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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-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.
China sends three warships towards Hormuz, Russian media
China has sent three warships towards the Strait of Hormuz after the US seized the Iranian vessel Touska in alleged breach of the ceasefire, with Beijing calling the interception "coercive" as Tehran returned to Islamabad talks on April 21.
Iran crude climbs above $94 as Hormuz disruption slashes tanker traffic
Iranian oil prices surged by more than 4% to $94.04 per barrel, moving close to Brent benchmarks, as tensions in the Persian Gulf choked off transit through the Strait of Hormuz.
Iranian navy escorts oil tanker into territorial waters amid US blockade
The Iranian army’s navy said it had escorted an Iranian oil tanker into its territorial waters despite US efforts to intercept it, in the latest test of a maritime blockade imposed by the United States.
Oil price divergence in a time of crisis
TPAO pushes deeper into the Black Sea, testing new gas prospects
Turkish Petroleum (TPAO) is stepping up its Black Sea campaign, shifting the Fatih drillship to the Elfani-1 well in the western basin
Iraq increases LPG allocation as demand surges
Iraq has moved to ease a recent shortage of cooking gas by increasing supplies through mobile vendors and allowing limited sales outside the country’s fuel card system.
Iran warns of rising global costs if its oil sales blocked
Iran’s First Vice President Mohammad Reza Aref warned of “significant costs for everyone” if Iranian oil exports were disrupted, as a US naval blockade of Iranian ports entered its eighth day.
Iraq resumes oil exports via Kirkuk–Ceyhan pipeline
Iraq’s North Oil Company (NOC) confirmed that work has been completed to connect all secondary pumping stations linked to the K1 and AT1 facilities in Kirkuk.
Iran vows to keep its oil flowing despite US blockade
Iran will use all available means to maintain oil sales, its foreign ministry spokesman said, playing down a US naval blockade imposed near its waters.
Iran MP plans for strategic management of Strait of Hormuz using the rial
Iran's parliamentary infrastructure commission chief has set out detailed terms for a strategic management plan for the Strait of Hormuz, including an Israeli shipping ban and tolls payable only in rials.
IEA warns Middle East energy disruption could take two years to reverse
The loss of energy output caused by conflict in the Middle East could take about two years to recover, according to International Energy Agency executive director Fatih Birol, who also warned that markets were underestimating the risks.
Egypt targets output boost from Western Desert drilling projects
The Egyptian government is accelerating efforts to raise domestic oil and gas production, with the Ministry of Petroleum and Mineral Resources expecting to complete drilling of the North Lotus Deep 2 well in the Western Desert before the end of May
Algeria launches new hydrocarbon licensing round
The Algerian government has launched a new international tender for hydrocarbon exploration licences to boost foreign investment and expand its energy output
Egypt plans to repay $600mn in dues for international oil firms by May
The Egyptian Ministry of Petroleum and Mineral Resources plans to repay around $600mn owed to international oil and gas companies operating in the country before the end of May
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