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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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Russia selling oil at premium as Hormuz disruption tightens global supply
Russia is now selling oil at a premium on some routes as Strait of Hormuz disruption tightens global supply, Deputy Prime Minister Alexander Novak has said, marking a sharp reversal from post-sanctions discounts.
Jordan’s Risha gas field meets 8% of domestic demand amid regional tensions
Jordan’s state-owned National Petroleum Company said gas production from the Risha field continues at stable levels despite ongoing regional tensions, supplying around 8% of the kingdom’s daily needs.
Saudi Arabia boosts Red Sea oil exports to 4.4mn b/d
Saudi Arabia has sharply increased crude exports from its Red Sea terminals at Yanbu as it diverts shipments away from the Persian Gulf and the Strait of Hormuz, where flows have been severely disrupted since late February, according to Bloomberg.
Syria explores energy ties with Chevron and ConocoPhillips at CERAWeek
Syria’s state-owned petroleum company has held talks with major international energy firms, including US-based Chevron and ConocoPhillips, on potential cooperation during the CERAWeek energy conference in Houston.
Putin warns Russian business not to squander 'Iran war' oil windfall
Putin has warned Russian businesses not to fritter away oil windfall profits as commodity prices surge amid the Middle East conflict, cautioning that market conditions could reverse sharply.
Turkish-owned tanker hit by drone in Black Sea attack
The Altura, a Turkish-owned crude oil tanker, was struck by a drone 15 nautical miles (28 kilometres) off Istanbul’s Bosporus strait while carrying crude oil picked up in Russa, NTV reported on March 26.
Italy, Spain race to secure Algerian gas amid Middle East crisis
Italian PM Giorgia Meloni is seeking to boost gas flows from Algeria, as Italy, along with Spain, competes to secure alternative energy supplies from North Africa, following disruptions in Middle Eastern exports
India’s Reliance buys Iranian crude after US eases sanctions
Reliance Industries has purchased around 5mn barrels of Iranian crude, marking India’s first such deal in nearly five years following a temporary easing of US sanctions.
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.
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