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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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IEA agrees record release of 400mn barrels from emergency oil reserves to counter Gulf War impact
The IEA agreed on March 11 to release a record 400mn barrels from emergency oil reserves, dwarfing its 2022 Ukraine-linked release, as Iran's closure of the Strait of Hormuz and attacks on Gulf energy infrastructure drive prices higher.
SLB scales back Middle East operations and suspends regional travel amid Iran conflict
SLB has suspended staff travel to the Middle East and begun scaling back operations across several countries in the region, the oilfield services giant said on March 11, as the Iran conflict disrupts the energy sector.
Middle East conflict drives up costs faced by Turkey’s petrochemical, oil products industry
Amid the intensifying war between the United States–Israel and Iran, oil and petroleum-derived raw materials have seen price hikes over the past two weeks, putting significant pressure on Turkish industries.
Iraq exports 11mn tonnes of oil products in 2025, SOMO says
Iraq exported 11mn tonnes of oil products in 2025. Fuel oil dominated exports, followed by naphtha and jet fuel.
Chevron to run Iraq’s West Qurna 2 oilfield after lukoil exit
The Iraqi government has approved the final terms and conditions of a framework agreement signed between the federal Ministry of Oil and US energy company Chevron for the management and operation of the West Qurna 2 oilfield in Basra province.
Iranian oil prices soar to muti-year high during US-Israeli offensive
The price of Iranian light crude oil surged past $100 per barrel – the highest in more than a decade – following the US-Israeli aggression against the country and a spike in global prices.
Iran launches drone strike on Haifa refinery after Israeli attacks on fuel depots
The Iranian Army’s Air Force said it had launched a drone attack on Haifa oil refinery and fuel storage facilities in Israel days after deadly airstrikes on fuel depots in Iran.
Saudi Aramco profits fall 11.6% to SAR348bn in 2025 as oil prices weigh
Saudi Aramco posted a net profit of SAR348bn ($92.8bn) for 2025, down 11.6% and below forecasts, as lower oil prices weighed on revenues. The board declared a quarterly dividend of 33 halalas per share.
Aramco warns of 'catastrophic consequences' for oil markets if Hormuz disruption continues
Aramco CEO Amin Al-Nasser has warned of catastrophic consequences for global oil markets if Hormuz shipping disruption continues, as Brent crude trades at $93 per barrel on March 10.
Saudi Arabia intercepts 23 drones targeting Shaybah oilfield in single day
Saudi air defences shot down 23 drones targeting the Shaybah oilfield on March 9, as Iran's retaliatory campaign against Gulf energy infrastructure and US military assets continues to intensify.
Gulf producers shut in 6.9mn bpd as blockade forces export pivot
Gulf producers have shut in nearly seven million barrels per day of crude output as the Strait of Hormuz blockade forces a strategic shift westward.
Iran warns against targeting energy infrastructure following storage strike
Iran has issued a stark warning to the US and Israel against further strikes on its critical energy infrastructure, threatening reciprocal action across the Middle East.
Central Asia shaken by fears of huge acid rain cloud heading to region from Iran
Officials struggle to convince inhabitants that the science shows Israeli bomb strikes on Iranian oil depots cannot lead to such a nightmare.
The Straits of Hormuz have closed, but a trickle of tankers still getting through
Iran’s military declared the Straits of Hormuz were shut on March 2 and traffic fell to nearly zero within a day. But it is not at zero. At least five ships have traversed the passage since the blockade began.
Israel resumes limited gas exports to Egypt
Natural gas supplies from Israel to Egypt have begun to trickle back into the regional grid, albeit at a fraction of their usual capacity
VIDEO: Bahrain’s Bapco halts oil operations following Iranian attack
Bahrain's national energy company Bapco Energies declared a force majeure on operations following an Iranian drone attack on its refinery complex in Sitra during the early hours of March 9.
'Rivers of fire' engulf Tehran streets as oil from bombed depots
Israeli strikes on Tehran fuel depots sent burning oil flooding through the city's drainage system, creating rivers of fire in residential streets and toxic black rain across the capital.
Oil price spike at over $100 per barrel as market faces possibly worst crisis in history
Brent was trading at over $108 per barrel as of 06:30 GMT today, up from the early $70s prior to the US and Israel launch of strikes against Iran on February 28.
PetroShorouk earmarks $524mnn to develop Egypt's Zohr gas field in FY 2026/27
PetroShorouk, the venture responsible for managing and developing Egypt’s Zohr gas field, has allocated investments worth $524mn to develop and expand the field during FY 2026/27.
Saudi Arabia intercepts Iranian attacks on strategic infrastructure
The Saudi defence ministry has confirmed the interception of four drones and a ballistic missile, underscoring the persistent security risks to the Kingdom’s critical energy and military assets.
Two dead, four injured in Algerian Hassi Messaoud oil field blaze
Two workers have been confirmed dead and four others injured following a fire at Algeria’s Hassi Messaoud oil field, the largest in Algeria.
QatarEnergy declares force majeure on LNG exports
Gulf state warns that other energy exporters will likely need to follow suit or risk legal liability for failure to deliver cargoes.
Iran offers free CNG fuel at selected stations in Tehran and Karaj
Selected CNG stations in Tehran and Alborz have begun offering free compressed natural gas to dual-fuel vehicles as part of a campaign to manage fuel consumption and support motorists during a period of heightened energy demand.
Kuwait forces contain fire at airport after drone hits fuel tanks
Authorities in Kuwait have successfully contained a fire that broke out in fuel tanks at Kuwait International Airport, following a drone attack.

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