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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 completes field survey at Naft Khana
Iraq’s federal government has completed crucial preparatory work at the Naft Khana oilfield in Diyala province, potentially paving the way for drilling
OPEC+ members agree to add to production levels
A core group within the OPEC+ alliance has pressed ahead with plans to increase crude oil production for a third consecutive month
Syria open to investment in energy sector, says minister
Syrian Energy Minister Mohammed al-Bashir told a news conference in the Turkish city of Istanbul last week that Syria is open to foreign investment across its entire energy sector from exploration to mining.
Iran Oil Show 2025 to open doors this week with record-high participant numbers
The 29th International Oil, Gas, Refining and Petrochemical Exhibition, known as the Iran Oil Show, will kick off on 8 May in Tehran, with more than 2,000 domestic and international companies in attendance.
Egypt to resume annual imports of 12mn barrels of Basra crude oil
Egypt plans to resume the import of 12mn barrels of Basra crude oil from Iraq, starting in Q3 of 2025, following a suspension that lasted approximately a year and a half.
Trump threatens sanctions on buyers of Iranian oil, sending markets soaring
US President Donald Trump on May 1 ratcheted up pressure on Iran, threatening sanctions on any country or individual purchasing Iranian oil or petrochemical products.
Turkey’s TPAO to explore for hydrocarbons in Hungary with MOL
Turkish Petroleum Corporation (TPAO) is set to jointly explore for hydrocarbons in Hungary with that country’s oil, gas and petrochemicals group MOL.
US targets more firms, vessels over Iran petchem sales
The United States slapped sanctions on seven Iranian and foreign entities involved in Iran’s petroleum and petrochemical trade, in a fresh push to tighten the screws on Tehran’s revenue streams.
Iraqi Ministry of Oil signs contract with Chinese EPS to boost East Baghdad field production to 100,000 bpd
Iraq’s Basra moves away from Iranian Gas
Iraq cancels Akkas deal, signs off on Gharraf drilling
Baghdad has terminated a deal for the large Akkas gas field, while committing to a new drilling campaign at Gharraf.
Severe winter weather drives up Turkey’s natural gas imports by 17% y/y in February
Severe winter weather sent Turkey’s natural gas imports up by 16.6% y/y in February to 6.43bn cubic metres, according to data from state-owned pipeline operator BOTAS.
OPEC+'s rise in oil output could trigger sharp fall in oil prices in 2027-28: Alfa Bank
OPEC+'s plans to raise oil production amid the US’ new protectionist trade policies could lead to a sharp decline in Brent crude prices in 2027-2028.
Iran signals readiness for crude oil swaps with neighbours
The Iranian Oil Pipelines and Telecommunications Co. (IOPTC) is ready to carry out crude oil transfers and swaps with neighbouring countries, the CEO of the state-owned firm said.
Iran and Niger sign joint cooperation document
Chinese refineries handle record crude in March
It remains to be seen whether this reflects a genuine recovery in domestic demand.
State drilling firm digs eight oil, gas wells in Iran during April
The National Iranian Drilling Co. (NIDC) drilled eight oil and gas wells in April in the country’s south, a senior company official said.
Iraq explores revival of Kirkuk-Baniyas pipeline
Iraq has resumed discussions with Syria over the rehabilitation of an oil pipeline that could significantly enhance its export capabilities
Turkey’s offshore gas field boasts output increase
Turkey’s offshore Sakarya gas field has hit a production rate of 9.5mn cubic metres per day, a milestone for the country.

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