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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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Iran ramps up Jask exports, but still heavily reliant on Kharg Island
Iran has increased loadings from its Jask terminal, but the port remains a supplement rather than a substitute for Kharg Island
OPEC+ sets symbolic quota rise as Hormuz closure bites
OPEC+ has agreed a modest increase in oil production quotas from May, a move that is more about signalling future intent than shifting near‑term supply
Three tankers exit Hormuz hugging Omani coast
In what appears to be the first exit from the Persian Gulf by oil tankers without permission from Iran, three large vessels linked to Oman left the Strait of Hormuz by hugging the sultanate’s coastline, Bloomberg reported on April 3.
Golden Pass targets mid-April to load first cargo
Feedgas flows to the giant LNG export terminal have soared ahead of first cargo loading.
Germany receives first LNG cargoes from Oman on schedule
Germany’s state-run gas importer Securing Energy for Europe has received its first-ever LNG cargoes from Oman on schedule, with the journey uninterrupted by the conflict in the Middle East.
Japanese tanker becomes first LNG vessel to transit Strait of Hormuz
A Japanese LNG carrier belonging to Mitsui OSK Lines has become the first LNG vessel to pass through the Strait of Hormuz since the conflict erupted in the Middle East.
Fire at UAE’s Habshan gas hub, caused by missile interception debris
A fire at Abu Dhabi’s Habshan gas processing facility has forced a suspension of operations, after debris from intercepted Iranian missiles struck the site. It was the second fire at the plant caused not by a missile strike, but interceptor debris.
Iran denies US helicopter assault on Kharg Island
Iran denied rumours of a US helicopter assault on Kharg Island, its main oil export hub, as speculation mounts over a possible ground operation targeting Iranian coastal infrastructure in the Persian Gulf.
Algeria to launch new oil and gas licensing round on April 19
Algeria is preparing to launch a new oil and gas licensing round on April 19, 2026, offering seven exploration blocks to international energy companies as part of efforts to boost investment and expand hydrocarbon resources.
Moroccan government spends $180mn monthly on butane gas subsidies
Morocco expects to spend up to MAD 1.6bn ($180mn) per month to subsidise butane gas, widely used for cooking, electricity and public transport, as it seeks to stabilise prices amid sharp global energy market volatility
IRGC launches wave of strikes targeting US and Israeli assets across Gulf and Israel
IRGC said it launched its 90th wave of operations targeting US steel interests in Abu Dhabi, Israeli air bases and US facilities across Kuwait, Saudi Arabia and Jordan in retaliation for strikes on Iran's steel sector.
Iraq and Syria reopen Al-Waleed border crossing after 11-year closure
Iraq and Syria have officially reopened the Al-Waleed border crossing, restoring a key economic route that had been closed for more than 11 years due to security concerns.
Iraq finalises Lukoil settlement over West Qurna-2 oilfield
Iraq is advancing efforts to finalise a settlement with Russia’s Lukoil following its withdrawal from the West Qurna-2 oilfield in Basra, as the government seeks to stabilise operations in one of the country’s key oil assets.
Iraq & GCC countries faces a sharp rise in borrowing costs amid Hormuz tensions, UNCTAD reports
The disruptions in the Strait of Hormuz, a vital oil shipping route, have led to severe delays in energy and fertiliser shipments, contributing to rising prices for oil, gas, nitrogenous fertilisers, and phosphate.
Egypt signs $500mn investment deal with Arcius to develop Harmattan gas field
Egypt’s state-owned Egyptian Natural Gas Holding Company (EGAS) has signed a final investment decision (FID) agreement with energy firm Arcius to develop the Harmattan gas field in the Mediterranean, with total investments estimated at up to $500mn
Senior MP says Trump’s bid to seize Iranian oil will fail
A senior Iranian lawmaker said US President Donald Trump’s ambition to take the country’s oil “will never come true”, after Washington signalled interest in occupying Iran’s main export terminal at Kharg Island in the Persian Gulf.
Iran’s parliament to pass Hormuz transit toll bill
Iranian lawmakers are debating a bill to impose transit fees on vessels passing through the Strait of Hormuz, a senior lawmaker said, as disruptions to shipping through the vital waterway drag on.
Putin strengthens food supply ties with Egypt, proposes grain and energy hub
Russian President Vladimir Putin has instructed his government to work on securing food supplies to Egypt, particularly grain shipments, as part of efforts to strengthen strategic ties between the two countries.
US gasoline prices rise above $4 per gallon
Average gasoline prices in the US rose above $4 per gallon ($1.06 per litre) this week.
A long Iran war will lead to severe shortages, says Oxford Economics
A sustained escalation of the US/Israel-Iran conflict could push global oil markets beyond a price shock into severe physical shortages, with rationing, supply chain disruption and recessionary pressures becoming increasingly likely.
Libya licensing round falls short amid legal and structural challenges
Libya’s latest oil and gas licensing round has delivered weaker-than-expected results, mainly due to persistent legal, fiscal and structural challenges facing the country’s energy sector.
Russian gas supplies to Europe via TurkStream grow amid Hormuz crisis
The daily average Russian gas supply to Europe via the TurkStream pipeline expanded by 22% y/y in March to 55mn cubic metres (mcm), calculations have shown.
Turkey reportedly talking to Iran in bid to obtain Hormuz transit permission for 11 ships
Turkey is reportedly in contact with Iran to negotiate permission for 11 Turkish-owned ships to pass through the Strait of Hormuz amid the partial blocking of the chokepoint by Tehran in its conflict with Israel and the US.
Iraq starts fuel exports to Syria via al-Tanf crossing towards Baniyas refinery
Syria has marked a significant milestone with the arrival of the first Iraqi fuel convoys through the al-Tanf border crossing to the Baniyas refinery, paving the way for exports to global markets.

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