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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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Oil minister says Iran’s oil revenues fall short of H1 target
Iranian Oil Minister Mohsen Paknejad acknowledged that the country had failed to rake in projected revenues from crude and condensate sales in the first half of the current fiscal year.
Iran’s first oil crowdfunding project fully funded in less than four days
The financing process for Iran’s first crowdfunding investment project in the petroleum industry was completed in less than four days through the PetroCrowd platform, following strong investor participation.
Saudi Arabia's industrial production achieves highest growth pace since 2024 on oil recovery
Saudi industrial output rises 9.3% year-on-year in September, highest since early 2024, as oil activities grow 10.1% following OPEC+ production increase of 547,000 barrels daily.
Russian Lukoil declares force majeure on Iraqi oil
Lukoil, Russia’s second-largest oil company, has declared force majeure on its operations at the West Qurna-2 oil field in Iraq due to the impact of US sanctions
Iraq cuts Basra crude selling price for Asia in December 2025
Iraq has lowered the official selling price (OSP) for Basra Medium crude bound for Asia in December 2025 to a discount of $0.35 per barrel to the average of Oman/Dubai prices, compared with a premium of $0.85 in November
ADNOC’s trading arm and drilling subsidiary plans expansions
ADNOC is leveraging efforts across global commodity trading upstream services to maximise value
Iran’s oil sales hit seven-year high despite tougher US sanctions
Iran’s crude oil exports have climbed to their highest level in seven years in defiance of tightening US sanctions, maritime tracking service TankerTrackers said.
Iran nears completion of five anti-flaring projects at Aghajari oilfield
Five projects to capture associated petroleum gas (APG) at Iran’s Aghajari oilfield, one of the country’s largest and oldest fields located in the oil-rich Khuzestan province in the southwest, are nearing completion.
Turkey arrests directors of fuel retailer TP after SOCAR complaint
Police describe around 18,500 tonnes of fuel as "missing".
Iraq and Syria discuss rehabilitation of dormant Kirkuk–Baniyas oil link
Iraq and Syria have agreed to appoint a consultant to evaluate the condition of the long-idle Kirkuk–Baniyas oil pipeline, which has been out of service since 2003 due to war and political instability
Syria signs final agreements for 5GW power generation projects with Qatari Orbacon
Syria’s Ministry of Energy signed final agreements with a consortium led by Orbacon Holding to build and operate power generation plants with a combined capacity of 5,000 MW
Capricorn Energy receives $50mn in overdue payments under Egypt concession deal
Scotland-based oil and gas producer, Capricorn Energy, announced the receipt of $50mn in overdue payments under its concession agreement in Egypt
Iraq’s Basra oil prices drop amid global market decline
Iraq’s Basra crude prices slipped alongside global oil losses, pressured by growing risk aversion across financial markets, a firmer US dollar, and data indicating a rise in US crude inventories.
Oman, Spain seal MoUs on LNG, green methanol
The governments of Oman and Spain on November 4 signed a string of memoranda of understanding (MoUs) in Madrid, including two major energy accords on liquefied natural gas (LNG) and green methanol, TradeArabia reported on November 5.
Iraq begins trial operation of two refineries with combined 140,000 bpd capacity
Iraq has officially begun trial operations at two major refineries ( North Refinery 2 and Saladin Refinery 3), each with a capacity of 70,000 barrels per day(bpd), bringing the country’s total refining output up by 140,000 bpd
Egypt launches international bid round for gas exploration in Red Sea
Egypt’s Ministry of Petroleum and Mineral Resources has launched a new international bid round for oil and gas exploration in four blocks in the Red Sea
ExxonMobil to explore new gas area west of Egyptian Zohr field
US oil and gas supermajor ExxonMobil has signed a letter of intent with the Egyptian Natural Gas Holding Company (EGAS) to explore a new offshore gas area west of the Zohr field, near Egypt’s maritime border with Cyprus
Price drop, discounts result in significant drop in Iranian oil revenues
Only around 32% of Iran’s projected oil revenue for the current fiscal year was realised in the first half, a senior lawmaker said, blaming lower crude prices and steeper discounts offered by Tehran to its buyers.
Gas extraction from Iran’s South Pars hits record high
Iran’s natural gas extraction from the South Pars field has climbed to an all-time high of 718mn cubic metres (mcm) per day, said Touraj Dehqani, CEO of the state-run Pars Oil and Gas Co. (POGC).
Syria seeks 7mn barrels of crude to alleviate power crisis
Syria’s Ministry of Energy has issued a call for bids to purchase 7mn barrels of light crude oil, as the country continues to grapple with a severe energy crisis
Norway's DeepOcean launches Saudi subsea joint venture with Jana Marine
Norway's DeepOcean and Saudi Arabia's Jana Marine establish JADE Subsea Services joint venture for Middle East offshore energy sector, with five-year charter for hybrid-powered diving support vessel Jana 201.
Oman gas aggregator IGC inks $8.8bn supply deals in Muscat
Iraq cancels Russian Lukoil crude shipments amid US sanctions
Iraq’s state oil marketing firm SOMO has cancelled the loading of three crude oil cargoes from Russian energy Lukoil this November, citing concerns over newly imposed sanctions by the US and the UK
Iraq cuts off fuel imports as domestic production rises
The Iraqi government has officially suspended imports of key petroleum products, including gasoline, diesel, and kerosene, after confirming that domestic production now exceeds national consumption levels.
Egypt to resume natural gas supplies to Lebanon by end-2025
Egypt is finalising arrangements to export 650mn cubic meters of natural gas annually to Lebanon through the Arab Gas Pipeline by the end of 2025
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