GIF Energy Tracker
2026August 28, 2026Qatar Extends LNG Force Majeure on European and Asian shipments
Qatar has extended its force majeure on LNG supplies to European and Asian buyers as uncertainty over shipping in the Strait of Hormuz persists. QatarEnergy this week informed Pakistani buyers that its LNG cargo cancellations would continue into October, while Bangladesh’s force majeure will extend through September. Italian utility firm Edison SpA added that its cancellations of Qatari cargoes were extended into early November, while other European buyers said they have begun receiving notices as well. While some oil shipments have resumed through the strait, such as Iraqi crude, Qatar has remained more cautious because LNG carriers are scarcer and more valuable than oil tankers.
August 27, 2026Iraq offering oil to Buyers outside of Hormuz again
Iraq has begun offering its oil to buyers outside of the Strait of Hormuz for the first time since the start of the U.S.-Iran war. Iraq’s state oil marketer SOMO has begun opening tenders for Basrah Medium and Heavy to be collected by buyers via ship-to-ship transfers near the Omani coast starting next month. While it is not immediately clear how SOMO plans to ship the crude out of the Gulf, Iran has recently begun allowing Iraqi shipments to clear the strait amidst diplomatic pleas from Iraq.
August 25, 2026ADNOC Purchases Two More LNG Tankers
ADNOC, Abu Dhabi’s state-owned energy company, ordered two more LNG tankers in a deal worth $444 million. The ships are set to be delivered in 2029, and the purchase comes amidst a larger buying spree that has seen ADNOC spend $2.7 billion on vessels yet to be built this year. These purchases indicate ADNOC’s plans to expand its energy output in the coming years.
August 24, 2026Iraq to Increase Crude Exports Through Strait of Hormuz
Iraq is resuming efforts to transfer more oil from its southern export ports through the Strait of Hormuz, with state marketer SOMO seeking customers for September shipments as tanker access to the Strait reopens. The decision follows a breakthrough over the weekend where Iran granted transit through Hormuz for several tankers carrying Iraqi oil after constant diplomatic pleas from Iraq.
August 13, 2026ADNOC Among Firms Transporting Iraqi Oil Through Strait of Hormuz
Iraq’s oil marketing company SOMO said that ADNOC is one of a number of firms that is currently buying Iraqi crude and sending its cargoes through the Strait of Hormuz. This announcement follows an August 12th Bloomberg report that ADNOC was offering to shuttle exports of Iraqi oil through the Strait of Hormuz using its “dark-transit playbook.” This announcement signals that Iraq is finding ways to sustain at least some of its oil outputs as the country has been hit with financial difficulties amidst Hormuz closures.
August 12, 2026Construction Finished at NEOM’s Green Hydrogen Project
Construction of Saudi Arabia’s flagship green hydrogen project in NEOM has been completed. During the second-quarter earnings call, the board said the building was complete and the target was to go into commercial operation next year. The NEOM complex, developed by a joint-venture is planned to produce 1.2 million tonnes of green ammonia annually backed by 2.2 GW of electrolysers, and about 4 GW of solar and wind capacity.
August 12, 2026Baker Hughes Wins KOC Contract for a Technology Innovation Project
Baker Hughes, an American energy technology company, has been awarded a multi-year contract by KOC to collaborate on technology innovation as part of the Ahmadi Innovation Valley project in Kuwait. The agreement will set Baker Hughes as a central partner in efforts to develop an in-country research and innovation hub focused on Kuwait’s upstream oil and gas sector. Baker Hughes will set up an office there and will prioritize artificial intelligence, product optimization, reservoir technology, water management, and energy transition initiatives.
August 12, 2026Abu Dhabi Based Energy Company Unveils Solar Facility in the Central African Republic
Abu Dhabi based energy infrastructure company Global South Utilities has unveiled a 50-MW solar farm with battery storage in the Central African Republic, increasing the country’s electricity generation capacity by more than 60%. The facility consists of more than 80,000 solar panels, 156 inverters, and a 15-MWh battery energy storage system. The whole plant was delivered and completed in just ten months. It is expected to provide electricity to more than 300,000 households and reduce carbon dioxide emissions by more than 50,000 tonnes a year. The facility was financed from the Abu Dhabi Fund for Development.
August 12, 2026Kuwait’s Action Energy Backlog Hits $1.1 Billion
Rawaf Boursili, Vice Chairman of Action Energy said Kuwait’s national oil companies have shown exceptional capability navigating ongoing regional challenges, reaffirming their commitment to supporting Kuwait’s upstream energy sector and long term objectives. The company’s contracted backlog has reached a record level of $1.1 billion. Approximately 39% of the backlog comprises integrated, high value oilfield services, which is exptected to become an increasingly significant contributor to the company’s financial performance in the near future. The company’s international expansion has also moved from strategy to execution as they are preparing to deploy artificial intelligence oslutions for well control digitilization and real-time monitoring.
August 4, 2026Kuwait Explores New Pipeline Routes with Neighbours
Kuwait is in discussion with Saudi Arabia and other neighbouring Arab countries to construct a major crude oil export pipeline that would bypass the Strait of Hormuz. Kuwait’s Oil Minister Tariq Al Roumi told Japan’s Kyodo news agency that the proposed pipeline project aims to secure alternative export routes. Options under consideration include connecting Kuwait through Saudi Arabia to ports on the Red Sea or Oman, as well as linking directly to the UAE’s port of Fujairah. Kuwait is currently studying the best and most cost-effective option to begin construction of the strategic pipeline.
August 3, 2026Iraq and Turkiye Sign 1-Year Interim Deal to Maintain Northern Pipeline
Iraq and Turkiye have signed a one-year agreement to maintain operations of the joint crude oil pipeline. The deal secures the continued flow of Iraqi crude through the only export pipeline in the country. This deal extends a previously standing agreement between the two countries that expired earlier last week. Turkish Energy Minister Alparslan Bayraktar said the agreement secures a transit capacity of 750,000 bpd. It runs from Iraq’s northern oil fields to Turkiye’s Mediterranean export terminal at Ceyhan. It is currently transporting roughly 170,000 bpd but plans are being put in place to maximize the pipelines total capacity and even to extend the existing transit network to connect directly with southern Iraqi oil fields under a future framework.
July 29, 2026A US-Saudi Consortium Advances Plans for $5B Refinery Project
A US-Saudi consortium is advancing plans for a $5 billion oil refinery and export base in the Gulf just outside the Strait of Hormuz. Texas based MWG Enterprises, Patel Family Office, and PWS, have entered the final stage of selecting a site for the refinery with a capacity of 200,000 barrels per day.
July 27, 2026Kuwait’s KPC Signs a $16B Crude Oil Pipeline Deal
State-backed KPC has signed a multibillion dollar lease and leaseback agreement for its crude oil pipeline network with an international consortium led by Blackstone, KKR, and Brookfield. Under the “Project Peregrine” deal, KOC, a KPC subsidiary, will set up a joint venture with the consortium and grant it exclusive rights to use, operate and maintain the pipeline assets for 20 years, in return for a volume based tariff. KOC will hold 51% in the venture, while the consortium will own the remaining 49%. The deal is expected to generate $7.9 billion in upfront proceeds for KOC, supporting its parent company’s capital expenditure plans, including a target of 4 million bpd of crude oil production capacity by 2035 as Kuwait seeks to diversify its capital base. This deal has become the largest FDI commitment in Kuwait’s history, and send a poweful signal that Kuwait continues to rise as an attractive destination for global capital, even amid a challenging regional environment.
July 27, 2026Oil prices tumble as U.S. shows restraint
On Monday, oil prices tumbled 8% as the Trump administration halted its campaign against Iran, the biggest single-day decline since May 25th. The lack of fighting over the past three days has created a repreive, however, maritime traffic in the Strait of Hormuz remains at a minimum due to the risk imposed from the possibility of renewed fighting. The oil market has proven surpisingly resilient, giving traders good reason to keep a ceiling on crude prices, even as the on-again, off again conflit adds considerable doubt that the oil market will ever return to “normal.”
July 24, 2026BP Nears Deal to Sell Solar Business to Kuwait-Backed Consortium
BP is in advanced talks to sell its solar arm, Lightsource, to a consortium backed by Kuwait’s sovereign wealth fund, the Financial Times reported Friday, citing people familiar with the matter. The bidders are Qualitas Energy, a green-energy-focused private equity firm, and Wren House, the infrastructure investment arm of the Kuwait Investment Authority. The potential sale is part of BP’s broader retreat from renewables under new CEO Meg O’Neill, who is pursuing a $20 billion divestment plan to cut debt and sharpen the company’s focus on oil and gas. BP signed a deal just last week to sell minority stakes in more than ten companies held through its venture arm. BP had earlier flagged a roughly $1 billion impairment tied to its lower-carbon transition businesses, which analysts assume includes Lightsource.
July 22, 2026Trump approves U.S.-Saudi Nuclear deal
U.S. President Donald Trump approved a long-awaited agreement to partner with Saudi Arabia in establishing the Kingdom’s civilian nuclear energy program. The deal is set to run for 30 years and allows for US companies to develop nuclear power plants on Saudi Arabian soil. The deal also provides for the possibility of autonomous Saudi enrichment capabilities, sparking nuclear proliferation concerns.
July 22, 2026ADNOC Unveils a New $6.2 Billion Investment
ADNOC is growing its gas strategy with $6.2 billion worth on investments to develop the Umm Shaif gas cap project in Abu Dhabi amid higher global demand for low-carbon energy. The investment will unlock more than 600 million cubic feet per day of natural gas and liquids. ADNOC said that this is equivalent to almost 10% of the UAE’s current daily gas consumption. They awarded three engineering and construction packages for large offshore infrastructure development, as well as 14 well drilling services to consortiums including major UAE and international contractors. This is to be delivered by ADNOC over 18 months.
July 20, 2026The UAE has invested more than $85 billion in US energy assets across 19 states
The UAE’s XRG, ADNOC and Masdar corporations have invested a combined $85 billion in the U.S. In recent months XRG has advanced strategic investments across LNG, chemicals, advanced materials, and upstream gas while launching a new global trading platform with ADNOC. The most recent example of these strides in investment come in the form of Rio Grande LNG in Texas, where XRG now holds equity interests across all five trains currently under construction at the 30 million tonnes per anum export project. The expansion of XRG’s American portfolio highlights the UAE’s commitment to strenghtening its relationship with the U.S. in a turbulent period.
July 20, 2026Qatar Energy Offers to Lease LNG Tankers Amid Production Halt
QatarEnergy is offering 10 LNG tankers for lease after announcing a production halt and as shipping rates skyrocket. Qatari Energy Minister H.E. Saad Al Kaabi told the Financial Times that it would take weeks to months to return to normal deliveries even if the war ended today. The company declared force majeaure on LNG shipments last Wednesday as well. The vessels offered for lease have a capacity of 210,000 cubic meters, which are able to carry up to 50% more volume than conventional LNG tankers and are typically used by QatarGas to export its LNG to Europe or Asia.
July 17, 2026BP and ConocoPhillips Set to Unveil Billions in New Iraq Investments
Iraq: BP, ConocoPhillips Deepen Iraq Investment as Baghdad Courts Western Capital
BP and ConocoPhillips are set to announce billions in new Iraq investments at the US-Iraq Business Summit in Washington, part of a broader package expected to top $60 billion in agreements and MoUs between US companies and Baghdad. ConocoPhillips is also acquiring a 42% stake in BP’s venture redeveloping four oilfields in the Kirkuk complex, a project BP has said could see up to $25 billion invested over its lifetime. The deal leaves existing contract terms and the operator roles of Iraq’s state-run Northern Oil and North Gas companies unchanged. The push comes as Washington works to expand Iraqi oil and gas capacity and diversify export routes away from the Hormuz corridor, and as Baghdad seeks to pull Western capital back into a sector where Chinese firms have gained significant ground in recent years.
July 14, 2026Crude Prices continue to surge in wake of new blockade
The price of global crude oil has risen to more than $87 per barrel, back to levels unseen since June. These surges come in the wake of the announcement of a new blockade, which will be imposed on Iranian oil tankers this Wendesday at 4pm ET., 12:30 a.m. in Tehran. ING commodities analysts wrote “The Memorandum of Understanding is starting to look well and truly dead.” Further price hikes are expected as fighting intensifies.
July 14, 2026Iranian Missiles Struck 2 Emirati Oil Tankers, Spot Mideast Crude Prices Strengthen
One Indian crew member was killed and eight others wounded when two Emirati oil tankers were struck by Iranian missiles off the coast of Oman. According to a report from ADNOC’s shipping arm, both crude tankers sustained significant damage due to the strikes. Reports suggest that these latest attacks is likely to deter shippers from entering the Gulf to load oil. The Middle East spot crude prices rose to higher levels compared with future months as the conflict keeps escalating.
July 13, 2026UAE’s Masdar Secures over $5 Billion for Clean Energy Project
UAE-based clean energy-focused developer Masdar announced that it has secured a $5.1 Billion financing package to build one of the largest solar and battery storage projects in the world. It is described by Masdar as the world’s first gigascale 24/7 renewable energy project and will enable the delivery of 1 GW of continuous clean power. The financing package was provided by a consortium of 13 international and local banks including; ADC, ADIB, BNP Paribas, Bank of China, Credit Agricole Corporate and Investment Bank, DIB, FADB, HSBC, KfW IPEX-Bank, Natixis, Sumitomo Mitsui Banking Co., Standered Chartered, and Societe Generale.
July 10, 2026Canadian PM visits Saudi Arabia to Strengthen Energy and Mining Partnerships
Canadian PM Mark Carney made the first Canadian state visit to Saudi Arabia in more than 25 years on July 9, meeting Crown Prince Mohammed bin Salman in Jeddah after the NATO summit in Turkey. Ottawa and Riyadh signed 13 agreements and MoUs worth $1 billion spanning health, defense, mining, clean energy, LNG, hydrogen, and carbon capture and storage, with Canadian companies set to help develop mining and clean energy projects in the kingdom. Carney also met Aramco CEO Amin Nasser and said he would lead a delegation of Canadian pension funds to invest in Saudi energy and AI sectors, with agreements to be finalized next year.
July 9, 2026Iran ships out 10 million barrels of crude as US ramps up attacks
Iran is reportedly responsible for shipping out at least 10 million barrels of crude oil and fuel overnight through the Strait of Hormuz. This development suggests a potential resumption of the U.S. naval blockade and the recent revocation of the U.S.’s 60-day sanctions waiver, which had previously permitted Iran to temporarily export oil.
July 9, 2026Qatar pauses plan to increase LNG production
Qatar’s plan to rapidly revive its LNG production has been paused due to the recent attacks on LNG and oil tankers in the Strait of Hormuz. QatarEnergy officials held a series of meetings following the attacks on Tuesday, deciding to ultimately cease plans to increase output at the Ras Laffan gas complex. Operations will kept to a minimum for safety reasons and the number of vessels scheduled to dock at the plant will be reduced.
July 8, 2026Oil prices rise as confidence in U.S.-Iran ceasefire falls
Oil prices have risen nearly 6% after U.S. President Donald Trump stated the current ceasefire agreement is “over”. Brent crude climbed to $78.12, topping at $79, while West Texas Intermediate surged to $74.45 per barrel. This spike in prices has shattered confidence in the U.S.-Iranian ceasfire, reginiting fears of supply disruptions.
July 6, 2026Aramco Cuts Arab Light Price by Most in 26 Years
Saudi Aramco cut the official selling price of its flagship Arab Light crude for Asian customers in August by $11 a barrel, bringing it to a $1.50 discount over the regional benchmark. This is the steepest cut in at least 26 years. It comes after a surge of global supply heightens competition among producers for buyers.
July 2, 2026UAE crude exports hit record high in June
The UAE’s crude oil and condensate exports climbed to a record high in June, as production recovers from the closure of the Strait of Hormuz. Tracking data has shown the UAE is exporting 3.7 million barrels per day, exceeding the pre-war level of 3.3 million, with the rise also being attributed to the UAE’s recent exit from OPEC, allowing the country more freedom over its production and export quotas.
July 1, 2026LNG Market Disruption May Continue for Months as Qatar Energy Cuts some Italian Shipments
QatarEnergy has extended force majeure on LNG supply contracts through early September, withholding four additional cargoes from Italy’s Edison, bringing the total cancelled between April and September to 21 cargoes, equivalent to approximately 2.7 billion cubic metres of natural gas or roughly 42% of Edison’s annual contracted volume of 6.4 bcm. Iranian strikes in March knocked out two LNG trains at Ras Laffan eliminating 12.8 million tons per year, 17% of Qatar’s total export capacity, with QatarEnergy CEO Saad Al Kaabi estimating $20 billion in annual lost revenue and a 3-5 year repair timeline.
July 1, 2026Iraq Seeks Saudi, UAE, and Qatari Backing for Energy Fund
Iraq is advancing plans to establish a Central Bank-backed Energy and Development Fund open to public subscription and regional investment, with PM Al Zaidi formally inviting Saudi Arabia, the UAE, and Qatar, alongside American and European financial institutions to anchor the initiative. The fund is designed as a long-term financing plan for critical projects in electricity, energy infrastructure, and transportation sectors that were severely damaged during the Iran war, and it reflects Baghdad’s broader push to reduce reliance on oil revenues by attracting private capital into reconstruction. Al Zaidi simultaneously renewed Iraq’s call for an upward revision of its OPEC production quota, arguing that Iraq’s current quota fails to reflect its population size, economic needs, and the cumulative losses incurred during years of conflict including the ISIS campaign and the Iran war.
June 29, 2026US Nuclear Firm Aims to Get UAE Plans Back on Track
Nano Nuclear, a US-based energy startup, is aiming to get its partnership with the UAE back on track after the Iran war delayed plans to identify sites to develop small modular reactors in the country. Nano Nuclear is also in earlys tage talks about potential investment from a firm linked to UAE National Security Advisor Sheikh Tahnoon Bin Zayed, as it looks to fund the rollout of its technology.
June 25, 2026US and Qatar Urge the EU to Change Methane Rules
The United States and Qatar have urged the European Union to revise its upcoming methane emissions regulations for oil and gas imports, warning that the current rules are impractical and could disrupt LNG supplies to Europe. While the EU has signaled flexibility on implementation, it remains committed to the legislation, highlighting growing tensions between climate policy objectives and energy security concerns.
June 25, 2026Iraq denies rumored OPEC exit
Iraq’s oil ministry has denied reports that it has considered leaving OPEC, stating claims of a possible withdrwal “do not reflect the official position of the government.” Iraq’s oil ministry has been recently vying for recalabrations to its baseline production. The assessment process is being conducted by an indepdent US consulting firm according to the ministry.
June 24, 2026Oil markets signal near-term oversupply
As the Strait of Hormuz reopens, a surplus of physical oil supply is expected given the number of stranded vessels in the Gulf. Three stranded tankers carrying 5 million barrels of crude were exiting the strait on Wednesday, shipping data showed, as the interim deal between Iran and the U.S. has helped restabilize supply.
June 23, 2026TotaleEnergies CEO says investment in Gulf Pipelines critical
The French oil giant TotalEnergies has stated it needs to prioritize the construction of pipelines that could export oil and gas from the Middle East due to the contested nature of the Strait of Hormuz. CEO of TotalEnergies, Patrick Pouyanne stated “The reality is that the Strait of Hormuz represents a genuine threat, so we must act. To ensure it doesn’t remain a threat, there is only one solution: we must invest in pipelines to bypass the strait, that is an absolute priority.”
June 22, 2026U.S. issues iran an oil license
The U.S. has issued Iran a general oil-related license allowing the production, delivery and sale of Iranian-origin oil, petrochemical, and petroleum products through August 21st. This is the first time Iranian oil has returned to global markets since 2018.
June 22, 2026Qatar says Ras Laffan LNG complex blast killed 13 and injured 66
Qatar issued an official statement this morning confirming the death of 13 individuals and 66 injuries after an internal explosion occurred at Ras Laffan. This unfortunate event occurred during the restart of the LNG complex’s operations. This will surely push the time it will take to return to full capacity back even further than the recent strikes on the facility due to the war. June 19, 2026First Post-Peace LNG Tanker Docks in India
The Malta-flagged LNG tanker Disha became the first vessel to cross the Strait of Hormuz and dock at a port since the US-Iran peace agreement was signed on June 18, arriving at the Dahej LNG terminal in Gujarat, India. This is a symbolic milestone marking the first fully unimpeded commercial LNG transit since the Strait closed in late February. Wood Mackenzie consultancy expects the reopening to unlock a wave of LNG shipments within days, though full normalization of flows through the waterway, which carried 20% of global LNG before the war, will take weeks given mine-clearing operations, tanker insurance reinstatement, and port backlogs.
June 19, 2026Kuwait Lifts All Force Majeure and Targets 2 Million bpd Within a Week
KPC CEO Sheikh Nawaf Al-Sabah announced that Kuwait will raise oil output to 2 million bpd within a week and has lifted all force majeure notices issued during the war with immediate effect, adding that essential infrastructure repairs have been completed faster than predicted and that pre-war production levels of 2.628 million bpd could be restored within weeks. Kuwait’s output had collapsed from 2.6 million bpd pre-war to just 573,000 bpd in May, the steepest production decline of any Gulf state, entirely due to its lack of a Hormuz bypass route. Sheikh Nawaf also confirmed KPC has issued a tender for Kuwait Export Crude for July delivery at 2 million barrels per cargo, signalling commercial operations are resuming immediately.
June 18, 2026Hormuz reopening to release wave of oil supply, depress prices
Middle Eastern Crude oil prices are likely to fall if the Strait of Hormuz reopens on Friday following the U.S.-Iran interim deal, releasing millions of barrels of oil stranded in the Middle East into global markets. Kpler analyst Muyu Xu stated “The reopening of the Hormuz Strait could unleash some 93 million barrels of stranded non-Iranian barrels from the Persian Gulf, while producers are expected to continue supplying cargoes through less visible channels.”
June 17, 2026Qatar Prepares for an LNG Comeback
Data compiled by Bloomberg shows at least four Qatar-owned LNG tankers have headed in recent days to Ras Laffan. Another four are idling in the Gulf of Oman and could soon move to pass inboumd through the Strait of Hormuz to Qatar’s LNG export facilities. This is all creating positive sentiment for Qatar’s production and export capacity returning gradually to pre-war levels soon.
June 17, 2026Bahrain launches tender for oil well production testing services
Bahrain has begun accepting bids for new oil well production testing services, with bids ranging from BD 13.3 million (~35 million USD) to BD 74.8 million (~200 million USD). This represents a key part of Bahrain’s ongoing effort to enhance production capabilities through specialised technical services.
June 16, 2026Iran will connect it’s electric grid to Qatar in the near future
Iran’s Energy Minister Abbas Aliabadi was quoted on Tuesday stating “the connection between Iran and Qatar will begin soon-studies are in the final stage, and we are beginning the implementation phase. Iran is also “studying” the connection of its grid to other Gulf Cooperation Council countries.
June 16, 2026Qatar Plans to Rapidly Restart LNG Output After Hormuz Opens
Qatar is planning to rapidly expand its LNG production once the Strait of Hormuz is reopened, aiming to restore its pre-war export capacity. Qatar had to significantly reduce its output of LNG during the war as global shipping came to a halt in the Strait of Hormuz.
