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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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Iraq’s Bin Omar field to start producing 600 tonnes of LPG per day
Iraq is set to launch the first phase of a fast-track gas investment project at the Bin Omar Oil Field, as part of government efforts to boost domestic gas production, reduce flaring and support the national power grid.
Iran says oil storage capacity far from full
Iran’s oil storage capacity is far from full and crude exports are continuing “smoothly,” an official said, despite President Donald Trump’s warning that the country’s oil system could seize up in three days under a US naval blockade.
UAE announces its withdrawal from OPEC
The United Arab Emirates has announced its withdrawal from OPEC and the broader OPEC+ alliance, effective May 1, 2026, stripping the cartel of one of its highest-capacity and lowest-cost producers.
Iran runs out of oil storage as US blockade of Strait of Hormuz holds
Iran is running out of crude storage as the US blockade of the Strait of Hormuz continues to prevent tanker exits, with at least 38 vessels held since the start of the blockade, Kpler and Tanker Trackers data show. Output may fall to 1.2-1.3mn b/d.
UAE LNG vessel passes through the Strait of Hormuz
A UAE-flagged LNG tanker appears to have completed the first loaded cargo transit through the Strait of Hormuz since the outbreak of the US-Israel-Iran war on February 28.
Egypt allocates $10.7bn for gas imports in FY 2026/27, up 26% y/y, as global prices grow
Egypt has earmarked around $10.7bn to secure its natural gas and liquefied natural gas (LNG) needs for FY 2026/27, which starts in July 2026, up 26% year-on-year.
Iran faces infrastructure damage as US blockade exhausts crude storage
Iran is transferring millions of barrels of crude onto supertankers as a US naval blockade in the Strait of Hormuz and Gulf of Oman restricts its export routes
Kuwait Petroleum awards $67.82mn drill bit contract to Farrell Europe
The Supreme Purchasing Committee of Kuwait Petroleum Corporation and its subsidiaries has approved direct contracting with Farrell Europe to supply rock-drilling bits to the Kuwait Oil Company.
Strait of Hormuz remains effectively closed as Iran maintains shipping restrictions
Only four vessels transited the Strait of Hormuz on April 26 according to Kpler data, Tasnim has reported, indicating the world's most important oil chokepoint remains effectively closed at Iran's discretion despite the April 7 ceasefire.
Gulf oil output could recover within months of Hormuz reopening, Goldman Sachs says
Gulf crude oil production could recover to close to pre-war levels within a few months of the Strait of Hormuz safely reopening, according to Goldman Sachs.
Iraq accelerates energy infrastructure diversification amid Gulf volatility
Iraq is fast-tracking new pipelines to diversify exports, reduce Hormuz dependence and protect revenues after regional disruption exposed the fragility of its southern route
Saudi Arabia posts 4.5% GDP growth in 2025 as Vision 2030 enters final phase
Saudi Arabia's economy grew 4.5% in 2025, its strongest in three years, driven by non-oil expansion, the Kingdom said in its Vision 2030 Annual Report. Unemployment hit a record 7.2%, but FDI and non-oil exports remain short of target.
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
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