MEOG - Middle East Oil & Gas

Category: 
Oil & Gas

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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 Logistics & Services acquires 11 gas and crude tankers

7 August 2026

ADNOC Logistics & Services announced that it has acquired 11 gas and crude oil tankers for $1.3bn, in a move meant to support ADNOC's growing production, trading and export operations.

ExxonMobil and QatarEnergy advance plans to route Cyprus gas through Egyptian infrastructure

6 August 2026

Plans to route offshore gas discoveries in Cyprus through Egyptian infrastructure are entering their operational phase following talks among Egypt’s Ministry of Petroleum and Mineral Resources, ExxonMobil and QatarEnergy.

Iraq tops regional oil deals in July following major US energy accords

6 August 2026

Iraq secured the top position for the largest oil transactions signed in the Arab region in July 2026, leading a regional energy investment drive that included major deals in Oman and Qatar.

Oman's Asyad Shipping takes delivery of new MR tanker, names sister vessel in China

6 August 2026

Marking the latest expansion of its product tanker fleet, Oman's Asyad Shipping has taken delivery of Manah, the first of two new-build medium-range (MR) IMO Type II chemical tankers ordered from China's Lianyungang Shipbuilding Yard.

Syria expands Homs oil terminal, lifting tanker handling capacity tenfold

6 August 2026

Syria has completed the rehabilitation and expansion of the western oil tanker yard at its central oil transport facility in Homs, increasing unloading capacity to around 1,000 tankers per day.

Egypt’s Ganope to award 7 oil and gas concessions in Upper Egypt and Red Sea

6 August 2026

Egypt's South Valley Egyptian Petroleum Holding Company (Ganope) is in the process of awarding seven new concession areas for oil and gas exploration across Upper Egypt and the Red Sea

Iraq's Nineveh tightens fuel distribution as petrol shortage persists

6 August 2026

Petrol shortages continued across Iraq's Nineveh province, with long queues remaining at both government-run and private filling stations as motorists complained about fuel quality and authorities moved to tighten distribution controls.

Iraq directs BP to increase Kirkuk oil production and local recruitment

6 August 2026

Iraq's Oil Minister Bassem Mohammed Khudhair Al-Abbadi has called for higher crude oil production and increased gas investment at the Kirkuk oilfields, while urging BP to prioritise local employment as development of the fields gathers pace.

OPEC+ agrees final 188,000 b/d output increase for September

6 August 2026

Seven OPEC+ countries -- Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman -- agreed to raise oil output by 188,000 barrels a day in September, Russia's Pivot to Asia reported on August 5, completing the unwinding of 2023's...

Turkey’s imports from Russia sink to lowest since May 2021 as energy trade reroutes

6 August 2026

Turkey’s imports from Russia dropped 40.5% y/y to $2.1bn in July, falling to their lowest monthly level since May 2021, as energy trade appeared to shift toward other suppliers amid heightened security risks in the Black Sea.

NIOC CEO urges faster oilfield development in Iran

6 August 2026

The head of the National Iranian Oil Co. (NIOC) called for faster implementation of oilfield development projects by removing operational obstacles and relying more on domestic resources.

Iran’s largest crude processing plant nears full operation

6 August 2026

Iran has completed construction of the final two trains at the Central Treatment and Export Processing (CTEP) unit at the South Azadegan oilfield, bringing the country’s largest crude processing facility to the brink of full operation.

Iranian tax authority freezes NIOC bank accounts over unpaid fine

6 August 2026

Bank accounts belonging to the National Iranian Oil Co. have been blocked over an unpaid penalty, an NIOC official said, in the latest dispute between the state oil producer and the country’s tax authority.

Iran awards South Pars refinery reconstruction to local firms

6 August 2026

Iran’s largest natural gas extractor has handed over the reconstruction of one of the damaged gas refineries linked to the giant South Pars gas field to a group of domestic companies.

Hormuz disruption exposes global trade vulnerability

6 August 2026

Disruption to shipping through the Strait of Hormuz has exposed the vulnerability of global trade to a single maritime chokepoint, with exports of energy, fertilisers and industrial products from Gulf producers falling sharply.

Egypt and Iraq discuss strategic oil pipeline via Jordan to Red Sea

5 August 2026

Egypt and Iraq have held high-level bilateral discussions focused on a major strategic oil pipeline project running from Iraq to Jordan’s port of Aqaba and onwards to the Red Sea coast

Russian gas heads for Iran via Azerbaijan, retracing a Soviet-era pipeline route

5 August 2026

Russia and Iran are moving closer to implementing a long-negotiated natural gas agreement routed through Azerbaijan, retracing a Soviet-era pipeline corridor last used in the 1970s.

Fitch affirms Energy Development Oman at BBB-; Outlook stable

5 August 2026

Fitch Ratings affirmed on August 4 the Long-Term Issuer Default Rating (IDR) of Energy Development Oman SAOC (EDO) at ‘BBB-’ with a Stable Outlook, underscoring the company’s strategic importance as Oman’s national energy company.

ADNOC Distribution posts 59% profit surge in H1

5 August 2026

ADNOC Distribution reported in its latest earnings release a 59% y/y jump in net profit to $568mn in the first half of 2026.

Ankara urges Russia, Ukraine to ensure Black Sea safety after drone attack on Turkish vessel near Novorossiysk

4 August 2026

Turkey on August 4 called on both Russia and Ukraine to uphold maritime safety in the Black Sea after a drone strike hit a Turkish owned vessel near the Russian port of Novorossiysk, seriously injuring three crew.

Libyan oil revenues drop 31% in July amid slump in global prices

4 August 2026

Libyan oil revenues fell by nearly 31% month-on-month (m/m) in July 2026, driven down by lower global crude prices despite a significant expansion in export volumes

Platts launches Sea of Oman tanker freight assessments

4 August 2026

Platts, a division of S&P Global, announced on August 4 the launch of new tanker freight assessments covering crude oil and refined product shipments from the Sea of Oman to North Asia.

Yemen's Houthis claim drone strike on Saudi Arabia's Najran airport

4 August 2026

Yemen's Houthi forces claimed a drone strike on a Saudi military asset at Najran airport, their military spokesman said, in a further reported escalation with Riyadh, though Saudi authorities did not confirm it and the claim could not be verified.

Saudi Energy lifts first-half net profit 7.5% to $1.79bn on asset base growth

4 August 2026

Saudi Energy, formerly Saudi Electricity Company, lifted first-half net profit 7.5% to SAR6.7bn ($1.79bn) as revenue rose 10.5% to SAR52.2bn, with its regulated asset base up 14.1% year on year to SAR271.8bn.

IRGC to launch new petrol refinery by March to cut reliance on imports

4 August 2026

The Khatam al-Anbia Construction Headquarters, the economic arm of Iran’s Islamic Revolutionary Guard Corps (IRGC), is set to bring a new petrol refinery online in the country’s south before March 2027.

Edited by

Frazer Simm

Editor

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