June 15, 2026Iraq urges Turkey to renew Kirkuk-Ceyhan oil pipeline agreement
Iraq’s Director of State Organization for Marketing of Oil, Ali Nizar al-Shatri has requested more time from Turkey for discussion over a new agreement. The Iraq-Turkey Crude Oil Pipeline agreement oversees oil exports via the Kirkuk-Ceyhan pipeline. The Agreement will expire on July 27th unless renewed. In early March, Baghdad requested to Kurdistan Regional Government leaders to allow Iraqi oil to flow again from Kirkuk via a pipeline to Turkey’s Mediterranean port of Ceyhan after all international shipments had been stopped on March 1st due to the closure of the Strait of Hormuz.
June 12, 2026Qatar Denies Conducting Back-Channel Talks with Iran to Protect Critical LNG Infrastructure
Qatar reportedly engaged in secret diplomatic contacts with Iran aimed at protecting the shared South Pars/North Field gas complex and associated LNG infrastructure from attacks during the ongoing regional conflict. The discussions underscore Doha’s efforts to insulate its energy sector from the escalating Iran-Israel-US confrontation, particularly after previous attacks threatened facilities at Ras Laffan, the backbone of Qatar’s LNG exports. Qatari officials publicly denied any special arrangement with Tehran, maintaining that production decisions were based solely on security concerns. The episode highlights growing Gulf efforts to pursue quiet diplomacy with Iran in order to safeguard energy exports and prevent further disruptions to global gas markets.
June 12, 2026US Surpasses KSA and Russia as World’s Largest Oil Exporter
The US has become the world’s largest oil exporter, overtaking both Saudi Arabia and Russia for the third consecutive month as exports reached around 10.5 billion bpd in May 2026. The shift was driven by sustained US shale production, releases from strategic reserves, disruptions to Saudi exports stemming from the Iran conflict, and continued pressure on Russian energy exports from sanctions and Ukranian attacks.
June 11, 2026Kuwait Ships Cargo Through Strait of Hormuz
Kuwait has shipped a cargo of liquefied petroleum gas out of the Gulf through the Strait of Hormuz using a tanker it controls after switching off its location transponder. Major producers have begun adopting this method of switching off location transponders on tankers they control to export crude and liquefied natural gas through the Strait, with Rapidan Energy Group predicting around 2 million barrels of oil and related products being ferried out of the Gulf each day.
June 10, 2026IAEA Passes Resolution Demanding Iran Report Uranium Stockpiles
The U.N. nuclear watchdog, the International Atomic Energy Agency (IAEA)’s, 35-nation Board of Governors passed a U.S.-backed resolution on Wednesday telling Iran to declare its remaining enriched uranium stocks and let inspectors verify them. The IAEA body also reiterated its threat to refer the matter to the UN Security Council in New York should Iran continue not to cooperate.
June 10, 2026Saudi Arabia and Yemen Sign a $150 million Energy Deal
According to sources coming from the Saudi Press Agency, a Saudi-Yemeni energy agreement was signed in Riyadh, valued at around $150 million. This deal is part of Saudi Arabia’s effort to support Yemen’s energy sector, where they will supply petroleum derivatives for power plants across various Yemeni governates. The derivatives, consisting of diesel and mazut, will fuel more than 70 electricity generation plants across various Yemeni governates, helping enhaance the stability and continuity of electricity services and support vital sectors linked to electrical energy.
June 10, 2026Indian Infrastructure Company Secures $992 Million Kuwaiti Energy Contract
L&T, an Indian infrastructure company, secured a major infrastructure contract worth $992 million from KOC for the construction of export crude storage facilities.
June 10, 2026QatarEnergy Announces New Discovery Offshore Namibia
Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy, H.E. Saad Al Kaabi, was pleased to announce the discovery of oil offshore Namibia. This was an important discovery, he said, that aligns with Qatar Energy’s strategy to expand its international upstream through high-impact exploration.
June 8, 2026Iraq and Jordan Revive Basra-Aqaba Pipeline Talks as Hormuz Closure Forces Export Diversification
Jordan’s Senate President Faisal Fayez and Iraqi Parliament Speaker Haibat Al-Sudani met on June 8th to discuss advancing the long-stalled Basra-Aqaba oil pipeline and broader bilateral energy cooperation, with Fayez stressing the project’s “strategic importance” for economic cooperation and bilateral ties. The $4.6-9 billion pipeline would run from Iraq’s southern Basra fields through Haditha and along the Saudi-Iraqi border into Jordan, terminating at the Red Sea port of Aqaba. This would provide Iraq with a Hormuz-independent export route capable of delivering up to 1 million bpd. The project has been under discussion since 1983 and formally approved by the Iraqi cabinet in 2022, but has remained stalled due to financing gaps, security concerns, and competing priorities.
June 8, 2026Saudi Aramco Cut July Arab Light OSP for Asia for Second Straight Month as Demand Weakens
Saudi Aramco cut its July official selling price for Arab Light crude to Asia by $6 per barrel to a premium of $9.50 above the Oman/Dubai average. This is the second consecutive monthly cut after the record $19.50 premium set in May, which itself followed the outbreak of the Iran war. All other Saudi grades to Asia were cut by the same margin, while Mediterranean and Northwest Europe loadings were cut by $10 per barrel and US-bound cargos by $2. The cuts reflect sluggish Asian demand and a sharp softening in spot premiums.
June 8, 2026QatarEnergy Quietly Routes 9th LNG Tanker Through Hormuz
Bloomberg reported that the QatarEnergy LNG tanker Al Daayen transited the Strait of Hormuz over the weekend. It stopped its AIS tracking signal around June 5th and reappeared east of Oman heading to China. This marked the 9th known Qatari LNG tanker to successfully transit the strait since the war began. Unlike the first two transits, which were routed to Pakistan under government arrangements quietly approved by Iran, and the third transit which was the first purely commercial cargo to China, Al Daayen’s movement follows an established pattern of dark transits using the northern route hugging the Iranian coast. Before the war, Qatar sent roughly three LNG tankers through Hormuz per day, meaning nine transits in over three months represents around 1% of pre-war volume.
June 5, 2026Oman’s Main Oil Terminal Struck by Iranian Drone
An attack on Oman’s Mina Al Fahal oil terminal, caused by a drone strike, disrupted oil loadings and pushed crude prices higher. Countries such as India had increasingly looked to Oman as a secure source of energy imports that could bypass Hormuz-related risks. Overall, the attack reinforces market fears that Gulf hostilities are expanding and that no major regional energy infrastructure can be considered fully insulated from the conflict.
June 5, 2026Saudi Energy Minister Calls for Stable Energy Sector
Russia’s Deputy Prime Minister Alexander Novak met with Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud in St. Petersburg, where both officials acknowledged that the outlook for global oil demand has become increasingly uncertain due to ongoing geopolitical disruptions and shifting market conditions. Novak said that many previous oil market forecasts now need to be revised, while stressing that OPEC+ remains capable of adapting to changes and helping stabilize the market. Saudi emphasized that energy security and market stability are essential, arguing that the world needs reliable supplies of all forms of energy amid growing uncertainty.
June 5, 2026Kuwait is Examining Alternative Oil Export Routes
Kuwait is reportedly examining a range of alternative oil export routes that would reduce its dependence on the Strait of Hormuz. The options include new pipeline links through neighboring countries, as well as potential access to ports outside the Gulf. Each route faces significant financial, logistical, and political challenges.
June 4, 2026OPEC’s secretary general optimistic on oil demand
OPEC’s Secretary General, Haitham al-Ghais stated “despite all the commentary out there that oil demand is declining, we have not registered signs of that yet. We will see a robust demand growth at 1.2 million barrels a day for this year.” He furthered this sentiment in saying that investments in the oil industry should not be afected by “one-off events” that happen anywhere in the world. He concluded by saying “We need to invest well ahead of time to be prepared for the demand that we see in the future.”
June 1, 2026Kuwait’s Ongoing Restructuring of it’s Oil Sector Sees a New Update
Kuwait has dissolved a downstream oil company and allowed it to be acquired by a bigger energy entity as part of plans to restructure their hydrocarbon sector. KNPC took over KIPIC in line with a decision by the supreme petroleum council. KIPIC runs the southern Al-Zour oil refinery with a capacity of around 615,000 bpd. KNPC said the move resulted in an increase in its capital to $8.5 billion.
June 1, 2026Iran Restores Some Gas Production
Al Jazeera reported that Iran has restored gas production at three offshore platforms in the South Pars gasfield after the facility was attacked by Israel in March. Iran is trying to send a message that they are rebuilding the targeted facilities. The South Pars gasfield is shared with Qatar, and the reopening is a big step forward for Iran to continue operations in its largest source of domestic energy for the country.
May 31, 2026Hormuz Tentative MoU: Iran to Clear Mines Within 30 Days and Gulf Produers Begin Export Recovery Planning
The tentative US-Iran MoU, still awaiting Trump’s formal signing, would require Iran to remove all mines from the Strait within 30 days and guarantee unrestricted commercial shipping, per an Axios report. Gulf producers are already beginning preliminary export recovery planning. KPC’s CEO has guided a 3-4 month timeline to restore full Kuwaiti production capacity. QatarEnergy’s European customer Edison projected two-thirds of contracted LNG volumes could resume within 30-45 days of a deal.
May 29, 2026Brent Posts Worst Monthly Loss Since COVID as US-Iran MoU Drives 20% Price Collapse
Brent Crude fell to $92.56 on May 29, down nearly 19% for May, its worst monthly performance since the COVID-19 pandemic, as markets priced in a tentative 60-day US-Iran MoU that would reopen the Strait of Hormuz to unrestricted commercial shipping. WTI fell to $87.18, down 16.5% month-to-date. Analysts warn the decline may be premature. ICMA’s Bob Parker told CNBC that even if Hormuz opens, “it will only be partial”, with significant infrastructure damage, tanker insurance backlogs, and depleted inventories meaning a full supply recovery extends well into 2027.
May 25, 2026Oil falls 7% as U.S. and Iran reportedly near a deal
Oil prices fell nearly 7% as the U.S. and Iran seemingly inch closer to a deal. The drop can be attributed to U.S. President Trump’s remarks that negotiations were “proceeding nicely.” Brent crude futures were down $7.24, or 7%, at $96.20 a barrel, with West Texas Intermediate futures down $6.30, or 6.5% at $90.88.
May 23, 2026Oil prices rise in reaction to nuclear uncertainty
Oil prices rose in reaction to uncertainty over the latest round of nuclear talks between American and Iranian negotiators. Brent crude futures settled at $64.78 per barrel, up 34 cents, or 0.54%. U.S. West Texas Intermediate crude futures finished at $61.53, up 33 cents, at .54%. As Memorial Day weekend begins in the U.S., summer driving is expected to be at its highest until the 4th of July.
May 22, 2026Kuwait Stores 7-8 Million Barrels in Japan and South Korea as Emergency Export Hedge
KPC activated emergency overseas storage plans immediately after the Hormuz closure, storing 7-8 million barrels of crude in far east markets, with approximately 3.5 million barrels in Japan through an agreement with Ineos, and 4 million barrels at South Korea’s Ulsan facilities. The strategy allows Kuwait to deliver oil to Asian customers directly from these storage sites without routing tankers through Hormuz, reducing delivery times and maintaining customer relationships during the export crisis. KPC CEO Sheikh Nawaf Al Sabah confirmed the measures also included repositioning tankers outside Gulf waters and maximizing loading capacity at offshore terminals. With Kuwait’s domestic storage capacity of only 30 million barrels, roughly 13-15 days of production, the overseas reserves provide only a short-term buffer, and KPC has warned the fiscal deficit could reach 20 billion KD if the Hormuz disruption extends beyond June 30th.
May 22, 2026U.S. sees highest gas prices in nearly four years
The current war in the Gulf has led to the highest U.S. gas prices in nearly four years. The price at the pump is expected to reach $5 a gallon in June if the Strait of Hormuz is unable to be opened. The price of gas has climbed more than 50% since the U.S. and Israel began the war on February 28th.
May 20, 2026UAE West-East Pipeline Now 50% Complete
ADNOC CEO Sulttan Al Jaber confirmed the new West-East Pipeline to Fujairah is approximately 50% complete and on track for a 2027 operational target, which will double the UAE’s Hormuz bypass export capacity to over 3.6 million bpd. Al Jaber warned that full oil flows through Hormuz will not return before Q1-Q2 of 2027, even in an optimistic peace scenario, citing infrastructure damage, insurance reinstatement timelines, and shipping recovery backlogs. He estimated over one billion barrels of oil have been lost globally from the closure. The pipeline completion will cement the UAE as the only Gulf producer, alongside Saudi Arabia, with full structural independence from Hormuz for oil exports.
May 20, 2026Saudi Arabia to Burn More Oil for Power This Summer as Associated Gas Output Falls
Saudi Arabia is expected to significantly increase fuel oil and crude burn for domestic power generation this summer, as the Iran war’s forced shut-in of Ras Tanura, which produces associated gas alongside crude, has reduced the kingdom’s gas supply for power plants. Gas output slipped to 10.5 bcfd in Q1 2026 from 10.7 bcfd in Q4 2025 despite the Jafurah gas field’s start-up in December. Aramco ramped up fuel oil imports to around 360,000 bpd in April, up 86% YoY to partially compensate. Rystad Energy forecasts total crude and fuel oil consumption for power generation could average 540,000 to 550,000 bpd this summer, potentially exceeding 1 million bpd in peak months. Every barrel burned domestically is a barrel that cannot be exported at peak war prices.
May 18, 2026Futures likely to remain volatile until agreement reached
Oil prices climbed about 3% to a two-week high volatile trade on Monday. This rise comes as qualms over supply disruption and a reported U.S. agreement that would lift sanctions on Iranian crude oil during talks. Brent futures for July rose 2.6%, settling at $112.10 per barrel, with U.S. West Texas Intermediate crude for June rising to 3.1%, settling at $108.66. Futures are expected to remain volatile given the uncertainty of the status of the Strait of Hormuz.
May 16, 2026Oil stockpiles are set to hit record lows due to Hormuz closure
The world’s oil stockpiles are set to hit near record lows.Prior to the current war in the Gulf, inventories were near a decade high at just over 8 billion barrels at the end of February. At the end of April, stockpiles had fallen to 7.8 billion barrels, with global inventories expected to reach record lows of 7.6 billion barrels by the end of May if demand remains constant. If the Strait of Hormuz is still closed in September, the inventory level could fall to 6.8 billion barrels. A major “economic contraction” is expected to follow if levels continue to fall.
May 15, 2026ADNOC and India Sign Strategic Petroleum Reserve and LPG Supply Deals During Modi’s Abu Dhabi Visit
During PM Modi’s state visit to Abu Dhabi, ADNOC signed a MoU with India’s Strategic Petroleum Reserves Limited to potentially store up to 30 million barrels of UAE crude in India’s underground strategic reserves, including building new facilities in Fujairah, which bypasses the Strait of Hormuz. ADNOC also signed an LPG supply and trading MoU with Indian Oil Corporation. India normally imports roughly 60% of its LPG, 90% of which previously transited the Strait. The UAE announced $5 billion in accompanying development investment in India. The deals extend ADNOC’s reach into India’s strategic reserve infrastructure and lock in long-term demand for Fujairah-routed exports.
May 13, 2026OPEC oil production down 30%
The closure of the Strait of Hormuz has cut OPEC oil production by 30% as of May 2026. OPEC production has fallen by 1.7 million bps in April after output plunged by 7.9 million bpd in March. As of today, the total supply loss from Gulf oil producers now exceeds a billion barrels with more than 14 million bpd shut down due to the Hormuz’s closure. While Saudi Arabia and the UAE have export contingencies in their pipelines and ports, these are not sufficient alternatives to the Strait of Hormuz.
May 13, 2026GCC and China hold energy talks
The GCC General Secretariat and the Chinese National Energy Administration held talks aimed at expanding cooperation beyond traditional oil trade. Energy specialists across the Gulf and Chinese experts discussed the expanding energy ties between the two with regard to renewable energy, hydrogen production, and diversification. Both sides emphasized the importance of further developing strategic cooperation.
May 11, 2026Oil prices see almost 3% increase in wake of trump ceasefire comments
Oil prices have surged again in the wake of comments made by U.S. President Donald Trump. An increase was recorded after the President commented the current ceasefire was “on life support,” leaving the Strait of Hormuz closed with no progress on a deal. Brent crude futures settled up 2.88% at $104.21 a barrel.
May 10, 2026Aramco Posts 26% Q1 Profit Jump as East-West Pipeline Reaches Maximum Capacity
Saudi Aramco reported adjusted net income of $33.6 billion for Q1 2026, a 26% increase YoY, beating analyst forecasts of $31.2 billion. The results were driven by higher oil prices, increased volumes sold via the East-West Pipeline, and strong refining and chemicals sales. CEO Amin Nasser confirmed the pipeline reached its maximum capacity of 7 million bpd in Q1, calling it “a critical supply artery” during the crisis. Free cash flow reached $18.6 billion, with capital expenditure of $12.1 billion supporting growth targets. The board declared a Q1 base dividend of $21.9 billion, up 3.5% YoY. The results show a clear difference to Kuwait, Iraq, Qatar, and Bahrain, which all have no bypass infrastructure.
May 8, 2026Qatar LNG Could Resume Within 30-45 Days of Peace Deal at Reduced Volumes
Edison CEO Nicola Monti told Reuters that QatarEnergy could restart LNG deliveries within 30-45 days of peace agreement, though at reduced volumes. QatarEnergy has cancelled 12 cargoes to Edison alone since April, representing roughly 1.4 billion cubic meters, and has extended force majeure through mid-June. Edison noted that QatarEnergy has kept production running by routing small LNG volumes to Kuwait, which allows for a faster restart than a cold-restart scenario. With Iraly already sourcing replacement cargoes from the Golden Pass facility in Texas, a QatarEnergy-ExxonMobil joint venture, the post-peace LNG recovery picture is becoming clearer, though it will be partial for years given the infrastructure damage scale.
May 7, 2026Justice department investigating major oil stock trades
The U.S. Justice Department is investigating at least four oil stock trades made in March and April, which made a total of $2.6 billion. The trades correctly timed U.S. president Donald Trump’s announcement he would delay attacks on Iran’s power grids. The investigation is said to be in early stages, with the probe being led by the U.S. Attorney’s Office for the Southern District of New York.
May 6, 2026Saudi Arabia sees widening budget deficit from inability to export
Saudi Arabia has posted a $33 billion dollar budget deficit amid a drop in oil sales. The kingdom’s budget shortfalls come as the Strait of Hormuz remains closed. Furthermore, the budget gap is more than double the shortfall posted during the same period last year, and up nearly one-third from the final quarter of 2025. Since the start of the war, the kingdom has relied largely on exports through the Red Sea port of Yanbu via the East-West Pipeline.
May 4, 2026Qatar Extends LNG Force Majaure Through Mid-June as Ras Laffan Repairs Stall
QatarEnergy extends force majeure on LNG supply contracts through mid-June, the second extension since the war began. Iranian strikes damaged trains 4 and 6 at Ras Laffan, eliminating roughly 17% of Qatar’s total export capacity. Technip Energies has mobilized a repair team, but the work is constrained by global turbine delivery backlogs of 2-4 years. Each month of force majeure represents approximately $1.67 billion in lost export revenue, making Ras Laffan as the single most costly piece of energy infrastructure damaged in the conflict.
May 4, 2026Major fire breaks out from iranian drone strike on fujairah oil storage
Authorities in the UAE reported a major fire broke out at the Fujairah Oil Industry Zone following an Iranian drone attack. Civil defense teams were deployed immediately to contain the blaze. The Fujaairah storage hub has a capacity of around 18 million cubic metres, making it among the world’s largest oil storage centres. Iranian strikes on oil infrastructure highlight the conflict’s vertical nature of escalation, with trillions of dollars of infrastructure at stake.
May 2, 2026Bahrain’s Parliament Debates $100 Million Jubah Gas Concession with EOG Resources and Bapco Energies
Bahrain’s Parliament began debating a $100 million first-phase gas concession deal covering the Jubah and pre-Tawil reservoirs, under a partnership between EOG Resources and Bapco Energies, with EOG fully covering initial exploration costs. Bahrain will receive a 10% royalty on profits and 46% in oil-related taxes, with the state retaining full field ownership. Early production results are expected in 2026 if drilling succeeds. With Bapco’s main refinery still under force majeure following Iranian strikes, this deal, focused on upstream gas exploration rather than refining, represents one of the few active energy investment moves Bahrain can make while its core export infrastructure remains offline.
May 2, 2026UAE OPEC Exit Signals Sovereign Wealth Now Drives Abu Dhabi Strategy
A Forbes analysis argued that the UAE’s OPEC exit, officially effective yesterday, reflects a structural shift in Abu Dhabi’s economic identity. With ADIA and Mubadala managing over $1.7 trillion in sovereign assets, oil revenues now represent a minority of the UAE’s wealth generation, making OPEC quota constraints strategically optional.
May 1, 2026Technip Energies Mobilizes Team to Repair Qatar’s Damaged Ras Laffan LNG Trains
French engineering firm Technip Energies has mobilized a dedicated team to begin repair work on the two damaged liquefaction trains at QatarEnergy’s Ras Laffan complex, CEO Arnaud Pieton confirmed. Iranian Strikes in March damaged Trains 4 and 6, eliminating 17% of Qatar’s LNG export capacity. Technip Energies, which already has deep ties with QatarEnergy, is expected to be the primary engineering contractor for the restoration. QatarEnergy’s CEO previously estimated 3-5 years and $20 billion in annual lost revenue to fully repair the facility, Technip’s early mobilization signals the work is finally getting underway.
April 30, 2026Price per Barrel reaches highest point in four years
The price per barrel recently reached its highest point in four years, clocking in at $126 per barrel. Prior to the war, Brent crude was trading at only $73 per-barrel. The U.S. Department of Energy has released 17.5 million barrels from the Strategic Petroleum Reserve since March. This coincides with the U.S.’s plan to release a total of 400 million barrels of crude oil globally to address energy disruptions amid the current war. The U.S. works closely with allies to address shortages in their own strategic reserves, especially with Western European NATO states.
April 29, 2026UAE to leave OPEC on May 1st
After several decades of membership, the UAE has announced it will be leaving OPEC as of May 1st. This decision comes after years of open dissatisfaction with the organization, and the energy crisis triggered from the conflict with Iran. The country has invested billions in increasing its oil production capacity to 3 to 5 million barrels per day (bpd) by 2027. As its ability to produce grew, the UAE has demanded a larger production quota. Prior to the conflict, the production capacity was at 4.8 million bpd, but under its OPEC agreement, could only export 3.2 million bpd.
