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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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Syria’s SPC signs offshore exploration deal with ConocoPhillips, TotalEnergies and QatarEnergy
Syria’s state-owned Syrian Petroleum Company (SPC) has signed a memorandum of understanding (MoU) with US-based ConocoPhillips, France’s TotalEnergies and QatarEnergy to explore oil and gas resources in Syrian territorial waters.
Egypt signs MoU with TotalEnergies for West Mediterranean gas exploration
Egyptian Natural Gas Holding Company (EGAS), the state-owned company affiliated with Egypt’s Ministry of Petroleum and Mineral Resources, signed a memorandum of understanding on May 13 with French energy major TotalEnergies
Iran pushes to rebuild damaged South Pars refineries after Israeli strike
Iran’s state-run Pars Oil and Gas Co. (POGC) is mobilising “all capabilities” to rebuild refineries linked to the giant South Pars gas field after facilities were damaged in an Israeli air strike in March, the company’s chief executive said.
Egypt eyes Algerian crude imports to secure summer energy supplies
Egypt’s Ministry of Petroleum and Mineral Resources is studying plans to import around 6mn barrels of crude oil from Algeria starting in July 2026, as part of efforts to diversify supply sources and strengthen energy security,
Iraq sees sharp decline in crude exports to US, EIA data shows
Iraq’s crude oil exports to the United States nearly halved in March compared with the previous month, according to data released by the US Energy Information Administration (EIA).
ADNOC Gas profit slides by 15% for Q1 2026
ADNOC Gas announced that it achieved a net income of $1.08bn in the first quarter of 2026, a 15% y/y decline from $1.27bn in the same period of 2025.
Lebanese fuel prices hike as energy crisis intensifies
Lebanon's fuel prices recorded mixed movements this week, with 95 and 98 octane gasoline rising in price while gas can and diesel costs declined.
Libya regains full control of Ras Lanuf refinery and petrochemical complex as Trasta Energy exits
Libya signed a final agreement with Trasta Energy to end their partnership in the Libyan Emirates Oil Refining Company (LERCO), restoring full Libyan ownership and management of the Ras Lanuf refinery and petrochemical complex
Pakistan gambles on Qatar LNG even as Hormuz disruption exposes energy vulnerability
Pakistan has opted against making fresh emergency purchases of LNG on the spot market despite continued disruption to shipping through the Strait of Hormuz.
US slap fresh sanctions on Iranian oil sales to China
The United States imposed sanctions on 12 individuals and entities accused of helping facilitate Iranian oil sales to China, stepping up economic pressure on Tehran just before President Donald Trump is due to travel to Beijing.
Tehran council chief calls to relocate key oil depot after wartime blaze
Tehran’s top councillor has demanded that a fuel depot in the northwest of the Iranian capital be relocated more than two months after the facilities there came under attack during the recent US-Israeli war on the country.
Iran rejects report of oil slick near Kharg Island as ‘false’
Iran dismissed reports of a major oil spill near Kharg Island in the Persian Gulf, calling the claims “false” after a UK-based environmental monitor said satellite imagery showed a large slick near the country’s main crude export terminal.
Minister dismisses reports of Iran’s petroleum collapse under US naval blockade
Iranian Oil Minister Mohsen Paknejad played down reports of falling crude production and exports as “pipe dreams” by Iran’s enemies, saying the country had kept oil flowing despite a US naval blockade and weeks of regional conflict.
ADNOC injects $55bn into UAE refining and manufacturing activities
ADNOC confirmed that it is deploying AED 200bn ($55bn) in capital investment across refining, manufacturing and marketing between 2026 and 2028.
QatarEnergy’s second LNG tanker transits Strait of Hormuz
QatarEnergy has sent a second LNG tanker to transit the Strait of Hormuz, following an arrangement between Iran and Pakistan to allow safe passage.
World oil inventories falling fast towards hard operational floor
The world's oil buffer is disappearing faster than at any point in recorded history. Two months into the near-closure of the Strait of Hormuz, global inventories are drawing down at a pace that has already exceeded the previous quarterly record.
Is the UAE breaking away?
The UAE has left OPEC, lost a proxy war with Saudi Arabia in Yemen, armed a militia accused of genocide in Sudan, recognised Somaliland alongside Israel, and welcomed an Iron Dome battery onto its soil.
Fitch raises 2026-27 oil and gas price assumptions on prolonged Hormuz closure
Fitch Ratings has raised its 2026-2027 oil and gas price assumptions on a longer Strait of Hormuz closure, assuming reopening around July, with Brent expected at USD100-110 per barrel through July before falling to USD70 by September.
Italy’s Edison expects two-thirds of LNG supply from Qatar to be delivered shortly after any peace deal
QatarEnergy’s largest Italian customer Edison forecasts that it will receive about two-thirds of its contract LNG volumes between 30 to 45 days after any peace deal between the US, Israel, and Iran.
bp resumes work at Kirkuk following conflict-induced hiatus
bp has moved to restore its presence in Kirkuk, resuming work at one of Iraq’s most strategically significant oil hubs after a brief suspension
Iraq’s Qurnain find suggests new upstream potential, but export constraints bite
Iraq has reported a large oil discovery near its southern border with Saudi Arabia, adding a fresh note of promise to a sector still constrained by weak export capacity
Iraq to launch Kirkuk–Nineveh oil export pipeline within one month
The Iraqi Ministry of Oil announced that the crude oil export pipeline linking Kirkuk and Nineveh to Turkey’s Ceyhan port is expected to become operational within a month.
Saudi Aramco tops energy majors with 4.9% dividend yield after Q1 payout
Saudi Aramco has announced a base cash dividend of SAR82.1bn ($21.9bn) for Q1, putting its trailing 12-month yield at 4.9%, the highest among global energy majors, with TotalEnergies, Chevron, ExxonMobil, Shell and BP between 1.8% and 4.6%.
Iran’s 2025 oil revenue dips 3% but sharp rise expected over Hormuz crisis
Iran’s oil revenue fell 3% in 2025 to $45.335bn, placing it as OPEC’s sixth-highest earner even as tightening US sanctions and a return to a “maximum pressure” policy failed to trigger a steep decline, a report by the producer group showed.
Iraq explores oil pipeline restart with Syria, Baniyas port office
Reactivating the pipeli could significantly enhance Iraq’s export capacity by providing an alternative route alongside existing southern export terminals. It could also reduce transportation bottlenecks and improve flexibility in global oil market.
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