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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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ExxonMobil, QatarEnergy plan new gas exploration wells in Egypt’s eastern Mediterranean
US energy major ExxonMobil (NYSE:XOM) and QatarEnergy are planning to drill new exploratory wells in the eastern Mediterranean by the end of 2026
BP plans $1.5bn investment to expand operations in Egypt
British energy major BP is currently planning to strengthen its presence in Egypt and expand its operations
Iraq begins oil exports via Syria border route amid Hormuz disruption
Iraq has begun exporting crude oil through the Al-Walid border crossing with Syria, as authorities seek alternative routes amid growing concerns over disruptions to maritime shipments.
Iran oil prices surge above $113 as Hormuz disruption chokes flows
Iran’s crude prices climbed above $113 a barrel in global markets, as a US-Israeli war against the country and near-halted flows through the Strait of Hormuz stoked supply fears.
Iranian Missiles Strike Dubai as UAE Reports Major Interceptions
Dubai sustained direct hits from Iranian missiles on March 31, with strikes reported at Dubai Investment Park, Jumeirah Lakes Towers, and a Kuwaiti crude oil tanker docked at Dubai Port.
COMMENT: An Iran embargo won't send oil to $200
A chorus of analysts and traders have spent recent weeks warning that oil prices will spike. But market is foward-looking and has already priced in the worst case. $200 oil won't happen.
Morocco faces gas supply disruptions, turns to coal to meet power demand
Morocco has experienced sharp disruptions in gas supplies in recent days after flows via Spain were halted for four consecutive days
Iran warns Trump any ground invasion would become 'civilisational' battle like 'Thermopylae'
Iran warns any US ground invasion would make the Ramadan defence "civilisational" invoking the Battle of Thermopylae.
UAE fuel prices for April surge amid Strait of Hormuz chokehold
The United Arab Emirates' Fuel Price Committee announced substantial increases in diesel and petrol prices for April.
Egypt and Cyprus sign gas framework deal to boost energy cooperation
Egypt and Cyprus signed a framework agreement on March 30 to strengthen cooperation in the gas sector
Will the Houthis once more target Red Sea shipping?
Saudi Arabia’s Red Sea bypass is now running close to its operational ceiling just as Yemen’s Houthis signal they are back in the regional fight.
Eni to invest $2bn in Egypt’s energy sector before end-2026
Italian energy major Eni is set to invest $2bn in Egypt’s energy sector before the end of 2026. The aim is to expand exploration activities and boost production.
UPDATE: Drone strike hits Kuwaiti oil tanker off Dubai coast
Authorities in Dubai announced that emergency teams successfully extinguished a fire aboard a Kuwaiti oil tanker.
Fires reported at pumping stations along UAE’s ADCOP pipeline
Satellite imagery appears to show fires at two pumping stations along the UAE’s Habshan–Fujairah oil pipeline, a key export route designed to bypass the Strait of Hormuz.
Saudi Arabia pushes East-West pipeline at 7mn bpd in bid to keep oil flowing amid Hormuz shutdown
Saudi Arabia has pushed its East-West pipeline to its 7mn barrel per day limit to reroute crude via the Red Sea
Iran’s shadow fleet and shadow banks keeps the money pouring in
Iran has doubled its oil exports since the start of Operation Epic Fury, sustaining flows of between 2.4mn and 2.8mn barrels per day (b/d), including 1.5mn to 1.8mn b/d of crude. It has also doubled the amount of money it’s earning.
Iran could earn $60bn a year from Strait of Hormuz tariffs, economist says
An Iranian economist says controlling the Strait of Hormuz could generate $60bn a year in transit tariffs for Tehran.
Egypt turns to Libya for oil imports as Hormuz disruption halts Kuwaiti supply
Egypt plans to import at least 1mn barrels of crude oil per month from Libya to offset a halt in Kuwaiti supplies caused by the effective closure of the Strait of Hormuz
Houthi strike puts Red Sea shipping on alert as Hormuz remains shut
Yemen’s Houthi strike on Israel has renewed fears that Bab el-Mandeb could join Hormuz as a critical choke point for global shipping and energy flows
Satellite imagery confirms extensive damage at Qatar’s Ras Laffan LNG plant
Satellite imagery indicates significant damage at Qatar’s Ras Laffan LNG plant that was hit by Iranian missiles on March 18, including the apparent collapse of primary heat exchangers at Train 6 and structural damage to adjacent facilities.
Iraq accelerates rehabilitation of oil export pipeline to Turkey
Iraq’s Oil Ministry has confirmed that work on the rehabilitation of the northern export pipeline, part of the Iraq-Turkey line is progressing at an accelerated pace.The project which operates three shifts per day aims to meet its completion deadline
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.

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