April 28, 2026ADNOC’s XRG Reviews 29 US Gas Deals in Bid to Build Vertically Integrated Global Gas Business
ADNOC’s international investment arm XRG, is planning to invest tens of billions of dollars to build a vertically integrated natural gas business in the United States, with Chief Investment Officer Nameer Siddiqui, telling the Financial Times the company is evaluating 29 potential deals spanning upstream production, pipelines, processing, liquefaction, and regasification. XRG recently increased its stake in the Rio Grande LNG project in Texas by 7.6%, adding exposure to Trains 4 and 5. The strategy targets both surging global LNG demand and growing US gas consumption from data centers. With ADNOC’s domestic Hormuz-exposed infrastructure under strain and the UAE having just exited OPEC, Abu Dhabi is accelerating a pivot toward US-based gas assets as a structurally safer, long-term revenue base outside the Gulf’s geopolitical risk zone.
April 27, 2026Gulf Economists Cut Growth Forecasts as the Region Heads for Worst Crisis Since Pandemic
A Reuters poll of 18 economists found GCC economies are going into their worst economic crisis since the pandemic with several expected to contract in 2026. Saudi Arabia’s growth forecast was cut from 4.3% to 2.6% and Oman’s from 2.8% to 2.2%, while Kuwait, Bahrain, Qatar, and the UAE all face deeper contractions driven by the Hormuz closure. Economists warned “it will take the entire second half of 2026 to rebuild damaged assets and re-establish supply chains”, with inflation rising across all six GCC states. Unlike previous oil price shock, this crisis is unique in simultaneously raising prices while blocking the region’s ability to export, eliminating the traditional revenue offset.
April 27, 2026JPMorgan Join $6 Billion Financing Syndicate for KPC Pipeline Stake Sale Despite War Uncertainty
JPMorgan, HSBC, National Bank of Kuwait, and Kuwait Finance House have assembled a $6 billion financing syndicate for prospective buyers of a stake in KPC’s crude oil pipeline network, estimated to be worth $7 billion. The 20 year loan carries indicative pricing of 170 basis points over the secured overnight financing rate. KPC pushed the preliminary bid deadline back to April 28 from April 7 after investors demanded more time due to the conflict, and investors are now seeking explicit guarantees against volume disruption risks tied to Hormuz and the pipeline network itself. The fact that a major financing package is being assembled despite KPC declaring force majeure and suffering infrastructure damage signals that global capital markets still view Kuwait’s pipeline network as a long-term bankable asset, though the war premium is clearly priced in.
April 24, 2026UAE Warns Washington It May Sell Oil in Chinese Yuan as Hormuz Closure Drains Dollar Liquidity
The UAE privately warned Washington that if the Hormuz closure continues to constrain dollar-denominated oil revenues, Abu Dhabi may be forced to begin settling some oil sales in Chinese Yuan. This was a warning delivered by the UAE Central Bank Governor, H.E. Khaled Balama, during high-level meetings in Washington. He also requested for a direct US dollar swap line. Despite holding $270 billion in foreign reserves, the UAE faces growing operational dollar liquidity risks as its primary revenue stream from oil exports remains disrupted. If Abu Dhabi follows through, it would represent the most significant challenge to the petrodollar system since its creation in the 1970’s.
April 24, 2026Iran Threatens Direct Saudi Energy Retaliation
Iran’s Vice President Esmael Saghab Esfahani warned on April 24 that any US strike on Iran’s oil infrastructure would trigger direct retaliation against Saudi Arabia’s energy facilities, threatening that “one of the oil facilities of the countries from whose soil we are attacked will be targeted”. He described a tiered retaliatory framework ranging from “an eye for an eye” to an “eye for a head” as escalatory strikes on host-country infrastructure. This raises the risk of a deliberate, targeted campaign against Saudi Aramco’s Eastern Province oil facilities, which currently serve as the primary global export lifeline through the East-West pipeline.
April 23, 2026Oil Rises as Iran Talks Stall and Hormuz Disruptions Persist
Oil prices extended gains Thursday as stalled U.S.-Iran peace talks and continued restrictions in the Strait of Hormuz kept supply concerns elevated. Brent crude rose to $103.38 per barrel and WTI climbed to $94.36, following sharp gains the previous session. Markets are also reacting to tighter fuel inventories, Iranian seizures of ships in Hormuz, and record U.S. petroleum exports as buyers seek alternative supplies.
April 22, 2026Kuwait Force Majeure Deepens Global Supply Concerns
Concerns over tighter crude supply are growing after Kuwait declared force majeure on oil exports, citing the continued blockade of the Strait of Hormuz and delays in shipping contracted volumes. Kuwait, which relies entirely on Hormuz for seaborne exports and lacks major alternative pipeline routes, is especially exposed to prolonged disruption. While some importers such as South Korea say immediate impact is limited because Kuwaiti flows had already been halted, the move adds to broader fears of higher oil prices and sustained volatility until the strait reopens.
April 20, 2026Trump Predicts Lower Gas Prices Once Iran War Ends
President Donald Trump said Energy Secretary Chris Wright was “wrong” to suggest gasoline prices may not fall until 2027, saying he expects prices to decline as soon as the Iran war ends. The comments come as Americans continue to face elevated fuel costs, with the national average at about $4.04 per gallon compared with $3.15 a year ago. Ongoing disruptions tied to the conflict and uncertainty around the Strait of Hormuz remain key drivers of pressure on energy markets.
April 19, 2026Saudi Arabia Restores Key Energy Capacity After Attacks
Recent attacks disrupted multiple parts of Saudi Arabia’s energy system, including roughly 700,000 barrels per day of pumping capacity on the East-West pipeline and around 300,000 bpd each at the Manifa and Khurais fields. Saudi authorities said operational and technical measures were implemented quickly, restoring East-West pipeline capacity to about 7 million bpd and recovering lost Manifa production within a short period.
April 17, 2026White House Call with U.S. Energy Producers Amid Market Volatility
U.S. energy officials held talks with top oil and gas executives including leaders from ExxonMobil and Chevron as the Iran war drove renewed volatility in global energy markets. The call, led by Interior Secretary Doug Burgum and Energy Secretary Chris Wright, focused on whether domestic producers could increase output to help offset supply disruptions and rising prices. Brent crude had climbed above $99 per barrel amid concerns over Middle East flows, putting added pressure on the White House to contain fuel costs.
April 16, 2026Oil Holds Near $95 as Hormuz Blockade Continues
U.S. energy officials held talks with top oil and gas executives including leaders from ExxonMobil and Chevron as the Iran war drove renewed volatility in global energy markets. The call, led by Interior Secretary Doug Burgum and Energy Secretary Chris Wright, focused on whether domestic producers could increase output to help offset supply disruptions and rising prices. Brent crude had climbed above $99 per barrel amid concerns over Middle East flows, putting added pressure on the White House to contain fuel costs.
April 15, 2026EU warns of prolonged energy shock, forced cuts if Iran war continues
The European Union warned member countries on Wednesday that if the Iran conflict continues, energy markets will face a prolonged supply shock that would force cuts to fuel consumption, EU diplomats told Reuters. Europe has not yet faced supply shortages, but is grappling with soaring oil and gas prices and airports have warned the first jet fuel shortages could hit within weeks. In a closed-door meeting with EU countries’ ambassadors on Wednesday, the European Commission said it was considering two main scenarios: one where the ceasefire agreed between the U.S. and Iran holds, and the U.S. blockade of the strait is lifted, oil and gas flows would recover in a few months and prices should decline. And another if tensions continue, Europe could struggle to fill its gas storage ahead of winter. Localised shortages of jet fuel are also possible, the Commission said, according to the diplomats.
April 13, 2026Energy Middle East oil production plunges due to Iran war, OPEC data shows
Crude oil production in the major Gulf Arab exporters plunged in March due to the Iran war, according to data released by OPEC on Monday. Iraq took the biggest hit with production collapsing 61% from 4.2 million barrels per day in February to 1.6 million bpd in March. Output plunged 53% in Kuwait and 44% in the United Arab Emirates month over month, the data showed. Production in Saudi Arabia, OPEC’s biggest producer, dropped 23% from 10.1 million bpd to 7.8 million bpd. Iran’s production, meanwhile, dropped around 5% from 3.24 million bpd to 3.06 million bpd month over month. Overall, OPEC’s production plunged 27% month over month from 28.7 million bpd to 20.8 million bpd. It will take months for the Gulf Arab states to bring production back up to full capacity, said Sheikh Nawaf al-Sabah, the CEO of Kuwait Petroleum Corp.
April 13, 2026Botswana signs energy and mineral exploration deals with Oman
Botswana’s president has clinched multiple agreements with Oman, including on mineral exploration, oil storage infrastructure and renewable power, during a visit to the Gulf nation designed to strengthen economic ties, the presidency said on Monday. Another deal was for the development of a 500-megawatt solar power plant that follows on from an announcement on March 20 that NAQAA Sustainable Energy LLC, a subsidiary of Oman’s state-owned O-Green, had been selected to design, finance, construct, and operate the plant in northwest Botswana. It will have a minimum operational life of 25 years as Botswana seeks to increase the contribution of renewable energy in its power supply from 8% now to 50% by 2030. The presidency’s statement said the plant would position Botswana “to secure its energy future and unlock long-term economic value”.
April 9, 2026Russia Sees Oil Revenue Windfall Amid Iran War Disruptions
Russia’s oil revenues are set to surge as the Iran conflict drives up global prices and demand for alternative supplies. April income from Moscow’s main oil tax is projected to double to roughly $9 billion, fueled by higher crude prices and shifting trade flows. The gains come as disruptions in the Strait of Hormuz and broader supply shocks push buyers toward Russian exports. However, analysts note the windfall may be temporary, with future revenues dependent on the duration of the conflict and ongoing risks to Russia’s own energy infrastructure.
April 9, 2026Oil Rebounds After Steepest Drop Since 2020 as Risks Persist
Oil prices are climbing again after posting their sharpest decline since 2020, as markets reassess geopolitical risks in the Middle East. The Strait of Hormuz remains largely blocked, continuing to constrain global supply despite the recent U.S.-Iran ceasefire. At the same time, doubts about the truce’s durability and ongoing regional tensions are keeping volatility elevated. Traders remain highly reactive to developments, with prices sensitive to any signs of renewed disruption or escalation.
April 9, 2026Oil Markets Face Lasting Strain Despite U.S.-Iran Ceasefire
A temporary U.S.-Iran ceasefire has pushed oil prices down to around $94 per barrel following recent highs driven by the conflict. Despite the pullback, markets remain under strain after weeks of supply disruptions and heightened geopolitical risk. Analysts warn that damage to energy infrastructure and reduced spare capacity could keep prices elevated. Ongoing uncertainty around the Strait of Hormuz is also expected to sustain volatility in global energy markets.
April 7, 2026Markets Rally After Last-Minute Ceasefire, Uncertainty Remains
Oil prices fell and stocks rose after a last-minute U.S.-Iran ceasefire was achieved just 90 minutes before President Donald Trump’s deadline for potential military action. The deal eased immediate worries about supply disruptions, especially around the Strait of Hormuz. However, neither side has accepted the other’s terms for a lasting solution, raising doubts about how long the truce will last. Analysts warn that ongoing political uncertainty could keep energy markets volatile in the near future.
April 1, 2026Oman begins LNG deliveries to Germany despite regional tensions
LNG deliveries from Oman to Germany have officially commenced, marking a key milestone in energy cooperation between the two countries despite ongoing tensions in the Gulf. The deliveries are currently unaffected by the developments in the Gulf region and have commenced as planned, said the spokesperson, reported Reuters. “From today’s perspective, there are no concerns regarding future deliveries,” added the spokesperson. Oman LNG signed a sales and purchase agreement with Germany’s Secure Energy for Europe (Sefe) in March 2024. The agreement follows a prior commitment where Oman LNG inked a binding term sheet to supply Sefe with 0.4 million metric tonnes a year of LNG starting in 2026. The start of deliveries comes at a time when global LNG markets are under pressure due to geopolitical instability and supply disruptions linked to tensions in the Middle East.
March 31, 2026Asia ramps up use of dirty fuels to cover energy shortfall triggered by Iran war
Governments across Asia are ramping up their use of coal, the dirtiest fossil fuel, as they try to cover huge energy shortfalls triggered by the US-Israel war on Iran. The move has triggered warnings from climate experts who point to coal’s devastating environmental impact, and say the energy crisis should be a wake up call for governments to invest in renewables, which can offer a more stable supply that is not exposed to price shocks. Many countries in the region rely on LNG to generate electricity, as well as for industries such as fertiliser manufacturing. Demand in Asia had been forecast to double in the next 25 years. However, supplies have been cut off by the effective closure of the strait of Hormuz through which a fifth of worldwide LNG shipments pass. Strikes on a major LNG export facility in Qatar will exacerbate the shortage and have a years-long impact on the industry, experts say.
March 30, 2026Iraq’s government institutions to go solar – report
Iraq plans to accelerate the deployment of solar energy within government institutions as the oil exporter struggles to close a widening gap between electricity generation and demand and prepares to face peak demand in summer. There are promising plans with the direct support of Prime Minister Mohammed Shia’ al-Sudani, who is following the matter on a weekly basis, according to a representative of Iraq’s National Renewable Energy Team. The first phase is focused on schools and health centres, with more than 160 schools equipped with solar power over the past three months, as well as around 10 health centres in Baghdad and other provinces. In the coming months, a significant number of systems are expected to be installed in government buildings. Earlier in March, the Iraqi government announced that solar project deployment would be accelerated as part of an emergency plan to secure energy supplies amid escalating tensions in the Middle East.
March 30, 2026Trump threatens to ‘obliterate’ Iran’s energy sources, as Tehran calls US plan ‘unrealistic’
President Donald Trump said if Iran does not reach a deal with the United States and open the Strait of Hormuz, the country would conclude military involvement in the region by “blowing up and completely obliterating” electric plants and oil wells in the country. It comes after Trump raised the prospect of the US taking Iran’s oil in an interview with the Financial Times last night. Trump told the newspaper that his “preference would be to take the oil,” as he weighs whether to seize Iran’s key fuel export hub at Kharg Island. Oil prices, meanwhile, rose Monday, with Brent crude crossing $116 a barrel following his comments
March 25, 2026Saudi Arabia, Kuwait Seek to Pursue Energy Deals Despite War
Saudi Arabia and Kuwait are attempting to press on with planned multibillion-dollar energy deals despite a widening conflict that’s seen Iran target oil and gas infrastructure across the Middle East over the past three weeks. Kuwait Petroleum Corp.’s attempts to lease part of its pipeline network has drawn interest from large private equity and infrastructure funds, according to people familiar with the matter. The suitors remain committed and the energy giant is carrying on with the plans for now, the people said, declining to be identified as the information is private. Kuwait Petroleum is working with Centerview Partners LLC to lease part of its pipeline network and hoped to raise as much as $7 billion to help fund an investment plan. Their attempts to carry on with the plans indicate Gulf states are keen to portray a business-as-usual approach despite Iran’s attacks. Still, there have been concerns that the war could dampen the process, some of the people said. Representatives for Kuwait Petroleum didn’t respond to a request for comment.
March 24, 2026Oil Prices Drop on Trump Delay of Iran Strikes
Oil prices fell sharply after President Donald Trump announced a five-day delay in potential U.S. military strikes against Iran and pointed to constructive diplomatic talks. Brent crude dropped $12.25, or 10.9%, to settle at $99.94 per barrel, while U.S. West Texas Intermediate (WTI) fell $10.10, or 10.3%, to $88.13. The decline reflects market sensitivity to signals of de-escalation, as traders responded quickly to reduced immediate risk of supply disruption. Despite the drop, prices remain elevated, highlighting ongoing uncertainty tied to the conflict and the stability of energy flows in the region.
March 23, 2026Trump Faces Blowback on Easing Iran Oil Sanctions
Global energy markets are facing increased volatility as the Trump administration temporarily eased sanctions on Iranian oil, allowing around 140 million barrels already at sea to enter global markets in an effort to stabilize supply. The move comes amid disruptions to oil flows caused by regional conflict and concerns over transit through the Strait of Hormuz, which have driven prices higher. U.S. officials described the decision as a short-term measure to ease supply constraints and lower price pressures while maintaining broader sanctions. This development highlights the tension between maintaining economic pressure on Iran and managing the global energy impact of the conflict.
March 20, 2026Saudi Arabia Warns Oil Prices Could Spike Past $180 a Barrel if Iran War Rages On
Global energy markets are facing extreme volatility as Saudi officials warn oil prices could surge past $180 per barrel if disruptions from the Iran war persist beyond April. The warning comes amid ongoing attacks on Gulf energy infrastructure and reduced tanker traffic through key chokepoints like the Strait of Hormuz, which handles a significant share of global oil supply. Prices have already surged above $100 per barrel, with earlier spikes nearing $120 as markets react to supply fears and escalating military strikes. Analysts caution that while higher prices may boost producer revenues in the short term, sustained increases risk triggering global inflation, reduced demand, and a potential economic slowdown. As a result, the current energy shock is increasingly viewed not just as a regional disruption, but as a major threat to global economic stability.
March 20, 2026Second U.S. Gulf Oil & Gas Lease Sale Generates $47 million
The U.S. is accelerating offshore energy development as a second Gulf of America oil and gas lease auction since the 2024 election generated nearly $47 million in high bids, signaling sustained industry investment despite global energy volatility. The auction drew 38 bids from 13 companies across 25 offshore blocks, with 98% of activity concentrated in deepwater areas over 800 meters, highlighting a continued shift toward high-output offshore production. Officials say the expansion is aimed at strengthening U.S. energy independence, with offshore production already accounting for about 14% of total domestic output and generating billions in federal and state revenue. The move comes as global supply disruptions from the Iran conflict increase pressure to boost stable domestic production. However, the expansion faces criticism from environmental groups, who warn that increased offshore drilling carries long-term ecological risks despite its relatively lower carbon intensity per barrel.
March 19, 2026Iran war looms over global energy summit
Surging oil and gas prices tied to Middle East tensions will hang over a Houston gathering next week that is one of the global energy industry’s biggest annual events. The conference attracts more than 10,000 attendees from nearly half the world’s countries. Daniel Yergin, vice chairman of S&P Global, has been the face of the CERAWeek conference throughout its entire run of more than four decades. Yergin traces the roots of today’s tensions back to 1979, when strikes by Iranian oil workers helped topple the Shah — Iran’s U.S.-backed monarch — and disrupted global supply, reshaping the geopolitics of energy for decades to come.”It’s not the nightmare scenario,” Yergin said in our interview about today’s war with Iran. What is the nightmare scenario? “This persists for more than weeks,” Yergin replied. It’s not hyperbole to say that the trajectory of the war could be altered by conversations — both on the main stage and behind closed doors — that happen in Houston next week. Probable attendees include Energy Secretary Chris Wright; United Arab Emirates Minister Sultan Ahmed Al Jaber, who’s also CEO of the country’s state-backed oil company; and retired Gen. Jim Mattis, who was Secretary of Defense during Trump’s first term. By the time the Houston gathering concludes on March 27, it will have been four weeks — or one full month — since Trump launched strikes on Iran.
March 19, 2026Oil prices top $112 after Iraq declares force majeure, Kuwait refineries attacked
Crude prices topped $112 on Friday after Iraq declared a force majeure at all oilfields operated by foreign companies and drones struck two refineries in Kuwait. International benchmark Brent crude futures rose 3.26%, or $3.54, to close at $112.19 per barrel. U.S. crude oil gained 2.27%, or $2.18, to settle at $98.32 per barrel. Iraq oil ministry sources told Reuters that Baghdad had declared the force majeure because it cannot ship crude through the Strait of Hormuz. Oil tanker traffic through the Strait has plunged due to attacks by Iran. Saudi oil officials expect crude prices could climb above $180 a barrel if Iran war disruptions last through late April, the Wall Street Journal reported. U.S. Treasury Secretary Scott Bessent said Washington may soon lift sanctions on Iranian crude stored aboard tankers — a move aimed at easing price pressures following Iran’s closure of the Strait. “In the coming days, we may unsanction the Iranian oil that’s on the water, about 140 million barrels,” Bessent told Fox Business Network. He said bringing the sanctioned Iranian crude back into global markets would help cap prices over the next 10 to 14 days. CitiBank now expects Brent and WTI to climb to $120 per barrel over the next one to three months, and to $150 per barrel in a bull-case scenario if disruptions intensify. Still, its base case assumes de-escalation within four to six weeks, which would allow Brent to ease back to $70–$80 by year-end.
March 17, 2026Iraq resumes Kirkuk crude exports via Ceyhan after Baghdad-KRG deal
Crude exports from Iraq’s Kirkuk fields to Turkey’s Ceyhan port have resumed via pipeline, North Oil Company said, after Baghdad and the Kurdistan Regional Government agreed on Tuesday to restart flows. The KRG confirmed the agreement, saying in a statement the two sides would form a joint committee to prepare to resume oil exports and that revenue would be returned to the federal treasury. The North Oil Company added that Kirkuk crude exports would resume with an initial capacity of 250,000 barrels per day. The two sides agreed to take the necessary security measures to protect oilfields and ensure the continuity of export operations, the KRG said. On Tuesday, the Iraqi presidency had urged both the Iraqi federal government and the KRG to cooperate to resume crude oil exports. Iraq’s parliament also called on the federal government to find outlets for Iraqi crude to avoid the current security conditions causing economic damage, the state news agency reported. International oil prices , which have risen by roughly 30% to over $100 a barrel since the U.S.-Israeli war on Iran began last month causing severe disruption of oil flows, fell 1.46%, to $101.91 on Wednesday.
March 12, 2026IEA releases “Oil Market Report – March 2026”
The IEA Oil Market Report (OMR) is one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market. The war in the Middle East is creating the largest supply disruption in the history of the global oil market. With crude and oil product flows through the Strait of Hormuz plunging from around 20 mb/d before the war to a trickle currently, limited capacity available to bypass the crucial waterway, and storage filling up, Gulf countries have cut total oil production by at least 10 mb/d. In the absence of a rapid resumption of shipping flows, supply losses are set to increase. With few ships currently able or willing to load cargoes at port, and domestic storage tanks filling up, producers in the region are reducing or shutting in production. Diesel and jet fuel markets look to be particularly vulnerable to an extended loss of Middle East production and exports, given limited flexibility elsewhere to increase output. The suspension of flights at major airports in the Middle East, with a knock-on effect on hubs elsewhere, has materially reduced global jet fuel demand. The ultimate impact on oil and gas markets and the broader economy from the conflict will depend not only on the intensity of military attacks and any damage to energy assets, but also, crucially, on the duration of disruptions to shipping through the Strait of Hormuz. Adequate insurance mechanisms and physical protection for shipping are key to the resumption of flows, which is of paramount importance for the oil market.
March 11, 2026Iran tells world to get ready for $200 a barrel
Iran’s military command said on Wednesday the world should be prepared for oil to hit $200 a barrel, as three more ships came under attack in the blockaded Gulf. “Get ready for oil to be $200 a barrel, because the oil price depends on regional security which you have destabilised,” Ebrahim Zolfaqari, spokesperson for Iran’s military command, said in comments addressed to the United States. Oil prices that shot up earlier this week have eased and stock markets have rebounded, with investors betting for now that the U.S. President Donald Trump will find a quick way to end the war he began alongside Israel nearly two weeks ago. But so far there has been no let-up on the ground, or any sign that ships can safely sail through the Strait of Hormuz, where a fifth of the world’s oil has been blockaded behind a narrow channel along the Iranian coast in the worst disruption to energy supplies since the oil shocks of the 1970s.
