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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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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.
Is the UAE breaking away?
The UAE has left OPEC, lost a proxy war with Saudi Arabia in Yemen, armed a militia accused of genocide in Sudan, recognised Somaliland alongside Israel, and welcomed an Iron Dome battery onto its soil.
Fitch raises 2026-27 oil and gas price assumptions on prolonged Hormuz closure
Fitch Ratings has raised its 2026-2027 oil and gas price assumptions on a longer Strait of Hormuz closure, assuming reopening around July, with Brent expected at USD100-110 per barrel through July before falling to USD70 by September.
Italy’s Edison expects two-thirds of LNG supply from Qatar to be delivered shortly after any peace deal
QatarEnergy’s largest Italian customer Edison forecasts that it will receive about two-thirds of its contract LNG volumes between 30 to 45 days after any peace deal between the US, Israel, and Iran.
bp resumes work at Kirkuk following conflict-induced hiatus
bp has moved to restore its presence in Kirkuk, resuming work at one of Iraq’s most strategically significant oil hubs after a brief suspension
Iraq’s Qurnain find suggests new upstream potential, but export constraints bite
Iraq has reported a large oil discovery near its southern border with Saudi Arabia, adding a fresh note of promise to a sector still constrained by weak export capacity
Iraq to launch Kirkuk–Nineveh oil export pipeline within one month
The Iraqi Ministry of Oil announced that the crude oil export pipeline linking Kirkuk and Nineveh to Turkey’s Ceyhan port is expected to become operational within a month.
Saudi Aramco tops energy majors with 4.9% dividend yield after Q1 payout
Saudi Aramco has announced a base cash dividend of SAR82.1bn ($21.9bn) for Q1, putting its trailing 12-month yield at 4.9%, the highest among global energy majors, with TotalEnergies, Chevron, ExxonMobil, Shell and BP between 1.8% and 4.6%.
Iran’s 2025 oil revenue dips 3% but sharp rise expected over Hormuz crisis
Iran’s oil revenue fell 3% in 2025 to $45.335bn, placing it as OPEC’s sixth-highest earner even as tightening US sanctions and a return to a “maximum pressure” policy failed to trigger a steep decline, a report by the producer group showed.
Iraq explores oil pipeline restart with Syria, Baniyas port office
Reactivating the pipeli could significantly enhance Iraq’s export capacity by providing an alternative route alongside existing southern export terminals. It could also reduce transportation bottlenecks and improve flexibility in global oil market.
IRGC warns of retaliation after US attacks Iranian tankers
Iran’s Revolutionary Guards warned they would hit back forcefully against any strike on Iranian commercial or oil ships after the US military said it had stopped three Iranian tankers from breaking through Washington’s naval blockade.
Impact of US Hormuz blockade undermined by Iran’s land borders with seven neighbours, Caspian Sea ports
Trump administration officials with ideas that the US naval blockade could bring Iran to its knees have to remember they are dealing with a country of 90mn that has 6,000 kilometres of land borders with seven neighbours as well as Caspian Sea ports.
Turkey seeks to renew LNG deal with Algeria ahead of 2027 deadline
Turkey is seeking to renew its long-standing liquefied natural gas agreement with Algeria before the current contract expires in September 2027
Iraq’s Najaf expects major oil output after significant reserve estimates
Iraq’s Najaf province has made significant progress in the development of the Qurainin oil field, and production could begin within less than a year as exploration and seismic operations continue.
Second Iraqi fuel convoy enters Syria via Rabia crossing
A second convoy of Iraqi fuel tankers entered Syria through the Rabia–Al Yarubiyah border crossing in Al-Hasakah province, as Baghdad and Damascus move forward with new energy transport arrangements.
Egypt signs framework deal with BP, Harbour Energy to develop Mediterranean gas fields
Egypt’s energy authorities have signed a framework agreement with British energy major BP and its partner Harbour Energy to establish the executive framework for developing oil and gas reserves in the North King Mariout area and the Arish field
Turkey’s top refiner Tupras swings to 1Q bottom line of TRY 3.7bn
Largest Turkish refiner Tupras (IST: TUPRS) on May 6 reported a 1Q net profit of Turkish lira (TRY) 3.7bn ($81.8mn) versus the bottom line of TRY 127mn that it reported 12 months ago.
Iran reportedly launches new mechanism to levy transit fees on Hormuz shipping
Iran has reportedly launched a new mechanism to govern maritime traffic through the Strait of Hormuz, setting out rules that would require vessels to obtain transit permits, pay fees in Iranian currency, and face possible seizure for non-compliance.
Beijing becomes the chessboard as Iran pre-empts Trump-Xi summit
Araghchi's pre-emptive trip to Beijing, 14 days before Trump meets Xi, has put Iran's interests on the table before Washington can carve them off.
Blockade-defying tankers reach Iran’s main oil export terminal, shipping monitor says
US-sanctioned tankers with empty cargo holds continue to arrive at Iran’s main oil export terminal at Kharg Island, as Tehran appears to have ample onshore storage space despite mounting pressure from a weeks-long US naval blockade.
Energy firms to pump $19bn investments into Egypt’s oil sector over coming 3 years, says PM
PM Madbouly said Eni (BIT:ENI) has allocated investments worth $8bn, while BP (LSE:BP) plans to invest $5bn. UAE-based Arcius is expected to contribute $2bn, alongside $4bn from US energy group Apache (NYSE:APA).
Iran rejects US Hormuz resolution as Trump warns of intensified bombing if no deal reached
Iran has rejected a US-led UN Security Council draft resolution on the Strait of Hormuz as President Pezeshkian told French counterpart Macron that Washington's behaviour had derailed diplomacy.
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