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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: Iran was the prequel, China is the target
A growing chorus of analysts from Moscow, Beijing and Washington think tanks argues that the US campaign against Iran was really aimed at China's oil supply chain, making Tehran the prequel to a longer confrontation
Iran claims bypass to US naval blockade using Jask port
Iran is bypassing the US naval blockade by using the Jask port on the Gulf of Oman, sustaining oil exports to China at 985,000 barrels per day with Vortexa data showing 10.7mn barrels of crude transited through the strait between April 13 and 22.
Russian LNG tanker drifts off Libya after tow line snaps
Israel's Lebanon offensive threatens to unravel US-brokered gas deal and block Beirut's energy future
Israel's military occupation of southern Lebanon is threatening to upend a landmark 2022 US-brokered maritime border agreement and derail Lebanon's best remaining hope of tapping its offshore gas wealth.
Iraq faces power shortfall of 30,000 MW ahead of summer 2026
Iraq is expected to face a power supply deficit of more than 30,000 MW during the coming summer, according to officials from the Ministry of Electricity, highlighting the persistence of an energy crisis that has gripped the country since the 1990s.
Iraq’s Basra maintains stable cooking gas supplies despite shortages
Iraq’s Basra has so far remained largely insulated from Iraq’s cooking gas pressures, maintaining stable supplies and avoiding the electronic coupon system introduced in Baghdad and some other provinces as the country grapples with lower production.
Iraq signs deal to drill 17 horizontal wells at East Baghdad South field
Iraq has signed a new contract to drill 17 horizontal wells in the East Baghdad South oil field, in a move aimed at advancing development of one of the country’s key producing areas in the central region.
VIDEO: US Navy seizes Iran-linked tanker Majestic X
US forces have seized the third Iranian oil tanker in five days with the boarding of the sanctioned VLCC Majestic X in the Indian Ocean, as the Pakistan-brokered ceasefire expires and Vance arrives in Islamabad for talks.
Russia to supply Indonesia with 150mn barrels of oil at special price as Trump blockade continues
Indonesia has agreed with Russia on the supply of 150mn barrels of Russian oil at a special price, with the deal reached during the Indonesian president's visit to Moscow on April 13 as Jakarta builds strategic storage amid Iran war energy disruption
US extends Iran oil waiver by 30 days despite naval blockade
US Treasury Secretary Scott Bessent confirmed that Washington had extended for another 30 days sanctions waivers covering Iranian and Russian oil already at sea, despite a naval blockade targeting vessels and tankers linked to Iran.
Iran says first Hormuz toll revenue deposited at central bank
Iran's parliament vice speaker Hamidreza Haji Babaei has said the first revenue from Strait of Hormuz tolls has been deposited at the Central Bank of Iran.
Egypt set to boost Israeli gas imports by 21% in May
The Egyptian Ministry of Petroleum and Mineral Resources is expecting a 21% increase in the country’s imports of Israeli natural gas, raising volumes to around 1.15bn cubic feet per day by May 2026
VIDEO: The moment the IRGC seized the offending ships in the Strait of Hormuz
Iran’s IRGC Navy says it seized the container ships MSC Francesca and Epaminondas in the Strait of Hormuz on April 22, releasing a dramatic video.
Trump's blockade of Hormuz fails as dozens of tankers pass through - FT
The Trump administration naval blockade of the Strait of Hormuz failed after at least 34 tankers with links to Iran passed through the narrow waterway and exited the Persian Gulf in defiance of the US warships attempts to halt Iran’s oil exports.
Iran-linked oil tankers reportedly evading US blockade
At least 11 vessels carrying Iranian oil and gas have slipped past a US naval blockade imposed on April 13, according to maritime data and shipping sources.
Iraq’s Basra crude falls 2% in line with global oil decline
Iraqi oil prices fell by more than 2%, mirroring a broader decline in global crude markets as investors weighed the outlook for possible US-Iran talks and continued uncertainty over a ceasefire and global supply flows.
US blocks $500mn oil funds transfer to Iraq over Iran-backed militias
The Trump administration has moved to halt the transfer of US dollars to Iraq and suspend parts of its security co-operation with Baghdad.
Iran seeks private sector help to rebuild damaged facilities
Iran’s Oil Ministry has drafted a plan to rebuild energy and petrochemical infrastructure damaged in recent air strikes, enlisting private sector expertise to speed up repairs, a senior official said.
COMMENT: Why China is hedging for now in the Middle East
As the US-Israel-Iran war enters its second month, one of the most consequential geopolitical actors has been conspicuous by its silence. China has not intervened, has not condemned, and has not chosen sides in any meaningful public way.
US seizes second vessel linked to Iran as blockade tightens ahead of talks
The United States said it had seized a tanker suspected of links to Iran, the second such move since Washington imposed a naval blockade earlier this month to mount pressure on Tehran.
Shell CEO meets with Qatar leader to discuss energy partnership
Qatar's Amir, Sheikh Tamim bin Hamad Al Thani, hosted Shell CEO Wael Sawan for a meeting at Lusail Palace, with discussions centred on deepening the two parties' existing energy partnership.
Moody’s changes Iraq outlook to negative from stable amid rising regional risks
Baghdad seeks to maintain momentum in strategic oilfield investment. Iraq approved an amicable settlement with Russia’s Lukoil over the transfer of operations at the giant West Qurna 2 field, while Chevron has entered exclusive talks.
Fuel price drop offers Lebanese consumers slight relief
Fuel prices in Lebanon declined on April 21, providing consumers with some relief as the country faces the economic fallout from the Hezbollah war with Israel.
UAE warns it could sell oil in yuan if dollar liquidity crunch hits
The UAE has warned Washington it could switch to yuan or other currencies to settle oil sales in the event of a severe dollar shortage, with reserves at $270bn as Gulf state faces mounting Iran war pressure.
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