March 11, 2026IEA to propose record release of strategic stocks in response to Iran war oil price surge
The International Energy Agency is to recommend the release of 400 million barrels of oil, the largest such move in IEA history, to try to restrain soaring crude prices amid the U.S.-Israeli war with Iran. A source said the release would be spaced over at least two months, while Spain’s energy minister said countries would have up to 90 days to release that volume. The Paris-based IEA would publish its recommendation at 1300 GMT on Wednesday, ahead of a 1400 GMT meeting of G7 leaders chaired by France, according to three sources. Germany’s Economy Minister confirmed both the 400 million barrel figure and that Germany would participate in the release, details of which were still to be clarified. The U.S. and Japan would be the largest contributors to the IEA release, she added. Acting ahead of the IEA move, G7 member Japan announced plans to release 15 days’ worth of private-sector oil reserves and one month’s worth of state oil reserves. Analysts have said the pace of daily IEA stock releases would matter as much as if not more than the overall size. If 100 million barrels were released over the next month, the daily pace will amount to around 3.3 million barrels per day – a fraction of the current disruption of around 20 million barrels per day, with the Strait of Hormuz between Iran and Oman effectively blocked.
March 11, 2026Oil prices rise as supply fears persist despite IEA plan for record reserve release
Oil prices rebounded on Wednesday as markets doubted whether the International Energy Agency’s plan for a record release of oil reserves could offset potential supply shocks from the U.S.-Israeli conflict with Iran. Brent futures traded up $3.31, or 3.8%, at $91.11 a barrel by 1159 GMT. U.S. West Texas Intermediate (WTI) traded $3.13 higher, also 3.8%, at $86.58 a barrel. Both contracts extended losses in early Asian trade, after plunging more than 11% on Tuesday, despite U.S. crude prices leaping 5% at the market’s opening. “[It] doesn’t look like the oil market thinks that ‘largest ever’ release of strategic reserves will help much against the current crisis,” SEB analyst Bjarne Schieldrop said. “Even a quick resolution probably implies weeks of disruption for energy markets yet,” Morgan Stanley said in a note.
March 9, 2026Bahrain, Kuwait and Qatar, Singapore companies announces force majeure on operations
Bahrain’s Bapco declared force majeure on its group operations on Monday following an attack on its oil refinery complex, the company said, as the conflict in the Middle East continues to disrupt oil production. Bapco’s 380,000 barrels per day (bpd) Sitra refinery buys Saudi crude oil via a pipeline between the two countries, depriving Saudi Arabia of another outlet for its production. The firm said domestic market needs remained fully secured and that supplies would continue without disruption, and that supply continuity was being supported by contingency plans already in place. Bapco joins QatarEnergy, which declared force majeure two days after an Iranian drone strike hit the company’s liquid natural gas facilities. The Kuwait Petroleum Company (KPC) also declared force majeure because of “explicit threats” by Iran against the safe passage of ships through the Strait of Hormuz, continuing attacks by Iran on Kuwait and the “almost total absence” within the Arabian Gulf of vessels available to ship crude oil and products, the notice showed. KPC said the reduction was precautionary and would be reviewed as the situation develops. Even Singapore’s Aster Chemicals and Energy has declared force majeure, citing a disruption in raw materials because of the Middle East conflict.
March 9, 2026U.S. asks Israel to halt strikes on Iran’s energy infrastructure
The Trump administration asked Israel on Monday not to carry out further strikes on energy facilities in Iran, particularly oil infrastructure, according to three sources familiar with the matter. The Trump administration cited three reasons for its request, according to a source with knowledge of the matter: Such strikes harm the Iranian public, a large portion of which opposes the regime. Trump aims to cooperate with Iran’s oil sector after the war — similar to the approach he has taken with Venezuela. Finally, the strikes could trigger massive Iranian retaliatory attacks on energy infrastructure across Gulf states. The U.S. request marks the first time the Trump administration has reined in Israel since the two countries launched their joint operation against Iran ten days ago. The Israeli military took responsibility for the strikes on Iran’s energy sector, saying on X that it targeted “several fuel storage complexes belonging to the [Islamic Revolutionary Guard Corps (IRGC)] in Tehran” that it claimed were used to “distribute fuel to multiple military entities in Iran.” Since the strikes, Tehran and other population centers have been subjected to thick, toxic smoke from the fires and oil-tainted black rainfall staining everything around them. Iran’s Red Crescent Society warned residents of Tehran and the surrounding region that the rainfall after the strikes could be “highly dangerous and acidic,” and could cause “chemical burns of the skin and serious damage to the lungs.” The attacks constitute the most significant attack on Iran’s civilian industrial infrastructure of the war so far, a little over a week into the U.S.-Israeli attack that has killed more than 1,000 civilians.
March 8, 2026‘Sky is the limit’: Analysts warn oil prices could surge further
Analysts warned on Monday that there was no precedent for the surging price of oil, as the Middle East crisis deepens fears of prolonged production shut-ins and disruption to shipments through the strategically vital Strait of Hormuz. Oil prices were on track for their biggest-ever jump in a single day on Monday, before significantly paring gains, following a fresh wave of U.S. and Israeli strikes across Iran over the weekend. Oil depots were among the targets. International benchmark Brent futures had climbed as high as $119.5 per barrel earlier in the trading day, while U.S. West Texas Intermediate futures hit a session high of $119.48. The G7, or Group of Seven, finance ministers were expected to hold a call at 8:30 a.m. ET to discuss the idea and the impact of the war. U.S. crude oil surged about 35% last week in its biggest gain in futures trading history dating back to 1983. Shortly after oil blasted past $100 at the open of trading Sunday evening, President Donald Trump posted on Truth Social that a gain in “short term oil prices” was a “very small price to pay” for destroying Iran’s nuclear threat.
March 6, 2026Kuwait Cuts Oil Production as Storage Fills Up
Kuwait has begun cutting oil production at several fields as storage tanks fill up, reflecting the growing strain on Gulf energy infrastructure as the Strait of Hormuz disruption blocks normal export routes. Officials are reportedly considering further reductions in both production and refining, potentially scaling output down to levels needed only for domestic consumption if the bottleneck persists. The cuts highlight the cascading impact of the regional conflict on Gulf producers, many of whom rely heavily on Hormuz to ship crude to global markets. Analysts warn that if exports remain constrained, additional producers across the region could face similar shutdowns as storage capacity reaches its limits. The tightening supply outlook has already pushed oil prices higher and raised concerns about broader disruptions to global energy markets.
March 6, 2026Iranian Missiles Target Bahrain Oil Facility
Explosions struck a Bahraini oil facility after Iranian missiles targeted energy infrastructure across the Gulf as the regional conflict escalates. According to official sources in Bahrain, a facility at the main refinery of Bahrain Petroleum Company was hit by an Iranian missile on the 5th, sparking a fire at the site. Authorities reported that the blaze has since been fully contained with no casualties, and refinery operations have continued while officials assess the extent of the damage. Public records show that Bahrain Petroleum Company operates the country’s only large refinery, with a daily crude oil processing capacity of about 267,000 barrels.
March 5, 2026After Iraq, Kuwait and UAE may be next to cut oil output on Iran crisis, analysts say
Kuwait and the United Arab Emirates are the Gulf oil producers who will be next to reduce output if they cannot export crude through the Strait of Hormuz due to the Iran crisis, as storage tanks fill up, according to analysts, traders and sources. Shipping through the Strait of Hormuz, a narrow chokepoint between Iran and Oman through which a fifth of the world’s crude oil and liquefied natural gas passes, has ground to a near halt after Iranian hits on six vessels since the crisis started. Kuwaiti national oil company KPC did not immediately respond to requests for comment on whether shutdowns were imminent. UAE oil producer ADNOC had no comment beyond its listed subsidiaries’ statements on Wednesday that said their operations were continuing normally. Analysts at JPMorgan said in a report this week that Kuwait has about 18 days before output would need to be curtailed due to storage being used up, and the UAE 22 days if vessels are not re-routed, as estimated from the first day of the conflict. Around 300 oil tankers remained inside the Strait as vessel traffic in and out of the chokepoint nearly halted following the outbreak of war, according to ship tracking data from Vortexa and Kpler that excludes some of the smallest tankers.
March 5, 2026Oil rises more than 3% on supply concerns as Iran conflict widens
Oil prices rose more than 3% on Thursday, extending a rally as the escalating U.S.-Israeli war with Iran disrupted supplies and shipping, prompting some major producers to cut output and others to take measures to ensure supply security. Brent crude was up $2.64, or 3.2%, at $84.04 per barrel by 1425 GMT, a fifth session of gains. U.S. West Texas Intermediate crude rose $3.35, or 4.5%, to $78.01. Renewed attacks on tankers in the Gulf, along with Chinese measures to reduce fuel exports, pushed prices higher, said UBS analyst Giovanni Staunovo. The refined product market is also showing signs of stress due to missing Middle East exports, he added. As a result of a lower supply outlook in fuel markets, European diesel futures reached their highest level since October 2022, at $1,130 a tonne. Gas prices also rose on Thursday, after President Vladimir Putin warned Russia could halt its remaining gas flows to Europe, adding to concerns about supply after Qatar announced force majeure on LNG shipments. European gas prices for April at the Dutch TTF hub were up nearly 3% at around 50 euros/MWh by 1419 GMT, ICE data showed. Prices have risen nearly 60% since Friday.
March 5, 2026Saudi Aramco Diverts Oil to the Red Sea
Saudi Arabia is rapidly adjusting its oil export strategy as the conflict with Iran disrupts shipping through the Strait of Hormuz, a key chokepoint for global energy flows. State oil giant Saudi Aramco has begun diverting crude exports to the Red Sea port of Yanbu via the East-West pipeline, allowing shipments to bypass the Gulf and maintain deliveries to global markets despite mounting security risks and tanker congestion. The pipeline can transport up to about 5 million barrels per day from eastern oil fields to the Red Sea, providing a critical alternative route as shipping traffic through Hormuz slows dramatically. However, analysts caution that the Red Sea system cannot fully replace the volume normally exported through the Gulf, while storage facilities in eastern Saudi Arabia are filling rapidly as exports face logistical bottlenecks.
March 5, 2026Oil Rises Over 2% on Supply Concerns as Iran Conflict Widens
Oil prices are rising sharply as the widening conflict between Iran and the United States disrupts energy supply routes and heightens fears of a prolonged regional crisis. Brent crude climbed roughly 2–3% to around $83–84 per barrel, while U.S. West Texas Intermediate rose above $77, reflecting growing market concerns about potential supply shortages and tighter global inventories. The rally comes as tanker traffic through the Strait of Hormuz declines and several ships are stranded or avoiding the region amid missile attacks and maritime incidents, raising the risk of major export disruptions from Gulf producers. Analysts warn that prolonged disruptions could remove significant volumes of crude from global markets and push prices toward $100 per barrel, with ripple effects on inflation, fuel prices, and global economic growth.
March 4, 2026Iraq Says It Is Hit With Nationwide Blackout
Iraq’s electricity ministry said Wednesday the entire country has been affected by a power outage, because of a technical fault. The outage was caused by a sudden drop in gas supplies to the Rumaila gas-fired power plant in the southern province of Basra, it said. The drop led to a rapid loss of 1,900 megawatts, the spokesperson said, adding that work was under way to restore power gradually. Iraq has more than halved its oil production as it runs out of storage, Iraqi oil officials said, while tankers avoid the Strait of Hormuz –the only sea passage between the Persian Gulf and the open ocean–amid attacks against shipping there. Many Iraqis for years have relied on privately operated generators for power as government-provided electricity was only intermittently available. Some others have turned to solar power to help cover their electricity needs. A member of the Organization of the Petroleum Exporting Countries, and one of the world’s leading oil producers, Iraq has struggled to provide its citizens with energy since the 2003 U.S.-led invasion that toppled Saddam Hussein.
March 3, 2026Hormuz shutdown could force Iraq, Kuwait to curb oil output within days, JP Morgan says
Crude oil supplies from Iraq and Kuwait could start shutting in within days if the Strait of Hormuz remains closed, potentially cutting 3.3 million barrels per day (bpd) by day eight of the Middle East conflict, J.P. Morgan analysts said in a note. Iraq and Kuwait have roughly three and 14 days, respectively, before they would be forced to halt crude exports that pass through the strait, the bank said on Tuesday. In a prolonged closure, losses could escalate to 3.8 million bpd around day 15 and 4.7 million bpd by day 18, according to J.P. Morgan. Iraq will be forced to cut its oil production by more than 3 million bpd in a few days if oil tankers cannot move freely through the Strait of Hormuz and reach its loading ports, two Iraqi oil officials told Reuters on Tuesday. U.S. President Donald Trump said on Tuesday that the U.S. Navy could begin escorting oil tankers through the Strait of Hormuz if necessary. Iranian media reported that a senior official from the Islamic Revolutionary Guards said the Strait of Hormuz is closed and that Iran would fire on any ship attempting to pass.
March 3, 2026These U.S. natural gas exporters benefit from disruption to Qatar LNG supply in Iran war
U.S. natural gas exporters are poised to benefit from the big disruption in global supply caused by the escalating war in the Middle East. Qatar halted production of liquefied natural gas Monday after Iran struck two key facilities in retaliation for massive U.S.-Israel airstrikes. The shutdown leaves a huge gap. Qatar is the second-biggest LNG exporter in the world behind the U.S., accounting for about 20% of global supply, according to energy consulting firm Kpler. Shares of Cheniere and Venture Global, the two biggest U.S. producers, have surged about 7% and nearly 24%, respectively, this week after Qatar’s production went offline. The U.S. exported about 108 million metric tons of LNG last year. U.S. LNG cannot replace lost supply from Qatar, but buyers who really need the gas and are willing to pay a high enough price will get it, an analyst said. It is unclear how long the shutdown in Qatar will last. Production can only restart when the Strait of Hormuz is open to traffic and the LNG can be loaded onto ships.
March 2, 2026Iran conflict disrupts global shipping as tankers are stranded, damaged
Shipping through the strait between Iran and Oman, which carries around one-fifth of oil consumed globally as well as large quantities of gas, has ground to a near halt after vessels in the area were hit as Iran retaliated to U.S. and Israeli strikes. An official from the European Union’s naval mission Aspides said on Saturday that vessels have been receiving VHF transmission from Iran’s Revolutionary Guards saying “no ship is allowed to pass the Strait of Hormuz”. The disruption and fears of prolonged closure have caused oil and European natural gas prices to jump, with Brent crude futures up more than 8% as the conflict triggered multiple oil and gas shutdowns in the Middle East. At least 150 vessels including oil and liquefied natural gas tankers had dropped anchor in the Strait of Hormuz and surrounding waters, shipping data showed on Sunday. Shipping advisories also cited increased electronic interference affecting navigation and tracking systems across the wider area, heightening the risk of accidents. Meanwhile, costs of shipping oil from the Middle East to Asia – already at six-year highs – are set to rise further as the widening Iran conflict is deterring shipowners from sending vessels to the region, market sources and analysts said.
February 26, 2026Russia and Iran Slash Prices to China as Oil Piles Up at Sea
Russian and Iranian oil producers are offering deepening discounts as they compete for the same limited group of Chinese buyers after India retreated from purchases. So far, it looks like Iran is taking a hit as Russia muscles in on the market. Deliveries of Russian oil to Chinese ports rose to 2.09 million barrels a day in the first 18 days of February, vessel-tracking data compiled by Bloomberg show. By contrast, Iran has exported about 1.2 million barrels a day to China so far this year, down around 12% from the year-earlier period, according to Kpler. Russia’s Urals grade is selling at around $12 a barrel below ICE Brent, according to traders familiar with such deals, compared with a $10 discount last month. Iranian Light is going for as much as $11 less than the global benchmark, an increase from the $8 to $9 deviation in December. The independent Chinese refiners, known as teapots, have historically acted as the oil market’s pressure valve, absorbing barrels shunned by others. But their capacity is finite; with China unable to fully soak up the displaced crude, unsold oil is piling up in Asian waters and Russia and Iran are running out of options. The Kremlin has already been forced to curb output, depriving it of funds for its war in Ukraine. Iran, meanwhile, is trying to ship as much oil as it can as it girds itself for a potential attack by the US.
February 26, 2026Nebras Energy Acquires Engie S.A.’s Stakes in Qatar Power and Ras Girtas Power
Nebras Energy has completed the acquisition of ENGIE’s stakes in two major power assets in Qatar, taking full ownership of Qatar Power and Ras Girtas Power as part of a strategic move to strengthen domestic energy infrastructure. The transaction positions Nebras Energy to enhance operational control and streamline decision-making across generation and distribution assets that are critical to meeting Qatar’s growing electricity demand. Company officials said the deal will support long-term investment in capacity expansion, efficiency improvements, and potential integration of cleaner energy sources in line with national energy goals. Industry analysts noted that full ownership of these power plants could enable more agile planning and financing, helping Qatar manage peak consumption and support economic growth. The acquisition also reflects broader regional trends toward consolidating energy assets under national or national-linked entities to drive strategic energy security and infrastructure development.
February 26, 2026Saudi Arabia & Iran Boost Oil Exports amid Rising Mideast Tensions
Saudi Arabia and Iran increased their oil export volumes this week as both producers responded to shifting market conditions amid rising tensions in the Middle East. Industry sources said Saudi Aramco and the National Iranian Oil Company moved additional cargoes to key global markets to maintain supply stability as geopolitical risk premiums remained elevated. The export boost helped temper some volatility in crude benchmarks, even as traders continued to monitor regional developments that could affect shipments through critical chokepoints such as the Strait of Hormuz. Analysts noted that the coordinated increase in exports may help offset potential supply disruptions and support demand expectations, particularly in Asia and Europe.
February 26, 2026Korea & UAE Seal $65 Bil. Partnership in Defense, Nuclear Energy, High-Tech
South Korea and the United Arab Emirates sealed a $65 billion strategic partnership that includes significant cooperation in nuclear energy development alongside defense and high-tech sectors. Under the agreement, both countries will expand collaboration on peaceful nuclear power projects, including exploration of new technologies and potential joint investment in future facilities. Korean firms are expected to play a larger role in UAE nuclear infrastructure, leveraging existing expertise from decades of involvement in the Barakah nuclear plant and new opportunities tied to advanced reactor technologies. Observers said the energy component of the deal could accelerate technology transfer and help both nations meet long-term low-carbon power goals as they diversify energy mixes beyond hydrocarbons.
February 23, 2026KBR Awarded Transformational Oil Development Project in Iraq
Energy engineering firm KBR won a major award to lead a transformational oilfield development project in Iraq’s Rumaila oil complex, a key asset in the country’s crude production infrastructure. The contract covers front-end engineering and design work that will support expansion and optimization efforts, reflecting Baghdad’s push to increase output and modernize facilities at one of the world’s largest oilfields. Industry officials said the project aims to improve long-term production efficiency and reservoir recovery, which could strengthen Iraq’s export capacity and bolster its contributions to global crude supply. The award also highlights continuing opportunities for international energy service companies in Middle East upstream projects, even as global markets navigate price volatility and shifting investment priorities. Observers noted that successful execution of Rumaila’s development plans could have downstream effects on regional energy investment and broader OPEC production dynamics.
February 23, 2026Combined Group Contracting wins $252mln Kuwait Oil Company deals
Combined Group Contracting won $252 million in new contracts from Kuwait Oil Company to support major oilfield infrastructure and development work across key production areas. The agreements call for engineering, procurement, and construction services that aim to enhance operational efficiency and extend the lifespan of existing facilities as Kuwait works to maintain and grow its crude output. Company officials said the scope of work will include upgrades to oilfield utilities and supporting systems, reinforcing Kuwait’s focus on modernizing energy infrastructure while attracting regional contractors. The contracts reflect continued investment in Gulf upstream assets even as global markets face volatility and shifting demand forecasts. Energy analysts noted that this award could help solidify Combined Group’s role as a regional energy services partner and support Kuwait’s efforts to sustain production and export capacity in a competitive landscape.
February 23, 2026Saudi Aramco Secures First Condensate Deals From $100 Billion Jafurah Project
Saudi Aramco secured its first condensate supply agreements from the massive Jafurah gas and condensate project, marking a key commercial milestone in the development of what is expected to be one of the Kingdom’s largest unconventional energy hubs. The deals will see Aramco deliver condensate feedstock to regional petrochemical partners, helping support downstream processing and strengthening integration between Saudi gas production and chemical output. Company officials said early commercial offtake validates Jafurah’s economic model and underlines growing global interest in the project’s long-term potential to supply both domestic and export markets. Analysts noted that securing condensate contracts will help accelerate further phases of development and investment at Jafurah, which is central to Saudi Arabia’s strategy to diversify beyond crude oil and expand its position in natural gas and chemicals. The progress demonstrates Riyadh’s continued focus on unlocking non-oil energy resources while enhancing value capture across the hydrocarbon value chain.
February 23, 2026Chevron, Iraq Agree to Exclusive Talks over West Qurna 2 Oilfield
Chevron and Basra Oil Co. have entered exclusive talks to exchange data as part of negotiations over the West Qurna-2 oilfield in southern Iraq, marking a key step in efforts to unlock development and increase production at one of the country’s largest crude assets. The discussions focus on sharing geological and reservoir information to support a potential new production sharing agreement and improve operational planning for the field, which has long been central to Iraq’s export capacity. Industry analysts said the move could accelerate investment and technical upgrades in West Qurna-2, where output has lagged behind targets in recent years due to technical challenges and infrastructure constraints. The talks also underscore Chevron’s continued interest in maintaining a strong foothold in Iraq’s upstream sector amid a competitive regional landscape for foreign energy companies. Market observers will be watching closely for a formal deal that could influence future crude supply trajectories from Iraq, OPEC’s second-largest producer.
February 22, 2026Oil Hovers Near Six-Month High with Nuclear Talks and US Tariffs in Focus
Oil prices slid sharply as markets reacted to a surprise U.S. tariff hike that heightened concerns about global economic growth and reduced demand expectations for crude. Traders cited the tariff move as a key driver of selling pressure, with both Brent and West Texas Intermediate benchmarks falling as investors reassessed the outlook for energy consumption and industrial activity. The sell-off came despite ongoing geopolitical tensions in the Middle East that have supported prices in recent sessions, underscoring how economic sentiment can influence oil markets even amid supply-related risks. Analysts noted that continued uncertainty around trade policy and growth prospects could keep downward pressure on prices in the near term unless stronger demand indicators emerge. The price drop highlights the delicate balance between geopolitical risk premiums and broader macroeconomic forces shaping global energy markets.
February 20, 2026Turkey & Saudi Arabia Sign Major Solar Power Deal
Turkey and Saudi Arabia signed a major solar power cooperation agreement aimed at accelerating renewable energy development and expanding clean energy trade between the two countries. Under the deal, Saudi companies will collaborate with Turkish partners on large-scale solar projects, technology transfer, and investment in sustainable power infrastructure, reflecting both nations’ commitments to diversify energy portfolios away from fossil fuels. The agreement is expected to support capacity growth, reduce carbon emissions, and enhance energy security in the region by leveraging Saudi capital and Turkey’s strategic geographic position for solar generation.
