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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 warns US against invading Persian Gulf's Kharg Island
Iran’s parliament speaker has issued a stern warning to the United States against attacking Iranian islands in the Persian Gulf, amid speculation about a potential occupation of Kharg Island, which houses the country’s main oil export terminal.
US LNG exporters to benefit from Middle East disruptions, but not to replace lost supply
US LNG producers stand to benefit from disruption in the Middle East but cannot immediately replace lost supply.
Fitch upgrades its oil price outlook to $70
Oil markets are facing renewed geopolitical uncertainty after the outbreak of conflict involving Iran and the effective closure of the Strait of Hormuz, prompting rating agency Fitch to revise its near-term energy price outlook upwards.
Egypt targets $2.3bn in gas investments to boost production
Egypt is currently planning aiming to attract investments worth $2.3bn in its natural gas sector during FY 2026/27, as part of efforts to boost production and secure domestic energy supplies
Libya records historic oil and gas production in February 2026
Libya achieved a record high in oil and gas production in February 2026, according to a March 11 statement from the National Oil Corporation (NOC).
Oil tanker attacked near Iraq’s Basra port, crew rescued
An international oil tanker was targeted near Basra Port in southern Iraq.The attack occurred in the waiting area near the Khor Abdullah waterway, approximately 11 miles from the export port caused a fire on the tanker, leading to significant damage.
Turkey’s fuel and gas supplies face no immediate risks despite Middle East conflict, says minister
Despite the ongoing US-Israeli conflict with Iran, Turkey does not foresee any immediate problems facing its fuel & natural gas supplies, though developments are being closely monitored, according to the Turkish energy minister.
US Navy says Straits of Hormuz too dangerous to traverse
The US Navy has declined repeated requests from the shipping industry to escort commercial vessels through the Strait of Hormuz since the outbreak of the war with Iran, saying it is too dangerous to traverse.
IEA agrees record release of 400mn barrels from emergency oil reserves to counter Gulf War impact
The IEA agreed on March 11 to release a record 400mn barrels from emergency oil reserves, dwarfing its 2022 Ukraine-linked release, as Iran's closure of the Strait of Hormuz and attacks on Gulf energy infrastructure drive prices higher.
SLB scales back Middle East operations and suspends regional travel amid Iran conflict
SLB has suspended staff travel to the Middle East and begun scaling back operations across several countries in the region, the oilfield services giant said on March 11, as the Iran conflict disrupts the energy sector.
Middle East conflict drives up costs faced by Turkey’s petrochemical, oil products industry
Amid the intensifying war between the United States–Israel and Iran, oil and petroleum-derived raw materials have seen price hikes over the past two weeks, putting significant pressure on Turkish industries.
Iraq exports 11mn tonnes of oil products in 2025, SOMO says
Iraq exported 11mn tonnes of oil products in 2025. Fuel oil dominated exports, followed by naphtha and jet fuel.
Chevron to run Iraq’s West Qurna 2 oilfield after lukoil exit
The Iraqi government has approved the final terms and conditions of a framework agreement signed between the federal Ministry of Oil and US energy company Chevron for the management and operation of the West Qurna 2 oilfield in Basra province.
Iranian oil prices soar to muti-year high during US-Israeli offensive
The price of Iranian light crude oil surged past $100 per barrel – the highest in more than a decade – following the US-Israeli aggression against the country and a spike in global prices.
Iran launches drone strike on Haifa refinery after Israeli attacks on fuel depots
The Iranian Army’s Air Force said it had launched a drone attack on Haifa oil refinery and fuel storage facilities in Israel days after deadly airstrikes on fuel depots in Iran.
Saudi Aramco profits fall 11.6% to SAR348bn in 2025 as oil prices weigh
Saudi Aramco posted a net profit of SAR348bn ($92.8bn) for 2025, down 11.6% and below forecasts, as lower oil prices weighed on revenues. The board declared a quarterly dividend of 33 halalas per share.
Aramco warns of 'catastrophic consequences' for oil markets if Hormuz disruption continues
Aramco CEO Amin Al-Nasser has warned of catastrophic consequences for global oil markets if Hormuz shipping disruption continues, as Brent crude trades at $93 per barrel on March 10.
Saudi Arabia intercepts 23 drones targeting Shaybah oilfield in single day
Saudi air defences shot down 23 drones targeting the Shaybah oilfield on March 9, as Iran's retaliatory campaign against Gulf energy infrastructure and US military assets continues to intensify.
Gulf producers shut in 6.9mn bpd as blockade forces export pivot
Gulf producers have shut in nearly seven million barrels per day of crude output as the Strait of Hormuz blockade forces a strategic shift westward.
Iran warns against targeting energy infrastructure following storage strike
Iran has issued a stark warning to the US and Israel against further strikes on its critical energy infrastructure, threatening reciprocal action across the Middle East.
Central Asia shaken by fears of huge acid rain cloud heading to region from Iran
Officials struggle to convince inhabitants that the science shows Israeli bomb strikes on Iranian oil depots cannot lead to such a nightmare.
The Straits of Hormuz have closed, but a trickle of tankers still getting through
Iran’s military declared the Straits of Hormuz were shut on March 2 and traffic fell to nearly zero within a day. But it is not at zero. At least five ships have traversed the passage since the blockade began.
Israel resumes limited gas exports to Egypt
Natural gas supplies from Israel to Egypt have begun to trickle back into the regional grid, albeit at a fraction of their usual capacity
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