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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 oil output drops sharply as storage fills and Hormuz exports stall
Iraq’s oil production has dropped sharply amid ongoing conflict in Iran, as storage facilities reach critical levels and exports through the Strait of Hormuz remain blocked.
Turkey says Hormuz crisis adds urgency to consideration of “new energy architecture” for Iraqi, Qatari and Turkmen oil and gas exports
Looking to the future of oil and gas shipment routes beyond the current conflict in the Middle East, Turkey is with new urgency already assessing the potential of a "new energy architecture" in the region that would create new pipeline options.
Fitch revises outlook on largest Turkish refiner Tupras to positive
Fitch on March 25 in a rating action commentary revised the Outlook on Turkey’s largest refiner Tupras to Positive from Stable while affirming its Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB-'.
Syria allows fuel stations to pay for petroleum products in local currency
Syria’s state-owned petroleum company has allowed fuel station operators to pay for petroleum products in Syrian pounds, in a move aimed at easing operational pressures and stabilising the domestic fuel market.
GasLog LNG carrier discharges cargo in Bahrain after Hormuz trap
A GasLog LNG carrier stranded by the Hormuz closure has discharged its cargo in Bahrain, as at least 12 laden LNG vessels remain trapped in the Gulf with nowhere to deliver their shipments.
Saudi Arabia doubles Yanbu exports toward 5mn bpd as Hormuz closure forces rerouting
Saudi Arabia has doubled Yanbu crude exports toward a 5mn bpd target as the Hormuz closure traps 56mn barrels in the Gulf, with Asia-bound shipments dominating the rerouted flows.
Losers and winners from the Qatari LNG disruption
While European and Asian importers have been hit hard by the disruption in Qatari LNG to varying degrees, the crisis has both short- and long-term benefits for US exporters and other LNG competitors.
Turkish energy minister denies Iran has halted gas deliveries to Turkey
Turkey’s Energy and Natural Resources Minister Alparslan Bayraktar has denied that natural gas flows from Iran to Turkey have been halted.
Iran tells ‘non-hostile vessels’ they can pass through Strait
Tehran has formally notified the International Maritime Organization (IMO) that “non-hostile vessels” may now navigate the Strait of Hormuz, provided they act “in co-ordination with Iranian authorities”.
Egypt plans LNG imports worth up to $3bn ahead of summer demand
Egypt’s Ministry of Petroleum and Mineral Resources is currently studying a plan to import around 45 liquefied natural gas (LNG) cargoes at an estimated cost of between $2.5bn and $3bn.
The Philippines declares national energy emergency
The Philippines has declared a nationwide energy emergency, becoming the first country to take such a step in response to disruptions caused by the ongoing conflict involving Iran.
India set to pay premium for Iranian oil
Traders have begun offering Iranian crude to Indian refiners at prices above ICE Brent following a temporary easing of US sanctions.
Libya begins towing damaged Russian LNG tanker off its coast
Libya has begun operations to tow a damaged Russian liquefied natural gas (LNG) tanker that has been stranded off its coast since early March
Iranians freeze gas supplies to Turkey following Israeli strike on South Pars
Ankara yet to comment on whether it could face significant gas shortages.
ADNOC restarts Habshan gas plant while LNG export disruptions continue
The United Arab Emirates has resumed operations at its largest gas processing facility following an attack that halted output, even as exports of liquefied natural gas remain severely constrained by disruption in the Strait of Hormuz.
Apache discovers new gas field in Egypt’s Western Desert
Egypt has announced a new natural gas discovery in the Western Desert, as US energy major Apache (NASDAQ: APA), in partnership with the Egyptian General Petroleum Corporation (EGPC), expands its exploration activities in the country.
Oman's oil production rose 3.8% in February
Oman's total oil production increased by 3.8% y/y at the end of February, according to data from the National Centre for Statistics and Information.
UAE’s ADNOC takes delivery of new LNG Carrier
ADNOC announced the delivery of its new LNG carrier, Arada, with 175,000m3 capacity, from China's Jiangnan Shipyard ahead of schedule.
Trump says Hormuz will reopen 'very soon' if US-Iran deal works
Trump says the Strait of Hormuz will reopen "very soon" if a US-Iran deal works, but Tehran denies any negotiations and says the blockade will not return to pre-war conditions.
Egypt moves to fully clear $1.3bn dues to oil partners by end-June 2026
The Egyptian government is doubling its efforts to settle outstanding payments to foreign oil and gas partners to restore investor confidence and support production growth. It moves to fully clear $1.3bn dues to oil partners by end-June 2026
Italy’s PM Meloni heads to Algeria to secure gas supplies amid Qatar disruptions
Italian PM Giorgia Meloni is set to visit Algeria on March 25 as the European country seeks to secure alternative gas supplies following disruptions to imports from Qatar
Libya’s El Feel oilfield halted as pipeline diverted after Sharara fire
Libya’s El Feel oilfield has been shut down since March 19 after its pipeline was repurposed to transport crude from the Sharara field following fire damage.
BP and Arcius Energy to drill four new gas wells in Egypt’s Mediterranean
UK energy major BP and Arcius Energy are preparing to drill four new gas wells offshore Egypt as part of a broader push to expand exploration activity in the Mediterranean.
Appetite for Turkmen gas could rise in China, Turkey and Europe amid Hormuz crisis
Disruption to Middle East supplies may have concentrated minds. Is Central Asia gas a better bet?
Iran war drives Egypt’s energy bill higher amid surging import costs
Egypt faces mounting pressure from an annual energy bill approaching $20bn, as global geopolitical tensions driven by the US-Israeli strikes on Iran and domestic production challenges complicate efforts to secure sustainable energy supplies
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