February 18, 2026Oil rises to six-month high on concern over potential US-Iran conflict
Oil prices rose around 2% on Thursday to their highest level in six months, as traders worried about escalating tensions between the United States and Iran, which have stepped up military activity in the oil-producing Middle East. Brent futures rose $1.25, or 1.8%, to $71.60 a barrel by 1:29 p.m. EST (1829 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.22, or 1.9%, to $66.41. Oil prices got a boost from “geopolitical tensions and the worry that the U.S. is going to strike (Iran) in the near future,” said Andrew Lipow, president of Lipow Oil Associates. Oil prices could surge further if talks collapse, analysts say. Military action carries economic and political risks for Trump, threatening to reignite inflation. A major attack on Iran could push oil prices to near $90 per barrel, Jorge León, a senior vice president and the head of geopolitical analysis at Rystad Energy, an independent research firm, wrote to clients earlier this month. Others see more dire consequences. “It is our understanding that senior officials from the region had warned the White House that a war with Iran in the current environment could send prices to triple-digit levels,” Helima Croft, the head of global commodity strategy at RBC Capital Markets, wrote to investors on Wednesday. On the supply side, U.S. crude stocks eased by 9 million barrels, as refining utilization and exports climbed. That was contrary to expectations in a Reuters poll that crude stocks would rise by 2.1 million barrels in the week to February 13. Gasoline and distillate inventories also fell last week, thanks to higher consumer demand. Separately, crude oil exports from Saudi Arabia, the world’s largest oil exporter, fell to 6.988 million barrels per day, their lowest level since September, data from the Joint Organizations Data Initiative showed on Thursday.
February 16, 2026$216mln EV battery materials project advances in Oman
Indian specialty chemicals manufacturer GFCL EV Products Limited has announced the incorporation of its wholly-owned Omani subsidiary, GFCL EV (SFZ) LLC, which plans to set up the Sultanate’s first advanced battery materials project for electric vehicle (EV) and energy storage applications. The initial investment in the facility, which will be located in Salalah Free Zone in Dhofar Governorate, is estimated at $216 million. The Salalah venture is envisaged as a state-of-the-art greenfield project specializing in the production of chemicals for lithium-ion battery (Li B) cells used in EVs and stationary battery energy storage systems (BESS). A presence in Oman positions GFCL EV to leverage regional trade routes and industrial clusters in the Middle East, while the India base anchors domestic production and aligns with initiatives such as clean energy growth and import substitution.
February 16, 2026Iran’s FM in Geneva for nuclear talks with Oman, IAEA
Energy continues to be a key point of contention within the U.S. – Iran diplomatic talks. Last week, U.S. President Trump and Israeli Prime Minister Netanyahu “agreed that the US would work to reduce Iran’s oil exports to China.” China accounts for more than 80 percent of Iran’s oil exports, so any reduction in that trade would significantly lower Iran’s oil revenue. Iranian Foreign Minister Abbas Araghchi landed in Geneva today for the second round of indirect nuclear negotiations with the United States, with preparatory meetings planned with Omani mediators and International Atomic Energy Agency chief Rafael Grossi. Iranian Foreign Minister Deputy Director for Economic Diplomacy Hamid Ghanbari said on Sunday that “common interests in the oil and gas fields, joint fields, mining investments, and even aircraft purchases are included in the negotiations.” Iran’s Atomic Chief stated today that the country may agree to dilute its most highly enriched uranium in exchange for the lifting of sanctions as an example of Iran’s flexibility.
February 16, 2026Saudi Oil Exports to China Set to Soar as the Kingdom Slashes Prices
Demand for Saudi crude in China is rising after Saudi Aramco cut official selling prices for Asia to their lowest level relative to regional benchmarks in more than five years. The company reduced the March official selling price for its flagship Arab Light crude to parity with the Oman/ Dubai benchmark, down $0.30 per barrel from a $0.30 premium in February, marking the fourth consecutive monthly price cut. The move reflects Riyadh’s effort to defend market share in Asia’s largest oil market amid oversupply concerns and continued price competition from discounted Russian crude.
February 16, 2026Iraq’s Weekly Oil Exports to US Hit 249,000 Barrels
Iraq’s crude oil exports to the United States declined to 249,000 barrels per day last week, down 76,000 barrels per day from 325,000 barrels per day the previous week, according to U.S. Energy Information Administration data. Despite the decline, overall U.S. crude imports increased to approximately 5.88 million barrels per day, with Canada remaining the largest supplier, followed by Saudi Arabia, Mexico, and Venezuela. The shift highlights continued volatility in Iraq’s export flows to the U.S. amid broader fluctuations in global crude trade and supplier competition.
February 14, 2026Petronas signs agreement for Block 18 O&G exploration in Oman
PC Oman Ventures, a wholly owned subsidiary of Petronas, signed a concession agreement with the Government of the Sultanate of Oman and OQ Exploration and Production Batinah Offshore (OQEP) to explore oil and gas (O&G) resources in Block 18. Block 18, which covers more than 21,000km² in north-east Oman, consists of offshore areas ranging from shallow to ultra-deep water. The arrangement builds on a memorandum of understanding signed between Petronas and OQEP in October 2025. Petronas has operated in Oman since 2018 and currently holds a stake in Block 61. The partnership intends to combine Petronas’ offshore exploration experience with OQEP’s regional knowledge. The companies aim to develop the area’s hydrocarbon resources and strengthen their long-term collaboration in Oman.
February 13, 2026Kazakhstan Invites Kuwait for Fourth Oil Refinery Construction
Talks between Kazakhstan and Kuwait focused on expanding cooperation in hydrocarbon processing and higher value-added energy production, in line with Kazakhstan’s national priorities. The Kazakh side encouraged Kuwaiti participation in oil refining projects, including consideration of a fourth refinery, while Kuwait’s Oil Minister Tariq Al-Roumi expressed interest in exploring investment opportunities in Kazakhstan this year. The two sides also discussed collaboration in refining, petrochemicals, and broader oil and gas investment strategies, and Kuwait was invited to attend the 30th Kazakhstan International Oil and Gas Exhibition in September 2026.
February 13, 2026UAE Aims to Become a Major SAF Production Hub
The United Arab Emirates aims to position itself as a global hub for sustainable aviation fuel (SAF), complementing its role as home to Dubai International Airport, the world’s busiest aviation hub. Under its published SAF Roadmap, the UAE targets production of 700 million liters annually by 2030, increasing to 10–12 billion liters per year by 2050. Industry stakeholders are now assessing how the country can scale SAF output despite limited domestic biomass feedstock and low-cost conventional jet fuel production.
February 13, 2026Venezuela oil sales top $1 billion, funds won’t go to Qatar account anymore, Energy secretary says
The Trump administration has taken control of Venezuela’s oil sales after capturing former President Nicolás Maduro in a military raid last month. Venezuelan oil revenue will no longer be deposited in a bank account in Qatar, U.S. Energy Secretary Chris Wright told NBC News in an interview this week. The U.S. originally deposited the initial $500 million of oil sales in the Qatar account before transferring the funds back to Venezuela. Democrats in Congress have questioned the transparency and legality of the arrangement, with Sen. Chuck Schumer, (D-N.Y.), and Sen. Adam Schiff, (D-Calif.), introducing legislation last Thursday that directed the Government Accountability Office to conduct an independent audit of the Qatar account. Wright told NBC News that revenue from Venezuelan oil sales now tops $1 billion, and that the U.S. deposited the initial sales in Qatar because the funds face the risk of Venezuela’s creditors attempting to claim them. The U.S. faces the added complication that it does not officially recognize the Venezuelan government led by interim President Delcy Rodríguez.
February 12, 2026Active Energy Group – RDIA Approval in the Kingdom of Saudi Arabia
Active Energy Group PLC has received formal approval from Saudi Arabia’s Research, Development and Innovation Authority (RDIA), marking a significant milestone in its Middle East expansion strategy. The approval enables the company to move forward with establishing a locally incorporated operating entity in the Kingdom and supports its plans to deploy a next-generation AI and high-performance computing modular data center platform. AEG intends to form a Saudi subsidiary to develop and operate its energy-optimized digital infrastructure model in alignment with Saudi Arabia’s Vision 2030 objectives.
February 12, 2026Eni, QatarEnergy Secure Offshore Block O1 in Libya’s 2025 Licensing Round
Eni and QatarEnergy have been awarded Libya’s offshore exploration License O1 under the National Oil Corporation’s 2025 bid round, expanding their upstream footprint in the country. The 29,000 square kilometer block lies in the offshore Sirte Basin and is considered highly prospective, with undeveloped discoveries and limited seismic coverage. Eni will operate the license with a 60 percent stake, while QatarEnergy holds 40 percent. The five-year exploration phase will include seismic surveys followed by drilling, with the concession agreement expected to be signed in Tripoli before the end of February.
February 10, 2026Iraq plans to increase fuel oil exports by more than one million bpd
Amid economic decisions aimed at boosting non-oil revenues and controlling public spending, Iraq is preparing to maximize its oil revenues by increasing fuel oil exports to more than 1 million barrels per day in 2026. Iraqi Prime Minister Mohammed Shia al-Sudani chaired a cabinet meeting on Tuesday to discuss increasing income and diversifying exports. This is part of a government attempt to boost the national economy while preserving the stability of local markets. The cabinet endorsed the Ministerial Council for the Economy’s suggestion to boost petroleum products, including exporting a minimum of 75 percent of the fuel oil produced during the refining process, aiming for exports of approximately 1.1 million barrels per day this year. Additionally, it includes exporting refined petroleum products based on available surplus. This move reflects a significant shift in fuel oil export management, particularly given that Iraq is one of the region’s largest producers of high-sulfur fuel oil due to its refining methods and domestic consumption patterns.
February 9, 2026Qatar Pushes Start of Its Massive LNG Expansion to End of 2026
QatarEnergy is pushing the start of its multibillion-dollar liquified natural gas expansion project to as late as the end of the year, a move that’s likely to keep global markets tighter for longer. The company recently stated that production from the North Field East facility will begin only in the fourth quarter, a slight delay from earlier plans for the third quarter. Insider reports suggest the project could even slip into 2027. North Field East is the first phase of Qatar’s massive expansion, which will almost double its export capacity to 142 million tons by 2030. The expansion project is part of a record wave of new supply set to flood the market through the rest of the decade. However, project delays around the world — coupled with Europe’s move to replace Russian gas with LNG — keep pushing back the emergence of a glut.
February 9, 2026United Solar Starts Polysilicon Production in Oman
Solar manufacturer United Solar has launched a polysilicon manufacturing facility in Oman, adding 100,000 metric tons of annual production capacity. Located in the Sohar Free Zone, United said the project is the Middle East’s largest polysilicon manufacturing facility. Once fully ramped up, it is expected to support the production of the equivalent of 40GW of solar modules annually. The milestone follows the closure of a massive debt financing package in mid-January totaling over $900 million, split between a $480 million facility led by the International Finance Corporation (IFC) and over $400 million from local commercial banks. The project’s largest shareholder, Future Fund Oman, has increased its stake to approximately $260 million. “The project is not only a key part of the Middle East PV value chain, but also a new connection point linking PV supply chains across Europe, Africa and Asia,” according to China-based Shuangliang Hydrogen, which said it supplied four green power intelligent hydrogen production systems to the facility.
February 9, 2026Kuwait Oil Sector Inches Open
Kuwait is cautiously expanding foreign participation in its tightly controlled energy sector as it targets a one-third increase in output to 4 million barrels per day within a decade. Prime Minister Sheikh Ahmad Al-Abdullah Al-Sabah said Kuwait Petroleum Corp. will invite international partners to help develop three recent offshore discoveries and is considering a potential $7 billion lease-and-leaseback deal for its crude pipeline network. The opening remains limited, with foreign firms expected to receive service contracts rather than equity stakes in upstream assets. This week, Kuwait signed an exploration studies agreement with TotalEnergies and awarded a five-year, $1.5 billion services contract to SLB.
February 9, 2026OPEC+ Decision Signals Stable Fuel Prices for Consumers
Oil markets remain finely balanced after OPEC+ decided to keep production unchanged for March, extending its pause on planned output increases. The move reflects the alliance’s effort to support prices without triggering inflationary pressure in major importing economies as demand recovery remains fragile and geopolitical tensions persist. Eight key producers including Saudi Arabia, the UAE, Russia, Kazakhstan, Kuwait, Iraq, Algeria, and Oman backed the decision, signaling a cautious approach amid supply disruptions and concerns about potential oversupply later in 2026. Brent crude is trading near $70 per barrel, while U.S. West Texas Intermediate hovers around $65, underscoring a market that is tight but wary of future demand weakness. OPEC+ is set to meet again on March 1, with investors watching for guidance on production policy beyond the first quarter.
February 9, 2026New Refineries in Iraq Start Full-Capacity Operations
Iraq’s Oil Ministry announced that newly developed refineries are now operating at full capacity, boosting domestic production of refined petroleum products. Deputy Minister Adnan Mohammed Hammoud said the projects aim to increase self-sufficiency in gasoline, kerosene, and gas oil through modern distillation, hydro-treatment, and gasoline upgrading units. Recently inaugurated facilities include the Salah al-Din Refinery-3 and North Refinery-2 with a combined capacity of 140,000 barrels per day, a 35,000 bpd Fluid Catalytic Cracking unit at Basra Refinery, and an 11,000 bpd hydro-treatment and gasoline upgrading unit in Kirkuk.
February 7, 2026Saudi Arabia Announces New Investments in Syria
Saudi Arabia and Syria signed a series of strategic agreements in Damascus as Riyadh expands its economic footprint in postwar reconstruction, with potential implications for energy and infrastructure development. Syrian state media reported that, “under the patronage of President Ahmed al-Sharaa, the ceremony to announce the signing of ‘strategic contracts’ between Syria and Saudi Arabia started Saturday at the People’s Palace in Damascus.” While the agreements formally cover aviation, telecommunications, infrastructure services, and real estate, they follow broader Gulf investment activity that includes offshore oil and gas exploration initiatives in Syria involving regional partners. The Saudi delegation, led by Investment Minister Khalid al-Falih, underscores Riyadh’s effort to position itself as a central actor in Syria’s reconstruction and future energy-linked infrastructure development, as regional competition for influence intensifies.
February 6, 2026US Announces New Sanctions on Iranian Oil Network Amid Nuclear Talks
The United States imposed new sanctions targeting a network involved in transporting Iranian oil, the State Department announced Friday. The measures designate 15 entities, 14 vessels, and two individuals linked to what Washington describes as Tehran’s “shadow fleet,” a covert shipping network used to circumvent existing sanctions. According to U.S. officials, revenue generated through these operations supports militant groups and contributes to regional instability. The sanctions were announced as U.S. and Iranian officials met in Oman for mediated talks aimed at easing tensions over Tehran’s nuclear program, reflecting parallel tracks of diplomatic engagement and economic pressure amid broader regional concerns over escalation.
February 6, 2026Saudi Arabia Cuts Flagship Oil Price to Asia for Fourth Straight Month
Saudi Arabia cut its crude prices for Asian buyers for a fourth straight month, reflecting concerns that global supply may outpace demand. Saudi Aramco set the March official selling price for Arab Light to Asia at parity with the Oman/Dubai benchmark, down from a $0.30/bbl premium in February. Heavier grades to Asia were reduced by $0.40/bbl, while lighter grades rose by $0.20/bbl. Aramco also lowered prices across all grades sold to the U.S., Northwest Europe, and the Mediterranean.
February 4, 2026Saudi Arabia’s $2 Billion Solar Plan Lifts Turkish Energy Stocks
Saudi Arabia announced an investment of $2 billion to build solar power plants in Turkey, in the first stage of a broader renewable-energy deal between the countries. Turkish energy stocks rose on the news in response. Saudi companies will initially develop solar projects capable of generating 2,000 megawatts in Turkey’s Sivas and Karaman provinces, followed by 3,000MW of additional wind and solar capacity to be finalized later, according to an intergovernmental agreement signed in Riyadh on Tuesday. Saudi utility ACWA Power CO. will build the solar plants, with Turkey buying back the electricity for the next 25 years at record-low prices for renewable power.
February 4, 2026OPEC+ Keeps Oil Output Steady Amid Turmoil Among Members
OPEC+ kept oil output unchanged on January 4th after a quick meeting that avoided discussion of the political crises affecting several of the producer group’s members. Sunday’s meeting of eight members of OPEC+, which pumps about half the world’s oil, came after oil prices fell more than 18% in 2025 — their steepest yearly drop since 2020 — amid growing oversupply concerns. Tensions between Saudi Arabia and the UAE flared last month over a decade-long conflict in Yemen, when a UAE-aligned group seized territory from the Saudi-backed government. The crisis triggered the biggest split in decades between the former close allies. The eight members agreed in November to pause output hikes for January, February and March due to relatively low demand in the northern hemisphere winter. Sunday’s brief online meeting affirmed that policy and did not discuss Venezuela, one OPEC+ delegate said.
February 4, 2026Maneuvering Around Iraq’s West Qurna-2 Intensifies
Iraq’s state-owned Basrah Oil Co. (BOC) has subcontracted management of the 480,000 barrel per day West Qurna-2 project to a consortium of Italian engineering firm Bonatti and Hilal al-Basrah. The reason given by BOC to project leader Lukoil, in a letter dated Feb. 2 and seen by Energy Intelligence, was to mitigate the impacts of the force majeure declared by the US-sanctioned Russian firm back in November. The letter handed Bonatti and Hilal al-Basrah management of West Qurna-2 “for a period of six months, renewable for another six months.” Lukoil currently gets a $1.15 per barrel remuneration fee for West Qurna-2, the lowest of all Iraq’s major oil projects. The move follows Lukoil’s announcement late last week that it has provisionally agreed to sell its international assets to US private equity group Carlyle, pending approval from Washington.
February 4, 2026China’s Shanghai SUS Environment to build clean energy facilities in Iraq
China’s state-owned Shanghai SUS Environment Co. announced plans on Tuesday to develop clean energy facilities in the Iraqi provinces of Baghdad, Basra, and Nineveh. Ahmed al-Amin, the company’s regional director, told the Iraqi News Agency that the Baghdad project will process about 5,000 tons of waste per day to generate 110 megawatts of electricity, which will be connected to the national grid. He added that the project is expected to be ready for implementation by mid-2026. Shanghai SUS Environment was reportedly awarded a $497 million contract to build Iraq’s first waste-to-energy facility. The initiative forms part of the Iraqi government’s efforts to reduce reliance on fossil fuels and expand renewable energy capacity.
February 3, 2026Kuwait to Open Up Key Oil Fields, Pipelines to Foreigners
Kuwait is planning to open up some of its oil fields to overseas firms and lease part of its pipeline network, a significant move by the OPEC member as it looks to position itself as a key investment destination in the Middle East. Kuwait Petroleum Corp. is pursuing a plan to invite international oil companies to assist its production arm, Kuwait Oil Co., in the development of offshore fields, Prime Minister Sheikh Ahmed Al-Abdullah Al-Sabah said at a conference in Kuwait. The deal is likely to be in the next few months and will be the largest single foreign direct investment project to date. Kuwait’s plans echo those of Saudi Arabia and the United Arab Emirates. The two Gulf nations have been progressively opening up their countries, using their crucial energy sector to boost foreign direct investments and raise finances for vast spending plans.
February 2, 2026$700 Million GCC-Oman Power Grid Interconnection Project to Enhance Energy Security, Economic Growth
The Gulf Cooperation Council Interconnection Authority announced plans to link the GCC grid with the Sultanate of Oman’s network, marking a major step in regional energy integration and infrastructure development. The project includes two 400-kilovolt transmission lines totaling about 530 kilometers, linking the Al Sila substation in the UAE to the Ibri substation in Oman. The project is expected to enhance network reliability, strengthen emergency support capabilities, support renewable energy integration and deliver significant economic savings, thereby improving electricity exchange efficiency between Oman and the GCC states.
February 2, 2026QatarEnergy opens LNG2026 as global leaders gather to shape the future of energy
QatarEnergy kicked off the 21st International Conference & Exhibition on Liquefied Natural Gas (LNG2026) in Qatar, the home of LNG. The four-day event brings together industry leaders, policymakers, and experts from over 80 countries to discuss market trends, innovation, and the future of global energy. Some of Tokyo’s largest LNG buyers, including Tokyo Gas Co., skipped the conference due to security concerns in the region, citing the escalating tensions between the U.S. and Iran. At the conference, Saad Al-Kaabi, the QatarEnergy President/CEO and Minister of State for Energy Affairs, outlined QatarEnergy’s production targets, including an increase in LNG output from 77 to 120 million tonnes annually, with 104 million tonnes from the North Field. Al-Kaabi also outlined how growing electricity demand from AI and data centres, together with rising fuel use in Asia and European gas needs could turn an expected global liquefied natural gas supply glut into a shortage by 2030.
January 30, 2026Oman to Build 400-Kilometer Green Hydrogen Pipeline Network
The Sultanate of Oman is moving forward with plans to construct a 400-kilometer pipeline network designed to transport green hydrogen from production sites to industrial hubs and export terminals, government officials confirmed this week. Part of Oman’s broader strategy to to become a global leader in renewable energy, the pipeline network will provide essential links between production zones in Al Duqum, Salah and Oman’s major ports. OQ Gas Networks (OQGN) has been tapped to lead the development of the network. The pipeline project arrives as Oman aggressively expands its green energy portfolio as the nation attempts to reach net-zero emissions by 2050.
January 28, 2026Saudi Arabia May Set Light Crude Price at Discount for First Time Since 2020
Saudi Arabia, the world’s biggest oil exporter, is expected to set the March price for its flagship Arab Light crude for Asian buyers at a discount for the first time since December 2020 amid ample supplies, trade sources said this week. The March official selling price for flagship Arab Light crude may decline by 50-85 cents a barrel to a discount of 20-55 cents below the average of Oman/Dubai quotes. Global oil supply has increased faster than demand mostly because producer group OPEC+, began boosting output in April 2025 after years of cuts.
January 27, 2026Oil Demand to Hold Above 100 Million BPD Through 2040, Says ADNOC CEO
The head of Abu Dhabi National Oil Company (ADNOC) said global oil demand will remain above 100 million barrels per day through 2040, while demand for both liquefied natural gas (LNG) and electricity will grow by 50% or more. Managing Director and CEO Sultan Ahmed Al Jaber told the India Energy Week conference on Tuesday that electricity demand will be driven by the need to power cooling systems as well as AI infrastructure and data centres. In January, India signed a $3 billion deal to buy LNG from the United Arab Emirates, making it the UAE’s top customer. The agreement will have ADNOC Gas supply 0.5 million metric tons of LNG annually to India’s Hindustan Petroleum Corp. over a 10-year period starting in 2028.
January 26, 2026Iraq approves plan to build oil university
Approved by the Ministry of Planning, Iraq will create a university for oil and gas. This university will help support the innovation of the country’s energy sector, training new and skilled workers for years to come. The Southern Basra province will be home to the university after completion.
