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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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UAE announces petrol and diesel prices for May
Iran oil minister says US blockade 'failing' to curb oil exports
Iranian officials said a naval blockade had failed to choke off the country’s oil exports and that Tehran had enough storage capacity to see it through for another 30 days, pushing back against reports that Washington plans to widen pressure.
Iran's oil sector fails to "explode" as Trump's shut-in deadline passes
The US blockade of tankers serving Iran’s oil exports is intended to cut Iranian oil exports to near-zero and force its production to stop as storage tanks fill, forcing Tehran to return to the negotiation table. The plan hasn't worked.
Chevron signs MoU to assess shale oil and gas potential in Libya
Libya's state-run National Oil Corporation (NOC) has signed a memorandum of understanding (MoU) with US energy major Chevron (NYSE:CVX) to conduct a joint study evaluating the North African country’s unconventional energy resources
Iran says Azadegan oilfield development stays on track despite war
Iran is pressing ahead with the development of the giant Azadegan oilfield on its border with Iraq, with work continuing without interruption despite the 39-day war launched by the United States and Israel in late February, a senior official said.
Iranian crude tops $110 a barrel as Hormuz disruption persists
Iranian crude oil prices surged past $110 per barrel on April 29, driven by mounting supply concerns following an effective closure of the Strait of Hormuz and a prolonged naval blockade of Iranian ports by US forces.
OPEC Fund unveils $1.5bn support package for developing countries following UAE departure
The OPEC Fund for International Development has launched a $1.5bn package to assist developing nations facing energy and commodity shocks linked to the Iran war. Funds will be disbursed through 2028 on a demand-driven basis, the Vienna-based lender s
UAE explains motivation behind OPEC withdrawal
The United Arab Emirates government has explained why it decided to withdraw from OPEC and the broader OPEC+ alliance.
Iran slams US seizure of two oil tankers as ‘piracy’
Iran condemned the US seizure of two tankers carrying Iranian oil in the Indian Ocean, calling the confiscation of 3.8mn barrels of oil an example of “US addiction to lawlessness” and the “outright legalization of piracy” amid a naval siege.
Iran’s gas exports to Turkey jump 3.5-fold in early 2026
Iran’s natural gas exports to Turkey picked up pace sharply in the first two months of 2026, rising 3.5-fold year-on-year to nearly 1bn cubic metres (bcm), as Ankara signalled interest in extending a long-running supply deal.
UAE withdraws from OPEC following years of frustration
The UAE will officially leave the OPEC alliance in May, driven by mounting frustrations over production quotas that constrained its expanded capacity.
Indian firms announce oil, gas discovery in Libya's Ghadames Basin
Indian energy companies have announced a new oil and gas discovery in Libya’s Ghadames Basin, adding to the country’s overseas energy portfolio amid volatile global crude markets and tensions in West Asia
Jordan Petroleum Refinery achieves $106mn net profit in 2025
The Jordan Petroleum Refinery Company has approved a 50% cash dividend for shareholders, following solid 2025 financial results that show its strong financial position and stable returns.
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.
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