports of a major oil spill near Kharg Island in the Persian Gulf, calling the claims “false” after a UK-based environmental monitor said satellite imagery showed a large slick near the country’s main crude export terminal.
Minister dismisses reports of Iran’s petroleum collapse under US naval blockade
Iranian Oil Minister Mohsen Paknejad played down reports of falling crude production and exports as “pipe dreams” by Iran’s enemies, saying the country had kept oil flowing despite a US naval blockade and weeks of regional conflict.
ADNOC injects $55bn into UAE refining and manufacturing activities
ADNOC confirmed that it is deploying AED 200bn ($55bn) in capital investment across refining, manufacturing and marketing between 2026 and 2028.
QatarEnergy’s second LNG tanker transits Strait of Hormuz
QatarEnergy has sent a second LNG tanker to transit the Strait of Hormuz, following an arrangement between Iran and Pakistan to allow safe passage.
World oil inventories falling fast towards hard operational floor
The world's oil buffer is disappearing faster than at any point in recorded history. Two months into the near-closure of the Strait of Hormuz, global inventories are drawing down at a pace that has already exceeded the previous quarterly record.

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