January 23, 2026UAE Utility withdraws from Yemen and transfers solar power plants to government
Abu Dhabi-based Global South Utilities (GSU) has completed the handover of two solar power plants in Yemen to the country’s Public Electricity Corporation after Yemeni authorities requested the withdrawal of all Emirati companies from the country, the company said in a statement. The United Arab Emirates pulled its remaining military forces out of Yemen at the end of last month after Saudi Arabia backed a call for UAE forces to leave within 24 hours, deepening a rift between the two Gulf powers and oil producers. GSU planned to establish a $1 billion energy project portfolio in Yemen, with a combined capacity exceeding 1,000 MW, along with plans for sustainable transmission and distribution infrastructure.
January 22, 2026Oman signs power deals with Qatar’s Nebras and Korea Western Power worth $2.6 billion
Oman’s Nama Power and Water Procurement signed agreements worth an overall $2.6 billion with a consortium led by Qatar’s Nebras Energy and one led by Korea Western Power to develop power generation projects. The agreements are power purchase deals for combined-cycle gas turbine power projects in Misfah and Duqm. The projects include the Misfah Power Plant with a total capacity of 1,700 MW and the Duqum Power Plant with a total capacity of 877 MW, both under 20-year agreements. The combined-cycle gas projects will use advanced technology to improve fuel efficiency and cut emissions, and are expected to support grid stability and economic growth in Oman.
January 19, 2026Iraq launches four projects at Bazargan oil field
Iraq’s Oil Ministry has kicked up projects at the Bazargan oil field in the Mysan province. The projects consist of an administrative and residential complex for the Missan Oil Fields project, a training and technology institute, a smart operation management centre, and the initial phase of a 10-megawatt solar power plant for powering oilfield operations.
January 15, 2026Iraq seeks alternative oil Export routes amid Hormuz risks
The Iraqi government is working on alternative plans to export crude oil in case the Strait of Hormuz is closed due to rising tensions between Iran and the United States. Iraq is ensuring that the country will have safe exports that would allow its oil to continue to be exported if tensions cause the Strait of Hormuz to be off-limits.
January 15, 2026UAE’s ADNOC weighs Venezuela gas investment
Abu Dhabi state oil firm ADNOC is weighing entering Venezuela’s energy industry and could seek a partnership with another international producer to participate in the nation’s gas projects, Bloomberg News reported on Thursday, citing people familiar with the matter. Bloomberg states ADNOC’s interest was preliminary and would depend on clear legal and financial structures for investment, adding any approach in Venezuela would require coordination with the U.S. and be made through XRG. ADNOC has advanced an ambitious overseas expansion strategy, largely through its investment arm XRG, which aims to rank among the world’s top three chemical producers and the top five natural gas players by 2050.
January 13, 2026Iraq and Italy eye stronger cooperation
After visiting Ramadi, Ambassador Niccolo Fontana remarked on Italy’s motivations for improving their cooperation on energy projects in the future. He said, “From infrastructure to the health, agriculture and energy sectors, Italy stands ready to strengthen its longstanding friendship with Iraq towards a brighter future.”
January 12, 2026Iraq Accelerates Solar Expansion With 120 New Sites To Ease Summer Power Shortages
Iraq’s government is preparing for the summer power demand by creating more than 120 sites for solar farms. In order to avoid the blackouts that often happen due to their weak power grid, they hope to shift toward renewable energy, reduce dependence on imports, and to improve the stability of the grid. Most of these grids will be in vast desert areas that experience the strongest sunlight. The large-scale expansion is also promoting the use of smaller solar units in residential areas.
January 9, 2026Iraq removes Lukoil as major oilfield’s operator
After a plan was created to continue work at the West Qurna-2 oilfield, the Iraqi government agreed to appoint Basra Oil as the overseer of the oilfield. This comes after the US placed sanctions on Russian oil, forcing the government to nationalize the operations of Russia oil company LUKOIL for 12 months. This move will allow for the workers at the field to continue to receive their salaries while honoring contracts
January 6, 2026Iraq’s IDC drills and reclaims oil wells in 2025
Coinciding with the country’s ongoing production plans for future oilfields, the Iraqi Drilling Company drilled 62 new oil wells and reclaimed 175 old wells. This improvement is part of a 5 year plan to boost the country’s oil and gas production.
2025December 9, 2025ACWA Power, Bapco Energies to build 2.8GW solar-plus-storage project in Saudi Arabia
Saudi developer ACWA Power and Bahraini state-owned energy company Bapco Energies have signed a joint development agreement to build a 2.8 GW solar plant in Saudi Arabia, co-located with a battery energy storage system (BESS). According to ACWA Power, the project will be developed in “several phases,” with the electricity generated to be transmitted to Bapco Energies. The companies did not provide further details on the project’s technical specifications or construction timeline but confirmed it will be located in the Eastern Province of Saudi Arabia.
December 9, 2025Abu Dhabi’s ADNOC in deal talks over oil refinery at center of US sanctions
United Arab Emirates state energy company ADNOC has emerged as the frontrunner to acquire Russia’s controlling stake in Serbia’s sole oil refinery, as Belgrade grows increasingly frustrated with Moscow’s delays under U.S. sanctions. ADNOC, or Abu Dhabi National Oil Company, is the main contender to buy the stake in the Serbian Oil Industry (NIS), according to four people familiar with the proposed deal who spoke to the Financial Times. While ADNOC is the favorite, NIS—the operator of the Pančevo refinery and the country’s main crude importer—is continuing discussions with other potential bidders, including Hungarian national oil group MOL, two of the sources said. The deal value remains unclear, but NIS lists assets of $4.7 billion in its latest 2024 filing, approximately $2.6 billion of which corresponds to the Russian owners’ stake.
December 9, 2025Toshiba ESS tests hybrid wind-solar project with storage in Saudi Arabia
Toshiba ESS, a unit of Japanese industrial conglomerate Toshiba, has launched a pilot project to test a hybrid wind-solar power plant linked to battery storage in Saudi Arabia. Developed with support from Japan’s New Energy and Industrial Technology Development Organization (NEDO) and Saudi Electricity Co. (SEC), the project is scheduled to run until May 2028. The project includes a small ground-mounted solar plant, a battery, and an energy management system (EMS) integrated with a wind power plant operated by SEC on the outskirts of Riyadh. The storage system will use two types of batteries: power-oriented batteries, which offer high cycle life and smooth fluctuations in renewable output, and energy-oriented batteries, which provide large energy capacity to shift power peaks.
December 8, 2025US Backs Iraq Plan to Move Lukoil Oil Field to American Firm
The U.S. government is supporting Iraq’s plan to transfer Lukoil PJSC’s stake in a major oil field to an American company, just days before a sanctions waiver on the Russian firm is set to expire. Last week, Iraq’s Oil Ministry said it is approaching U.S. companies to take over the majority holding in West Qurna 2, which produces roughly 10% of the country’s crude oil. Sources familiar with the matter said last month that the Trump administration preferred Lukoil’s global assets to be acquired by a U.S. entity.
December 8, 2025UAE aims to boost LNG exports as global demand outpaces supply, minister says
The United Arab Emirates plans not only to meet domestic demand for liquefied natural gas (LNG) but also to expand its exports, Energy Minister Suhail al-Mazrouei said on Monday. Speaking on the sidelines of Abu Dhabi Financial Week, Mazrouei noted that he agrees with Qatar’s energy minister that global demand for natural gas is outpacing investment in production projects. “We intend not only to satisfy our local demand, but we are also growing our LNG exports. And I agree with His Excellency, the Minister of Qatar, that demand is going to far exceed the projects currently under development,” Mazrouei said. Qatar Energy Minister Saad al-Kaabi said on Saturday that global gas demand would remain strong, citing rising energy needs driven by artificial intelligence, and projected that LNG demand could reach 600-700 million tons per year by 2035. The international investment arm of the UAE’s Abu Dhabi National Oil Company, XRG, announced in June its goal to develop a gas and LNG business with a capacity of 20-25 million metric tons annually by 2035.
December 8, 2025Iraq restores West Qurna 2 output after brief outage
Iraq has restored production at Lukoil’s West Qurna 2 oilfield, one of the world’s largest, after a leak on an export pipeline temporarily reduced output, two Iraqi energy officials told Reuters on Monday. Last month, Lukoil declared force majeure at West Qurna 2 after sanctions were imposed on it and Rosneft as part of former President Trump’s efforts related to the Ukraine conflict. The field produces around 460,000 barrels per day, representing roughly 0.5% of global oil supply and 9% of Iraq’s total output, the second-largest producer in OPEC after Saudi Arabia. Full operations are expected to resume in the coming hours as oil wells are brought back online, one of the sources said.
December 6, 2025Qatar hopeful EU will resolve corporate concerns over sustainability laws by year-end
Qatar’s Energy Minister Saad al-Kaabi said on Saturday that he is hopeful the European Union will address companies’ concerns over its sustainability laws by the end of December. Qatar has expressed frustration with the EU’s Corporate Sustainability Due Diligence Directive (CSDDD) and has even threatened to halt gas supplies. The dispute centers on the directive’s potential to fine violators up to 5% of their total global revenue. The minister has repeatedly stated that Qatar will not meet net-zero emissions targets.
December 4, 2025ADNOC Among Firms in Talks With Germany to Buy SEFE Trading Arm
Germany has begun preliminary discussions with potential investors — including Abu Dhabi National Oil Co. (ADNOC) — over a possible sale of the trading unit of SEFE, as Berlin considers options for the future of the nationalized energy company. SEFE, formerly the European trading and supply arm of Gazprom PJSC, has retained a large trading team and has been expanding its LNG business through recent deals with Turkey and Argentina. The unit’s profile could appeal to Middle Eastern companies seeking deeper entry into global gas markets. Separating the trading business from SEFE’s more strategic assets, such as gas storage facilities in Germany, could also help facilitate a potential deal.
December 4, 2025Oman’s Abraj Energy wins $280m drilling contract
State-run Petroleum Development Oman (PDO) has awarded Abraj Energy Services, an Omani company, an oil-drilling contract valued at $280 million, Abraj said in a disclosure to the local bourse. The six-year contract covers the supply of four land drilling rigs for onshore Block 6 in the north of the country. “Two of the rigs will start drilling in the first quarter of 2026 and the other two in the second quarter,” the company said. The award follows PDO’s June contract granting Abraj six land drilling rigs for the 130-sq-km Block 6 in the Ghaba Basin.
December 4, 2025OQAE targets FID on 2 GW of renewables by year-end
OQ Alternative Energy (OQAE), the clean-energy investment arm of OQ Group, expects to reach final investment decisions (FID) on new renewable-energy projects totaling around 2 gigawatts before the end of the year, as part of a broader portfolio aimed at supporting Oman’s decarbonization goals. The planned capacity—mainly solar PV—builds on three renewable projects that recently entered the construction phase within Petroleum Development Oman’s (PDO) Block 6 concession.
December 4, 2025Iran boosts gas exports to Turkey despite deepening domestic shortages
Newly released data from Turkey’s Energy Market Regulatory Authority (EMRA), part of the Ministry of Energy, show that Iran supplied more than 5.5 billion cubic meters of natural gas to Turkey in the first nine months of 2025—a 17% increase from the same period last year and 45% higher than in 2023. Under pressure from extensive Western and international sanctions, Tehran appears to be seeking additional hard-currency revenue abroad even as it contends with acute gas shortages at home. A confidential Oil Ministry document obtained by Iran International in mid-2025 indicated that Iran’s fuel oil (mazut) consumption rose by nearly 50% last year.
December 4, 2025South Korea’s credit agency commits $2 billion to ADNOC
South Korea’s export credit agency has committed $2 billion in financing to the state-owned Abu Dhabi National Oil Company (ADNOC), Business Korea reported, citing a statement from Korea Trade Insurance Corp. (K-Sure). K-Sure said the funding package is intended to strengthen the competitiveness of Korean companies in project bidding and support their efforts to secure contracts in the UAE. The initiative follows a cooperation agreement signed between K-Sure and ADNOC during President Lee Jae Myung’s state visit to the UAE last month. The UAE is South Korea’s third-largest crude oil supplier, after Saudi Arabia and the United States, with Korean imports reaching $12 billion in 2024, according to the report.
December 3, 2025Aramco’s Jafurah gas plant begins output, Saudi finance ministry says
The first phase of oil giant Aramco’s Jafurah gas plant has been completed and production has begun at a capacity of 450 million cubic feet per day, the Saudi finance ministry said on Tuesday. Jafurah is considered the largest potential shale gas project outside the United States and is expected to reach sustainable production of 2 billion cubic feet per day by 2030. In its 2026 budget statement, the ministry listed the milestone as an achievement reached in 2025. Gas from Jafurah will be used for domestic power generation, freeing up crude currently burned for electricity and allowing more oil to be exported. Aramco has said its unconventional gas programme, at peak production, is expected to generate electricity equivalent to displacing 500,000 barrels per day of oil.
December 3, 2025Oman’s OQGN signs $100m gas pipeline deal
Oman’s state-controlled OQ Gas Networks (OQGN) has signed a $100 million deal to acquire a gas pipeline system that will supply domestic manufacturing, the company said in a bourse filing. OQGN signed the asset transfer agreement with the Ministry of Energy and Minerals for the 65-km pipeline located in Block 61. The block, in central Oman’s Khazzan and Ghazeer fields, produces 1.6 billion cubic feet of gas per day. BP holds a 40% stake in Block 61, while OQ Exploration & Production and Malaysia’s Petronas each hold 30%.
December 3, 2025Saudi Arabia reaches financial close on 15 GW of wind and solar projects
Saudi Arabia’s ACWA Power said on Thursday it had reached financial close on seven renewable energy projects—five solar plants and two wind farms—being developed with Water and Electricity Holding Company (Badeel) and Saudi Aramco Power Company (SAPCO). The projects, with a combined capacity of 15 gigawatts, represent a total investment of 31 billion riyals ($8.2 billion), ACWA Power said in a statement. They are expected to begin operations between the second half of 2027 and the first half of 2028. The plants form part of the Kingdom’s National Renewable Energy Program and will be jointly owned by ACWA Power, Badeel, and SAPCO. The Saudi Power Procurement Company (SPPC) will act as the procurer and off-taker. Power purchase agreements with SPPC were signed in July 2025. Saudi Arabia aims to install 40 GW of solar and 16 GW of wind capacity by 2030 as it accelerates plans to diversify its energy mix.
December 2, 2025OPEC+ members to undergo annual oil capacity audit under new plan
OPEC+ members will undergo an annual assessment of their oil production capacity starting next year for use in 2027, OPEC+ sources said, to ensure that the group sets output quotas that are more closely aligned with each country’s real capacity. This follows an agreement reached on Sunday which marks progress in resolving what has been a thorny issue for OPEC+ for years, and is expected to boost the credibility of its future production deals with investors and oil market participants.
December 2, 2025Exxon in talks with Iraq about buying Lukoil stake in giant West Qurna 2 oil field
Exxon Mobil has approached the Iraqi oil ministry to express its interest in buying Russian firm Lukoil’s majority stake in the giant West Qurna 2 oilfield, five Iraqi official sources with direct knowledge of the matter told Reuters. Lukoil is trying to sell its international assets after the U.S. imposed sanctions on the company, and Exxon’s move would mark a major expansion of the U.S. major’s return to Iraq as Moscow tries to offload key energy assets. Banking sources put West Qurna 2’s market value at around $1.6 billion based on its production and reserves of over 8 billion barrels.
December 2, 2025Oman and Botswana agree on 3 GW renewable energy deal
Oman and Botswana have agreed to develop up to 3 GW of solar, wind and battery-storage projects in Botswana under a deal between O-Green, Oman’s state-backed clean-energy platform, and Botswana’s Ministry of Minerals and Energy. Oman’s state-owned energy company OQ and Botswana Oil also signed an accord to explore investment opportunities in energy infrastructure and storage solutions in Botswana. A separate agreement between OQ Trading and Botswana Oil will examine supply opportunities for energy products and assess a framework for supply, assembly and long-term marketing in regional markets.
December 1, 2025New OPEC+ production mechanism will help stabilize markets, Saudi energy minister says
Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday that a new OPEC+ mechanism for assessing members’ maximum output capacity will help stabilize markets and reward producers that invest in expanding supply. On Sunday, OPEC+ approved the mechanism, which will determine members’ maximum production capacity for setting output baselines from 2027, OPEC said. Prince Abdulaziz called the system “fair and transparent” and said it offers “the most detailed, technical and transparent approach” for managing the market and setting future production levels. “Yesterday was probably one of the most successful days in my personal career, and I am very grateful for the support of our friends in Russia,” he added during the launch of a Saudi-Russian business forum in Riyadh.
December 1, 2025Iraq Invites U.S. Companies to Take Over Major Oil Field as Lukoil Faces Sanctions
Iraq’s Oil Ministry said Monday it has formally invited several major U.S. energy companies to submit bids to operate the West Qurna 2 oil field—one of the world’s largest—following years of management by Russia’s Lukoil, which is now under U.S. sanctions. The ministry said it had taken “all necessary measures to directly and exclusively invite several major American oil companies… to submit bids” to run the giant field in southern Iraq. An oil ministry official told AFP that “the winner takes over as operator instead of Lukoil.” Officials said shifting management to a U.S. company would serve “mutual interests, strengthen global market stability, and maintain Iraq’s oil production,” which remains vital to the country’s economy.
November 30, 2025Iran seizes Eswatini-flagged vessel for smuggling fuel
Iran has seized an Eswatini-flagged vessel carrying 350,000 liters of smuggled gasoil, the semi-official Tasnim news agency reported. “We seized a vessel carrying smuggled fuel in the form of gasoil and flying Swaziland’s (Eswatini’s) flag. It was brought to the coast of Bushehr following a judicial order and its cargo will be unloaded,” a Revolutionary Guards navy commander said. The commander added that the vessel’s 13 crew members were from India and from one neighboring country. Iran, which has some of the world’s lowest fuel prices due to heavy subsidies and the sharp depreciation of its national currency, has been battling rampant fuel smuggling by land to neighboring states and by sea to Gulf Arab countries.
November 27, 2025Rocket attack shuts down Iraq’s Khor Mor gas field, bringing power cuts
A rocket attack hit a storage tank at Iraq’s Khor Mor gas field, one of the largest in the Kurdistan region, shutting production and causing power cuts, joint field operator Dana Gas said on Thursday. There was no immediate claim of responsibility, and authorities did not say who was behind the attack, which caused no casualties and occurred late on Wednesday. The gas field supplies fuel for regional power generation, and the incident did not affect oil production or exports.
November 27, 2025OPEC+ expected to hold oil output policy steady for Q1
OPEC+ is likely to leave oil output levels unchanged at its meetings on Sunday and agree on a mechanism to assess members’ maximum production capacity, two delegates from the group and a source familiar with the talks told Reuters. The eight OPEC+ countries that have been gradually raising output in 2025 are expected to keep their policy of pausing hikes in the first quarter of 2026 unchanged, the delegates said. The full OPEC+ group is also expected to approve the capacity-assessment mechanism at a separate meeting on Sunday, the sources said, all speaking on condition of anonymity.
November 26, 2025Abu Dhabi’s GSU to launch $1 billion energy projects in Yemen
The United Arab Emirates on Wednesday announced it will launch energy projects worth $1 billion in Yemen to support the rebuilding of its energy sectors, which will be implemented by Abu Dhabi firm Global South Utilities (GSU). The agreement will see the company implement a portfolio including projects in solar and wind energy alongside the development of distribution networks in the country, GSU said in a statement. “This one-billion-dollar portfolio expands an energy system capable of supporting a larger economy and a more active market in Yemen,” said GSU CEO Ali Alshimmari.
November 26, 2025Iraq steps in to pay salaries to maintain Lukoil’s output
The Iraqi government has arranged the payment of delayed salaries for local staff at the Lukoil-operated West Qurna-2 oilfield, to ensure production continues despite U.S. sanctions on the Russian company, three Iraqi energy officials said. Any cut in production or exports from the field would have implications for the world oil market, as Qurna-2 accounts for about 0.5% of world supply and around 9% of the total oil output in Iraq, OPEC’s second-largest producer after Saudi Arabia. The U.S. sanctions announced on October 22 made it difficult for Lukoil to transfer funds to Iraq, forcing the government to intervene and facilitate payment. Previously, Lukoil paid Iraqi staff at the field via monthly bank transfers.
November 26, 2025Masdar-led group inks EPC deal for Oman’s first solar-storage project
A group headed by Masdar has selected China Power Engineering Consulting Group International Engineering Co (CPECC) to lead the engineering, procurement and construction (EPC) of Oman’s first utility-scale solar and battery storage facility. The Ibri III project envisages the installation of 500 MW of solar capacity, backed by a 100-MWh battery energy storage system (BESS). Once switched on, it will generate enough clean electricity to power around 33,000 homes annually while eliminating more than 500,000 tonnes of carbon dioxide emissions per year.
November 26, 2025Aramco Is Said to Pick Citi for Oil Storage Terminals Stake Sale
Saudi Aramco has selected Citigroup Inc. to help arrange a potential multibillion-dollar stake sale in its oil export and storage terminals business, according to people familiar with the matter. The U.S. investment bank was chosen in recent days following a pitching process that drew proposals from several other Wall Street lenders, the people said, asking not to be identified because the information is private.
November 25, 2025Saudi Aramco Weighs Raising Billions of Dollars From Its Biggest Disposals Yet
Saudi Aramco is considering raising billions of dollars through the sale of a range of assets, according to people familiar with the matter, in what could become the company’s most significant disposals to date. The firm is weighing the sale of a stake in its oil export and storage terminals, the people said, requesting anonymity because the information is private. Aramco has asked banks to pitch for roles on feasibility studies for the potential transactions, which could generate more than $10 billion.
November 25, 2025Iraq, South Korea discuss developing electricity sector
Iraqi Electricity Minister Ziyad Ali Fadel met South Korean Ambassador to Iraq Lee Jun-il on Monday to discuss prospects for cooperation in the power sector, the Electricity Ministry said. Fadel highlighted the ministry’s interest in drawing on South Korea’s experience in power generation, transmission and distribution. The talks covered power plant construction, network expansion, and the adoption of modern technologies for operation and control systems.
November 25, 2025Iraq generates $7 billion in revenue from oil sales in October
Iraq’s State Organization for Marketing of Oil (SOMO) reported that the country’s crude oil exports, including condensates, reached 110.92 million barrels in October, generating more than $7.03 billion in revenue. Exports from the central and southern fields totaled 104.81 million barrels, while shipments from the Kurdistan Region via Turkey’s Ceyhan port amounted to 5.83 million barrels. Iraq also exported 272,077 barrels to Jordan. October’s exports were up eight million barrels from the 102 million barrels recorded in September, according to SOMO.
November 25, 2025Oman awards $640m power supply contracts
Oman Electricity Transmission Company has awarded $640 million in power contracts to supply electricity to eight new towns under construction, it said in a statement. The state-owned utility did not disclose the companies selected to build and expand grid stations and transmission lines. Omani authorities have unveiled several new town projects this year, including seven community developments launched in October to provide 12,000 homes.
November 24, 2025Abu Dhabi’s ADNOC plans $150 billion in capital investments between 2026-2030
Abu Dhabi state oil company ADNOC plans to invest $150 billion between 2026 and 2030 to maintain existing operations, drive growth and meet rising global energy demand, it said on Monday. At a board meeting, directors welcomed an increase in the company’s proven oil reserves to 120 billion stock tank barrels (stb), up from 113 billion stb, and natural gas reserves to 297 trillion standard cubic feet (scf), compared with 290 trillion scf previously, the company said. ADNOC has been bringing in global partners to its unconventional exploration concessions to accelerate development, support the UAE’s gas self-sufficiency goals and meet growing international demand. Abu Dhabi’s unconventional resources—those requiring advanced extraction techniques—are estimated at 160 tcf of gas and 22 billion stb of oil, according to the statement. The company also said the enterprise value of its international investment arm, XRG, had risen to $151 billion from about $80 billion since its launch in November last year.
November 24, 2025L&T lands $140m Kuwait substation project contract
Kuwait’s Public Authority for Housing Welfare (PAHW) said it has awarded a KD43 million ($140 million) contract to India’s Larsen & Toubro (L&T) to build 132/11kV substations for the South Sabah Al Ahmad residential development. The deal covers the supply, installation, implementation and maintenance of 10 main transformer stations in the project’s N2, N4 and N6 areas.
November 24, 2025Iraq close to adding 15,000 MW to national grid
Iraq’s Electricity Ministry said on Monday it has intensified work to complete several projects that will add 15,000 megawatts to the national grid as the country seeks to curb recurring power outages. Ministry spokesperson Ahmed Musa told the state-run Al-Sabah newspaper that the ministry is pushing to finish stalled projects, with a number of ongoing schemes set to come online successively to boost generation capacity.
November 21, 2025Italy’s Prometheus wins fire-protection deal in Iraq
Italian company Prometheus will provide its ProFlex passive fire-protection systems for the New Nassiriya Depot, a major crude-storage and transit project aimed at improving Iraq’s oil infrastructure. The deal strengthens Prometheus’ Middle East footprint and integrates its technology with Iraq’s storage capacity and crude-handling operations. ProFlex protects oil and gas equipment against jet-fire exposure, enabling continuous operations and reducing inspection and maintenance downtime.
November 21, 2025Bahrain runs 3 MW solar tender
Bahrain’s Ministry of Electricity and Water Affairs is running a tender for the development of a 3-MW grid-tied solar power plant. Tender documents state that the plant will be built for the country’s General Sports Authority under a CAPEX model. The selected developer will be responsible for the supply, design, engineering, construction, installation, testing and commissioning of the facility, with work expected to be completed within ten months. The contractor will then enter into a five-year operations and maintenance contract.
November 21, 2025ADNOC’s Covestro takeover gets final regulatory approval in Germany
Abu Dhabi state oil firm ADNOC and Germany’s Covestro have received the final outstanding regulatory approval from the German economy ministry for their $16.9 billion takeover deal, the chemicals company said on Friday. Covestro said all closing conditions for the takeover by ADNOC had been fulfilled and that the transaction was expected to close in the coming days. It added that, upon closing, the company would launch a $1.35 billion capital increase to support strategic investment and the further execution of its sustainability programme.
November 21, 2025Abu Dhabi’s IHC interested in Lukoil’s foreign assets
Abu Dhabi conglomerate International Holding Company (IHC) has informed the U.S. Treasury that it is interested in acquiring Lukoil’s foreign assets, the company said in response to a Reuters inquiry. IHC joins a growing list of potential bidders for the Russian oil group’s international portfolio, including oil majors Exxon Mobil and Chevron and U.S. private equity firm Carlyle. Lukoil’s overseas assets were put up for sale after Washington imposed sanctions on the company. Prospective bidders have until Dec. 13 to engage with Lukoil, and any transaction will require U.S. approval. Asked whether it had notified the U.S. Treasury of its interest, IHC said: “Yes, we have expressed interest in Lukoil’s foreign assets.” The company declined to comment further.
November 20, 2025Midad Energy in talks to invest in Libya’s oil industry
Saudi Arabia’s Midad Energy has become the latest international company to hold talks about investing in Libya’s oil sector. Midad’s chairman Abdulelah Al Aiban visited Tripoli on Wednesday for a meeting with the oil minister, Khalifa Abdul Sadiq, the Libyan state news agency reported. The provisional authorities in conflict-torn Libya are seeking to rehabilitate its hydrocarbon industry and increase crude output capacity to 1.6 million barrels per day, from about 1.4 million. Libya, an OPEC member, has the largest proven oil reserves in Africa.
November 20, 2025HKN Energy, Iraq finalize technical terms for Hamrin oil field development
HKN Energy has reached a key milestone in the development of Iraq’s Hamrin oil field after finalizing technical terms with the Ministry of Oil (MOO), advancing the project toward a full field development contract. HKN plans to deploy U.S. technical expertise, equipment, and investment once a full contract is signed, with the objective of rapidly bringing new barrels online. The Texas-based company holds the largest energy investments of any privately held firm operating in Iraq and has been expanding its footprint across the country’s upstream sector.
November 19, 2025Aramco signs preliminary US deals worth more than $30 billion
Saudi Aramco said on Wednesday it had signed 17 preliminary deals with U.S. companies with a potential overall value of more than $30 billion, during a visit to Washington by the Saudi Crown Prince. The projects span liquefied natural gas, financial services, advanced materials manufacturing and procurement of materials and services, it said in a statement. Saudi and U.S. officials touted billions in new investments and growing financial ties between the two countries on Wednesday, coinciding with a visit to the White House by Saudi Arabia’s de-facto leader Crown Prince Mohammed bin Salman.
November 18, 2025Arabian Drilling renews 4 rig contracts with Saudi Aramco at $533 million
Arabian Drilling has secured four rig contract renewals worth more than $533 million, adding 30 committed rig years to its active backlog, the company said in a press release. The renewals lift the group’s total backlog to $3.2 billion through the end of 2025, the highest in its 61-year history. With these agreements, Arabian Drilling has completed all planned rig contract extensions for 2025. Two of the renewed contracts cover rigs that were previously set to expire in 2026. Three of the four contracts relate to recently announced resumptions, while one is currently active. The contracts—signed with Saudi Aramco—carry tenors ranging from 5 to 20 years. Their financial impact is expected to begin upon deployment in the first quarter of 2026. Arabian Drilling and Aramco had earlier agreed to expand four rigs in a deal valued at $347 million.
November 18, 2025China refiner Yanchang buys crude from UAE, Kazakhstan, instead of Russia, trade sources say
China’s Yanchang Petroleum has bought 3 million barrels of crude from the United Arab Emirates and Kazakhstan for January delivery, several trade sources said, after halting Russian oil purchases over concerns about Western sanctions. The state-owned refiner purchased 2 million barrels of Abu Dhabi’s Murban crude from Mercuria and 1 million barrels of CPC Blend from Vitol, the sources said on Tuesday. Pricing details were not immediately available. Yanchang last week issued a tender seeking non-Russian crude for delivery between December and mid-February. The refiner, backed by the Shaanxi provincial government and located in the landlocked north, has a processing capacity of 348,000 barrels per day. It follows other Chinese state-owned majors, including Sinopec, which suspended Russian crude purchases in October after new Western sanctions targeting leading Russian oil producers.
November 18, 2025Kuwait’s state oil firm KPC signs $4.9 billion loan deal with local banks
Kuwait Petroleum Corporation (KPC) said on Tuesday it has signed a 1.5 billion dinar ($4.89 billion) syndicated loan arranged by National Bank of Kuwait and Kuwait Finance House. The facility is the largest syndicated loan ever denominated in Kuwaiti dinars, the state oil company said. The loan comprises two tranches: an 825 million dinar conventional facility and a 675 million dinar Islamic tranche. KPC said the financing will support its long-term strategy, which targets raising oil production capacity to 4 million barrels per day by 2035. Kuwait pumped 2.55 million bpd in October, according to OPEC’s November oil market report. KPC CEO Sheikh Nawaf Saud Al-Sabah the loan will help fund the strategy and forms part of the company’s efforts to diversify its funding sources.
November 18, 2025Oman and China start work on $1 billion clean energy projects
Oman has begun construction of three clean-energy projects as part of its drive to cut carbon emissions, the government said. The projects, with a combined annual production capacity of 8 gigawatts, are being developed in two of the sultanate’s free trade zones at a total cost of about $1 billion. Three Chinese companies are involved: Templewater and JA Solar are building facilities in the Sohar free trade zone, while Shanghai Electric Group is developing another project in Duqm in central Oman. Production is scheduled to begin in the first quarter of 2027.
November 18, 2025Reliance buys 1 million barrels of crude from Kuwait’s KPC, trade sources say
India’s Reliance has bought 1 million barrels of heavy crude from Kuwait Petroleum Corp (KPC) through a tender, four trade sources said. KPC last week issued a tender to sell crude that the Al-Zour refinery cannot process due to unplanned maintenance following a fire. The cargoes — 500,000 barrels of Kuwait Heavy Crude for loading Dec. 6 & 7 and an equal volume of Eocene crude for loading Dec. 8 & 9 — were awarded to Reliance, the sources said. Pricing details were not immediately available. Reliance halted purchases of Russian oil last month after U.S. sanctions were imposed on producers Rosneft and Lukoil. The Indian refiner has since bought at least 12 million barrels of spot crude from the Middle East and the Americas, Reuters has reported.
November 17, 2025Iraq exports 4.5M oil barrels to US in October
Iraq’s crude oil exports to the United States climbed above 4 million barrels in October, according to the US Energy Information Administration (EIA). The country shipped 4.495 million barrels to the US last month, up from 4.2 million barrels in September. Weekly flows fluctuated sharply, averaging 40,000 barrels per day in the first week of October, 255,000 bpd in the second, 92,000 bpd in the third, and 195,000 bpd in the final week.
November 17, 2025Shadow Fleet Tankers Cluster at Duqm
Six sanctioned Russia-trading tankers are signaling that they are berthed at the Oman port of Duqm, amid an escalation in deceptive shipping practices in the area as key buyers in India and China pause or reassess oil purchases. The tankers, all part of Russia’s sanctions-evading shadow fleet, are broadcasting Automatic Identification System (AIS) signals placing them at berths in Duqm, with five arriving between October 27 and November 11.
November 16, 2025Samsung C&T secures $1.3 billion contract for carbon facility in Qatar
Samsung C&T has received a letter of award from QatarEnergy LNG for the engineering, procurement and construction of a major carbon compression and transport facility in Qatar. The contract is valued at about KRW 1.9 trillion ($1.3 billion). The project, to be built in Ras Laffan Industrial City about 80 km north of Doha, will capture and compress CO₂ from nearby LNG liquefaction plants, dehydrate it, and transport it via 20 km of underground pipelines to a depleted gas reservoir for permanent geological storage. Completion is slated for 2030. Once operational, the facility will process up to 4.1 million tonnes of CO₂ per year, making it one of the Middle East’s largest carbon management projects and a key element of Qatar’s energy-transition plans, Samsung C&T said.
November 14, 2025Iran confirms it seized tanker in Strait of Hormuz
Iran’s Islamic Revolutionary Guard Corps (IRGC) has confirmed that it seized a tanker on Friday morning in the Strait of Hormuz. The Talara, sailing under the flag of the Marshall Islands, was travelling from the United Arab Emirates (UAE) to Singapore. The IRGC said the vessel was found to be “in violation of the law by carrying unauthorised cargo,” but did not provide further details. Reports suggest it was carrying high-sulphur gasoil. Iran has periodically seized tankers and cargo ships travelling in and around the Persian Gulf, a key global shipping route for oil and liquefied natural gas.
November 14, 2025Saudi Aramco to sign US LNG agreements during crown prince’s visit to Washington
Saudi Aramco will sign two U.S. liquefied natural gas agreements with Woodside Energy and Commonwealth LNG during Crown Prince Mohammed bin Salman’s visit to Washington next week, sources told Reuters. Aramco is expanding into LNG as U.S. export capacity is set to nearly double in the next four years. It already has supply deals with U.S. developers, including NextDecade’s Rio Grande LNG. The company is targeting 20 million tonnes per annum (mtpa) of LNG capacity, with 4.5 mtpa under development. Aramco is expected to secure up to 2 mtpa from Commonwealth’s proposed Cameron, Louisiana plant, three sources said. Four sources said a deal with Woodside includes an equity stake in its $17.5 billion Louisiana project and an offtake agreement for up to 2 mtpa.
November 14, 2025ADNOC’s Covestro deal gets conditional European Commission greenlight
The European Commission on Friday gave Abu Dhabi state oil firm ADNOC conditional approval for its €14.7 billion ($17 billion) takeover of German chemicals group Covestro. Brussels said the clearance depends on ADNOC meeting commitments, including changes to its articles of association and sharing certain Covestro sustainability-related patents with other market players. The deal—ADNOC’s largest acquisition and among the biggest Gulf takeovers of an EU company—had raised EU concerns over potential state subsidies.
November 13, 2025Masdar signs agreement for battery energy storage project in Uzbekistan
Masdar, the UAE’s state-owned renewables firm, has signed a battery storage services agreement with Uzbekistan’s state-owned JSC Uzenergosotish to develop the country’s largest standalone battery energy storage system (BESS). The deal follows Masdar’s December 2023 agreement with Uzbekistan’s energy and investment ministries to build up to 575 MW of BESS capacity nationwide.
November 12, 2025UAE’s Dana Gas says signed deal to assess redeveloping Syria gas fields
Sharjah-based Dana Gas, listed on the Abu Dhabi Securities Exchange, has signed a Memorandum of Understanding (MoU) with the Syrian Petroleum Company to conduct a comprehensive technical assessment of several gas fields in central Syria, including Abu Rabah, one of the country’s largest discoveries. Dana Gas said it will propose a development plan to its Syrian counterparts if the evaluation proves successful. The move aims to support the Syrian government’s goal of boosting national gas production to fuel power generation and aid energy recovery, the company added, noting it is the first developer to sign such an agreement.
November 12, 2025Saudi Arabia, Iraq, Kuwait increase supplies to India in December
Middle Eastern producers Saudi Arabia, Iraq and Kuwait will raise crude oil supplies to India in December as refiners seek alternatives to Russian barrels, sources at four Indian refiners said on Tuesday. The shift follows reduced Russian imports amid tighter Western sanctions, allowing OPEC producers to regain market share in the world’s third-largest oil consumer. Indian refiners have received full allocations from the two largest OPEC suppliers, the sources said, with at least one refiner set to receive higher volumes from Iraq.
November 12, 2025OQ Alternative Energy Launches New Phase in Oman’s Renewable Energy Journey
OQ Alternative Energy (OQAE), a subsidiary of OQ, has received the first batch of wind turbines for the Riyah 1 and Riyah 2 wind farms. Developed in partnership with TotalEnergies, the two projects will feature 36 turbines with a combined capacity of 200 MW. The milestone marks a key step in Oman’s transition to clean energy and supports the goals of Vision 2040 and the country’s Net Zero target by 2050. Once operational, the projects are expected to save millions of cubic meters of natural gas annually and cut carbon emissions by around 740,000 tonnes per year.
November 12, 2025Firms sign deal for Dhofar II Wind Farm development in Oman
Nama Power and Water Procurement Company has signed an agreement with a consortium including Sembcorp and OQ Alternative Energy to develop the Dhofar Wind Power Farm project (Phase II) in Oman. The project will cover the design, construction, ownership, operation, and maintenance of the wind farm, ONA reported. Salim Al Aufi, Minister of Energy and Minerals, said the $111 million investment reflects partners’ confidence in Oman’s investment climate and highlights the growing role of the country’s renewable energy sector. He added the project will cut carbon dioxide emissions by around 158,000 tonnes annually and supply clean electricity to more than 18,000 homes.
November 10, 2025AEO, OPEC chiefs discuss boosting cooperation, strategic alignment
Secretary General of the Arab Energy Organization (AEO), Jamal Al-Loghani, met with OPEC Secretary General Haitham Al-Ghais on Sunday to explore ways to enhance cooperation between the two organizations. AEO, formerly known as the Organization of Arab Petroleum Exporting Countries (OAPEC), said Al-Loghani also discussed with Al-Ghais prospects for increasing joint initiatives in line with AEO’s new strategic direction, aimed at modernizing its activities and adapting to global energy transitions.
November 10, 2025Iran Increases Floating Oil Storage Amid Difficulty in Deliveries to China
Data from commodity analytics firm Kpler show that over the past two months, Iran has delivered an average of less than 1.2 million barrels per day (bpd) of oil to China, down from 1.44 million bpd during the first eight months of 2025. Despite the decline in shipments to China, Iran has significantly increased oil and condensate loadings from its Persian Gulf export terminals in the past two months, reaching 1.95 million bpd — the highest level since August 2018. Between late August and early November, Iranian floating oil reserves more than doubled, surpassing 36 million barrels. Analysts say the surge points to a substantial gap between oil loaded at Persian Gulf terminals and the volume discharged at Chinese ports.
November 10, 2025Lukoil declares force majeure in Iraq over US sanctions
Lukoil has declared force majeure at its Iraqi oil field, sources told Reuters on Monday, as Bulgaria moved to seize its Burgas refinery, with the Russian company’s international operations buckling under U.S. sanctions. The force majeure at the West Qurna-2 field in Iraq marks the most significant fallout yet from sanctions imposed on Russian oil majors Lukoil and Rosneft. Four sources familiar with the matter said Lukoil sent a letter to Iraq’s oil ministry last Tuesday, citing force majeure conditions that prevented it from continuing normal operations at West Qurna-2.
November 10, 2025Kuwait turns to battery storage to ease power crisis
Kuwait is working on a battery storage project with a discharge capacity of up to 1.5 gigawatts and total energy storage of 4GWh to 6GWh, in a bid to ease chronic power shortages, a senior electricity ministry official said on Monday. Kuwait has been grappling with severe electricity shortages driven by rapid population growth, urban expansion, rising temperatures and delays in plant maintenance.
November 10, 2025Egypt’s Enppi set to win $350m contract in Oman
Egypt’s state-owned engineering company Enppi is close to securing its first contract in Oman — an expansion of oil facilities in the Budur region — according to a media report. The $350 million contract will be awarded by OQ Exploration and Production (OQEP), Asharq Business reported, citing an unnamed Egyptian government official. Enppi will handle engineering design, procurement, construction, and commissioning, the source said. The project is expected to be completed within 26 months of the signing date.
November 7, 2025ADIPEC 2025 delivers $46bn in deals; sets bold agenda for future energy
ADIPEC 2025, the world’s largest energy event, concluded on Thursday after another record-breaking edition, generating $46 billion through 35,000 cross-sector deals.The event drew a record 239,709 attendees, up 17% from 2024, setting the agenda for the future of global energy. It also delivered substantial benefits to Abu Dhabi’s economy, contributing an estimated $400 million, particularly in the hospitality, tourism, and transport sectors.
November 7, 2025UAE’s oil trading arm plans rapid global expansion, Bloomberg reports
Abu Dhabi state oil firm ADNOC’s trading unit plans to boost the volume it handles by two-thirds over the next few years as part of its international expansion, Bloomberg News reported on Friday, citing its CEO. ADNOC has accelerated its global expansion in recent years to diversify revenue for the Gulf state, including building up trading operations since 2018. The state-owned Abu Dhabi National Oil Company sees trading as a way to capture more value from the sale of fuels produced in the emirate and abroad, Ahmed bin Thalith, chief executive officer of ADNOC Global Trading, told Bloomberg in an interview published on Friday.
November 7, 2025Qatar’s UCC signs final concession for 1 GW solar project in Syria
The Syrian Ministry of Energy has finalized concession agreements with a consortium led by Qatar’s UCC Holding to develop and operate 1,000 MW of solar power projects across Syria, part of a broader 5,000-MW energy package that also includes gas-fired plants. The solar projects cover four sites — Widian Al-Rabee, Deir Ezzor, Aleppo, and Homs — with capacities between 200 MW and 300 MW each. Under the concession framework, the UCC-led group will build, operate, and manage the plants, supplying electricity to the national grid under terms agreed with the Syrian Electricity Company.
November 7, 2025New e-methanol project and bunkering hub weighed in Oman
IF Global, a leading international producer of carbon-neutral e-fuels, is leading a consortium of global and local partners to explore the development of an e-methanol project and a bunkering hub in Salalah, in southern Oman. A Memorandum of Understanding (MoU) was signed between the consortium and Oman’s Ministry of Transport, Communications and Information Technology in Spain earlier this week. The signing took place during the state visit of His Majesty Sultan Haitham bin Tarik to Spain.
November 6, 2025ADNOC Drilling buys 80% of Omani oil company
ADNOC Drilling has acquired an 80 percent stake in Oman’s MB Petroleum Services as it pursues further acquisitions in the sultanate. The Abu Dhabi company paid $204 million for the stake, MB Petroleum chairman Mohammed Al Barwani told AGBI. The acquisition will add 21 rigs — 13 in Oman, four in Kuwait, and four in Bahrain — to ADNOC Drilling’s portfolio. Established in 1982, MB Petroleum holds oil drilling contracts in concessions operated by Oman’s state-run OQ, Petroleum Development Oman, and Shell.
November 6, 2025ADNOC’s Covestro deal set for EU nod in coming weeks, sources say
Abu Dhabi state oil firm ADNOC is expected to secure EU approval for its $17 billion bid for German chemicals company Covestro in the coming weeks, people with direct knowledge of the matter said. The European Commission, the EU’s competition regulator, restarted its review of the deal on October 24 after pausing the process on September 3 while awaiting requested information. The Commission is likely to clear the deal this month, the people said, although the timing could still change.
November 6, 2025Saudi Arabia cuts December oil prices for Asia as OPEC+ boosts output
Saudi Arabia, the world’s top oil exporter, has sharply reduced the prices of its crude oil for Asian buyers in December, responding to a well-supplied market as OPEC+ producers ramp up production. State oil giant Saudi Aramco set its December official selling price at $1 per barrel above the Oman/Dubai average, marking the first price reduction since October after keeping rates unchanged in November. The December prices for other grades — Arab Medium and Arab Heavy — fell by $1.40 each to five cents and 10 cents a barrel, while the price of Arab Extra Light dropped by $1.20 to $1.30 a barrel.
November 5, 2025UAE’s Masdar to invest in Austria’s largest hydrogen project
The United Arab Emirates’ state-owned energy company Masdar will invest in Austria’s largest hydrogen project, operated by oil and gas firm OMV. The 140-megawatt electrolysis plant, scheduled to be operational by the end of 2027, will produce up to 23,000 tonnes of green hydrogen and is set to become the largest of its kind in Austria and one of the five largest in Europe. Masdar will hold a 49% stake in the planned plant in Bruck an der Leitha, while OMV will retain a 51% stake and operational control. The deal marks a further step in strengthening economic ties between Austria and the United Arab Emirates, whose state-owned oil company ADNOC already holds a 24.9% stake in partially state-owned OMV, making it the company’s second-largest shareholder.
November 5, 2025Oman, Spain ink MoUs for green methanol, LNG
Oman and Spain have signed several memoranda of understanding (MoUs), including agreements in the fields of green methanol and liquefied natural gas (LNG). Oman LNG Company signed an MoU with Spain’s Naturgy to explore a potential long-term LNG sale and purchase agreement that could include the supply of up to one million tonnes annually for 10 years starting in 2030, the Oman News Agency (ONA) reported. Under the MoU, the two companies will also consider a joint investment in building an LNG carrier in cooperation with Asyad for maritime transport.
November 5, 2025ADNOC, Shell sign 15-year LNG supply deal for Ruwais project
Abu Dhabi National Oil Company (ADNOC) has signed a 15-year sales and purchase agreement (SPA) with a Shell subsidiary for the supply of liquefied natural gas (LNG) from the Ruwais LNG project in Abu Dhabi. Under the agreement, Shell International Trading Middle East, a wholly owned subsidiary of Shell, will procure up to one million tonnes per annum (mtpa) of LNG from the project. The SPA marks ADNOC’s first long-term LNG supply contract with Shell and the eighth long-term offtake agreement for the Ruwais project. With this deal, ADNOC now has long-term contracts in place for more than 8 mtpa of the Ruwais project’s planned total capacity of 9.6 mtpa.
November 4, 2025Iraq cancels Lukoil oil cargoes loading amid sanctions
Iraq’s state firm SOMO cancelled cargoes from Lukoil’s equity production at the West Qurna-2 field, the sources said. The cargoes had been meant to load on November 11, 18 and 26. Lukoil and SOMO were not immediately available for comment. Russia’s second-largest oil company, Lukoil, was sanctioned by the United States and the United Kingdom in recent weeks, complicating its operations. The U.S. Treasury Department issued a licence giving companies until November 21 to wind down any transactions with Lukoil and top producer Rosneft.
November 4, 2025Iraq halts fuel imports after achieving self-sufficiency
Iraq has stopped importing gasoline, gas oil, and kerosene after achieving self-sufficiency in these fuels, according to an order from Prime Minister Mohammed Shia al-Sudani on Tuesday. The directive came after the Ministry of Oil reported that domestic production now exceeds consumption needs, the state news agency said.
November 4, 2025KBR Awarded Detailed Engineering Contract for Qatar’s High-Value Offshore Project
KBR announced it has been awarded a contract for detailed engineering services for the Bul Hanine oil and gas field in Qatar. Under the terms of the contract, KBR will provide detailed design and engineering services for QatarEnergy’s Bul Hanine EPIC project, situated approximately 120 kilometers east of Doha. Bul Hanine is one of Qatar’s significant offshore oilfields and a vital contributor to the country’s production portfolio. This initiative by QatarEnergy aims to extend the field’s production life, increase its capacity, and integrate advanced technologies to maximize recovery.
November 4, 2025Saudi Aramco’s third-quarter profit slips on lower crude prices
Saudi Aramco, the world’s top oil exporter, reported a 2.3% fall in quarterly profits, citing a drop in crude and product prices, although its performance did improve from the previous quarter as oil production rose. Saudi Arabia has been pumping more crude as OPEC+ unwinds voluntary production cuts following several years of cutting back to support the market. In October, crude oil futures fell for a third consecutive month, dropping more than 2% and hitting a five-month low, on fears of a supply glut and U.S. tariff concerns.
November 4, 2025YPF, Eni sign agreement with ADNOC’s XRG to develop Argentina LNG project
Argentina’s YPF and Italy’s Eni have reached an agreement with the Abu Dhabi National Oil Company’s investment arm, XRG, for it to join a liquefied natural gas (LNG) project linked to Argentina’s Vaca Muerta field, YPF said on Tuesday. In a statement released during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), YPF CEO Horacio Marin said XRG’s incorporation “strengthens a key initiative for the energy future of the country”, and will allow Argentina to turn into a “world-class” exporter of LNG.
November 4, 2025Oman signs gas supply deal with domestic manufacturers
Oman’s state-owned Integrated Gas Company (IGC) has signed an $8.8 billion agreement to supply domestic manufacturers, a move analysts say will strengthen the Gulf country’s bid to become a leading exporter of non-oil products. IGC will supply 14 manufacturing industries in the country with a total of 27 million cubic metres per day of gas for the next 10 years starting in January 2026, its chairman said.
November 4, 2025OQEP signs gas agreements to boost Oman energy integration
OQ Exploration and Production (OQEP) has announced the signing of a natural gas sales agreement (NGSA) with Integrated Gas Company (IGC) for Block 65, alongside a natural gas transportation agreement for the Marsa liquified natural gas (LNG) project. Under the NGSA, OQEP and Occidental Oman Block 65 LLC will supply their respective shares of natural gas produced from Block 65 to IGC. OQEP holds a 49% stake in the field, which will be sold under the terms of the agreement.
November 3, 2025Envision Energy and ACWA Power Establish Framework agreement for Cooperation to Build a Global Clean Energy Ecosystem
Envision Energy announced a seven-year framework agreement with ACWA Power to collaborate on renewable energy projects in Saudi Arabia, Uzbekistan, and Central and Eastern Asian regions. Under the deal, Envision and its joint venture partner will establish local production capabilities for key wind turbine generator components, along with service infrastructure, in alignment with Saudi Arabia’s Vision 2030.
November 3, 2025Qatar threatens to cut LNG supply to Europe over incoming regulation
Qatar will not send LNG to Europe unless the European Union changes its Corporate Sustainability Due Diligence Directive (CSDDD), which is due to come into force next year.
November 3, 2025Flared gas recovery surge in southern Iraq
Iraq’s South Gas Company (SGC) announced on Sunday a considerable rise in flared gas recovery in Iraq’s southern provinces, hitting 1.75 billion standard cubic feet per day. Previously, flared gas recovery had ranged between 300 and 350 million standard cubic feet per day.
November 2, 2025ADNOC, Masdar, XRG and Microsoft to Advance AI for Energy and Energy for AI
ADNOC, Masdar, XRG, and Microsoft today announced a strategic agreement to accelerate artificial intelligence (AI) deployment across ADNOC’s value chain and deliver energy solutions for Microsoft’s global AI and data center growth. As part of the agreement, ADNOC and Microsoft will co-develop and deploy AI agents to drive autonomous operations and unlock greater efficiency. Moreover, Microsoft will provide advanced AI tools and upskilling programs, while both companies will explore a joint innovation ecosystem to create transformative solutions for the energy sector.
October 31, 2025Oman, Japan’s NYK to strengthen Duqm’s connectivity with global energy chains
A Memorandum of Understanding (MoU) signed between Japanese shipping giant Nippon Yusen Kabushiki Kaisha (NYK Line) and the Port of Duqm Company (PODC) earlier this week will help strengthen Duqm’s position as a key node in evolving global logistics and energy chains. Under the MoU, the two sides will collaborate on the development and connectivity of the Port of Duqm. The agreement covers future-oriented domains, including green steel supply chains, the transportation of green hydrogen and ammonia, and finished-vehicle logistics within the Middle East region.
October 31, 2025Oman LNG and Baker Hughes renew two-decade partnership
Oman LNG announced the renewal of its long-term service agreement with Baker Hughes, extending a partnership that has lasted nearly two decades. Under the renewed agreement, Baker Hughes will continue to ensure the readiness and reliability of critical rotating equipment in Oman LNG’s three liquefied natural gas production trains, contributing to the safe, efficient, and highly dependable continuation of operations. A key feature of this new phase is the establishment of the Cordant-powered iCenter, aimed at localizing digital expertise and enabling future innovation.
October 30, 2025Abu Dhabi’s Taqa exits Indian coal plant as part of clean energy push
Abu Dhabi National Energy Company (Taqa) has sold its 100% stake in an Indian coal power plant as part of its shift toward cleaner energy, the company said on Thursday. Taqa divested its holding in Taqa Neyveli Power Company, which operates a 250-megawatt lignite-fired plant in Tamil Nadu, to Hyderabad-based Meil Energy for 9.26 billion rupees ($104.4 million). Lignite, the lowest grade of coal, produces more emissions than higher-grade coals because it requires more energy to generate power.
October 30, 2025Iraq approves solar projects in Kirkuk to expand renewable energy
The administration of Kirkuk in northern Iraq has approved several sites for new solar power plants as part of the government’s plan to expand renewable energy and reduce reliance on fossil fuels, Governor Rakan Taha said on Wednesday. Speaking at the Kirkuk International Solar Energy Exhibition, Taha said the plants will help ease pressure on the national grid and cut power outages during peak summer demand. He added that the local government will provide administrative and technical support to ensure swift implementation in coordination with the Ministry of Electricity and investors.
October 30, 2025Oman’s Nama PWP issues tender for renewable energy advisory services
Oman’s Nama Power and Water Procurement Company (PWP), the country’s sole off-taker of electricity and water projects, has issued a tender for financial and commercial consultancy services for renewable energy Independent Power Projects (IPPs). PWP said it is inviting proposals to appoint a consultant to advise on projects scheduled for development in 2029, including support for procurement processes. Tender documents are available for purchase until November 2, 2025.
October 30, 2025About 20% of energy companies using agentic AI, ADNOC-Microsoft report finds
One in five energy companies is now using agentic artificial intelligence (AI) to automate complex decision-making, according to a new report. The Powering Possible report, released Thursday by Abu Dhabi National Oil Company and Microsoft, found that cases of AI deployment in the sector are rising, with about 88% of executives saying AI has a very positive effect on energy and describing their relationship with the technology as “symbiotic.”
October 30, 2025ADNOC-Covestro Deal Expected to Close in Q4 Amid EU Review
Regulatory approvals for ADNOC’s takeover of the chemicals company are progressing as expected, and the deal remains on track to close in the fourth quarter, the company said. The European Commission has been reviewing the transaction, its largest acquisition to date and one of the biggest EU takeovers by a Gulf state, amid concerns that ADNOC may be using state subsidies.
October 30, 2025Saudi Arabia’s ACWA Power signs $10 billion clean energy deals
Saudi Arabia’s ACWA Power has secured $10 billion in clean energy deals as it expands its renewables portfolio, the Public Investment Fund-backed (PIF) company said on the sidelines of the Future Investment Initiative conference in Riyadh on Wednesday. The agreements, covering partnerships, storage, research and technology, will be implemented in the Gulf, Africa, Central Asia and China. The largest deal, worth $6 billion, involves ACWA Power, Badeel and Saudi Aramco to develop projects aimed at meeting 70% of Saudi Arabia’s renewable energy targets by 2030. Badeel, formerly Water and Electricity Holding Company, is also backed by the PIF.
October 29, 2025Saudi Aramco awards multi-billion-dollar unconventional gas contract to NESR
Saudi Aramco has awarded a multi-billion-dollar unconventional gas contract to US-listed oilfield services company National Energy Services Reunited Corp. (NESR), covering completion services for the Jafurah field and other unconventional gas projects across Saudi Arabia over five years. The deal marks a major new phase in Aramco’s unconventional gas program, a key part of the Kingdom’s Vision 2030 energy diversification strategy.
October 29, 2025Saudi Arabia awards 4.5 GW of solar and wind capacity in latest auction
Saudi Arabia has awarded 4.5 gigawatts (GW) of new solar and wind capacity under the sixth round of its National Renewable Energy Programme (NREP), the government said. The round includes five projects—one wind and four solar—with total investments estimated at around $2.4 billion. The awarded projects are: Masdar’s 1.4 GW Najran solar project in the Najran region; the 600 MW Ad Darb and 600 MW Samtah solar projects in Jazan province; the 400 MW Sufun solar project in Hail province; and the 1.5 GW Dawadmi wind project.
October 29, 2025TotalEnergies, AEW to develop 400MW As Sufun solar project in Saudi Arabia
A consortium led by TotalEnergies and Aljomaih Energy and Water (AEW) has won a contract from the Saudi Power Procurement Company (SPPC) to develop, build, and operate a 400-megawatt (MW) solar photovoltaic (PV) plant in As Sufun, Hail province, Saudi Arabia. Electricity from the project will be sold to SPPC under a 25-year power purchase agreement (PPA). The plant is expected to begin operations in 2027. AEW Acting CEO Adnan Buhuligah said the project reflects the company’s commitment to expanding renewable energy investments in Saudi Arabia and supports Vision 2030 goals by supplying clean power to more than 68,000 homes.
October 29, 2025Kuwait Oil Company to spend $3.9 billion on exploration by 2030, deputy CEO says
Kuwait Oil Company (KOC) plans to spend 1.2 billion dinars ($3.92 billion) on its exploration drilling program through 2030, a senior executive told Reuters. The investment is part of a 9.8-billion-dinar budget—the company’s largest ever—allocated for drilling and maintaining up to 6,193 wells by the end of the decade, Deputy CEO for Exploration and Drilling Khaled Al-Mulla said. The plan underscores the OPEC producer’s push to raise oil production capacity to 4 million barrels per day by 2035 and maintain that level until 2040, up from the current 3.2 million bpd announced last month.
October 29, 2025Iranian oil discounts to China widen on sanctions, quota shortage
Discounts on Iranian oil sold to China have widened to their largest margins in more than a year, as tightening sanctions on both Russia and Iran curb purchases by independent Chinese refiners already constrained by limited crude import quotas, trade sources said on Wednesday. The sanctions have also prompted some buyers in China and India—the two biggest importers of Russian oil—to temporarily halt purchases, driving a sharp drop in Russian crude prices and adding unsold Russian cargoes to an already ample supply of Iranian oil, the sources added.
October 29, 2025Odfjell Technology secures five-year contract in Kuwait’s oil sector
Odfjell Technology has secured a five-year contract to provide fishing services for drilling and workover operations with a major oil and gas company in Kuwait, marking a further expansion of its well services portfolio in the Middle East. The contract, which includes an optional one-year extension, is expected to start in the first quarter of 2026. Under the agreement, Odfjell Technology will supply specialized fishing tools and engineering support for drilling and workover campaigns across the operator’s onshore and offshore fields.
October 28, 2025Aramco closes Jafurah midstream deal with international consortium led by Global Infrastructure Partners
Aramco announced the completion of an $11 billion lease and leaseback investment agreement for its Jafurah gas processing facilities with a consortium of international investors led by funds managed by Global Infrastructure Partners (GIP), a subsidiary of BlackRock. The transaction, first announced in August 2025, sees Jafurah Midstream Gas Company (JMGC)—a newly established Aramco subsidiary—secure development and usage rights for the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility, leasing them back to Aramco under a 20-year agreement. JMGC will collect a tariff from Aramco, while granting Aramco the exclusive right to process and treat raw gas from Jafurah. The agreement imposes no restrictions on Aramco’s production volumes, and Aramco maintains a 51% ownership stake in JMGC, with the remaining 49% held by the GIP-led investor group.
October 28, 2025Aramco CEO says oil demand strong, market watching Russia sanctions
The CEO of Saudi state oil giant Aramco said on Tuesday crude oil demand was strong even before sanctions were imposed on major Russian oil firms Rosneft and Lukoil and that Chinese demand was still healthy. “Right now we have to wait and see what will happen with the sanctions,” Amin Nasser said on a panel at the Future Investment Initiative conference when asked about oil prices. “But we definitely know that the demand is strong even before these sanctions were imposed on Rosneft and Lukoil.”
October 28, 2025China’s COOEC wins $4 billion EPC contract for Qatar’s Bul Hanine Field
China Offshore Oil Engineering Company (COOEC), a subsidiary of CNOOC, has secured an EPC contract worth up to $4 billion for QatarEnergy’s Bul Hanine offshore oil field. The project, the largest Chinese offshore oil and gas engineering contract in the Middle East, involves designing, procuring, constructing, transporting, installing, and commissioning over 60 offshore facilities and 40 subsea pipelines and cables. Located about 100 kilometers east of Qatar’s coast in water up to 40 meters deep, the project will process over 130,000 tons of steel and is scheduled for completion by mid-2031.
October 28, 2025The UAE starts building 5.2 GW solar and 19 GWh storage project in Abu Dhabi
The United Arab Emirates has broken ground on a solar+storage project in Abu Dhabi that will be capable of delivering 1 GW of continuous baseload power. Developed by Masdar and the Emirates Water and Electricity Company (EWEC), the project will combine a 5.2 GW solar PV plant with a 19 GWh battery energy storage system (BESS), according to the company’s statement. Scheduled for completion in 2027, the initiative supports EWEC’s goal to increase Abu Dhabi’s solar power generation capacity to 18 GW by 2035 and to meet 60% of the Emirate’s total power demand from renewable and clean energy sources by 2035.
October 28, 2025Iraq signs agreement for floating natural gas platform with Excelerate Energy
Iraq has signed a $450 million investment deal with Excelerate Energy to build the Gulf country’s first floating storage regasification unit, as Baghdad seeks to attract more U.S. investment to its energy sector. The unit, capable of receiving, storing and regasifying liquefied natural gas, will be based at the port of Khor al-Zubair, with gas piped for integration into Iraq’s power grid, two Iraqi energy officials with knowledge of the agreement said.
October 28, 2025Saudi Aramco to take minority stake in PIF-owned AI firm HUMAIN
Saudi Arabia’s Public Investment Fund (PIF) and Aramco said on Tuesday that they signed a non-binding term sheet for the oil giant to acquire a minority stake in HUMAIN, an artificial intelligence company majority-owned by PIF. The deal aims to combine the two entities’ AI assets and expertise under HUMAIN to accelerate its global growth and strengthen Saudi Arabia’s position as a leading AI hub, Aramco said in a statement.
October 27, 2025OTTCO and Royal Vopak sign strategic agreement to establish a joint venture in the special economic zone at Duqm
Oman Tank Terminal Company (OTTCO), a subsidiary of the OQ Group, and Dutch engineering specialist Royal Vopak have entered into a shareholder agreement to establish a new company in the Special Economic Zone at Duqm. Under the new partnership, OTTCO will hold a 51% share and Vopak 49%, with the new company set to develop and operate world-class energy storage and terminal infrastructure at Duqm. These facilities will support both traditional energy flows and the evolving demands of the global energy transition towards more integrated and sustainable ecosystems.
October 27, 2025Iraq achieves over $48 billion in 9 months from oil exports
The State Organization for Marketing of Oil (SOMO) revealed on Monday that Iraq’s oil exports in the first nine months of 2025 surpassed 900 million barrels, leading to profits of more than $48 billion. SOMO reported that oil shipments from the oil fields in central and southern Iraq via Basra ports amounted to 900,564,077 barrels. In addition, exports from the Qayyarah field in Kirkuk were approximately 7,099,154 barrels.
October 27, 2025Iraq launches first electric car factory
Kirkuk province on Monday laid the foundation for the Orok factory, set to produce electric, gasoline, and diesel vehicles. The factory’s management signed preliminary agreements with major car manufacturers from the United States, Germany, and Turkey to transfer technology and strengthen local industrial capabilities. According to Taha, the project is expected to create thousands of jobs in Kirkuk and reduce reliance on imports by promoting domestic vehicle production. Construction will take 180 days under a two-shift schedule, with production scheduled to start within a year.
October 27, 2025Iraq Negotiates Higher OPEC Oil Production Quota
Iraq is in talks with OPEC to reassess its production quota in light of its available production capacity of 5.5 million barrels per day (bpd), Reuters quoted Abdul Ghani as saying at an oil conference today. Iraq’s current quota stands at 4.4 million bpd, and the country remains committed to it despite its larger production capacity, the minister said. Despite the 4.4-million-bpd quota, Iraq currently produces lower volumes and is not boosting production as much as it would have been entitled to in the OPEC deal, if it had complied with its quota in the past few years.
October 27, 2025UAE: Masdar begins work on ‘world-largest’ solar-plus-storage project with 19GWh BESS
The Emirati state-owned renewables developer Masdar has begun construction on a giant solar-plus-storage project in Abu Dhabi. The roughly $5.9 billion project combines 5.2GW of solar PV with a 19GWh battery energy storage system (BESS), which Masdar claimed was the “largest and most technologically advanced system of its kind in the world.” The project is expected online in 2027. Developed alongside the Emirates Water and Electric Company (EWEC), the project will be capable of delivering 1GW of baseload energy around the clock, Masdar said.
October 24, 2025Baker Hughes, Aramco to Expand Integrated Coiled Tubing Drilling Operations Across Saudi Arabia
Baker Hughes (BKR) won a multi-year award from Aramco to expand integrated underbalanced coiled tubing drilling (UBCTD) operations across Saudi Arabia’s natural gas fields. The order was booked in Q3 2025 and will expand Baker Hughes’ UBCTD fleet from 4 to 10 units for re-entry and greenfield projects. Services include coiled tubing drilling units, underbalanced drilling, operational management, well construction and geosciences, using CoilTrak™ BHA and GaffneyCline™ advisory. Work under the expanded agreement is scheduled to commence in 2026.
October 24, 2025Nextracker forms JV in Saudi Arabia, raises FY guidance
US solar tracker manufacturer Nextracker and Saudi-based energy company Abunayyan Holding have formed a joint venture (JV) in Saudi Arabia. Through Nextracker Arabia, the new JV will locally manufacture and supply solar trackers and control systems for utility-scale solar and distributed projects across the country and the Middle East and North Africa (MENA) region.
October 24, 2025UAE breaks ground on $6 billion solar and battery storage project
The United Arab Emirates (UAE) has initiated construction of a $5.99 billion renewable energy project, featuring a 5.2GW solar photovoltaic (PV) power plant with 19 gigawatt-hour (GWh) advanced battery storage system. The foundation stone for the initiative was laid in the presence of Sheikh Theyab bin Mohammed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Development and Martyrs’ Affairs. Developed by Masdar in partnership with Emirates Water and Electricity Company (EWEC), the project aims to deliver 1GW of clean, continuous baseload power at a competitive tariff.
October 24, 2025Kirkuk exports reach 250,000 bpd
Iraq’s North Oil Company can export 250,000 barrels of crude per day (bpd) from its current production of 325,000 bpd, sources told Shafaq News on Friday. The sources revealed that efforts are underway to upgrade transport networks, storage sites, and loading facilities, along with routine well and pipeline maintenance to ensure uninterrupted operations.
October 24, 2025OPEC ready to raise oil output if required after US sanctions on Russia, Kuwaiti minister says
OPEC is ready to raise production by further rolling back its oil output cuts, if required, to address market shortfalls after the United States imposed new sanctions on Russian oil majors, Kuwait’s oil minister said on Thursday. “I expect that any decision to impose sanctions will certainly have a positive impact on prices,” Kuwaiti Minister Tariq Al-Roumi said in response to a Reuters question. Al-Roumi added that he expects a shift in demand towards the Gulf and the Middle East as a result of the sanctions. “We are seeing signs now,” he said.
October 22, 2025Oman: Work begins on PDO’s Rawafid renewable energy projects
Construction has begun on three renewable energy projects being developed for Petroleum Development Oman (PDO) by a partnership between OQ Alternative Energy (part of the OQ Group) and France-based TotalEnergies Renewables. Collectively known as the Rawafid Projects, the developments include the 234 MW Riyah-1 and Riyah-2 wind farms and the 105 MWAC North Solar plant. Under long-term Power Purchase Agreements (PPAs), the OQAE–TotalEnergies partnership—with OQAE holding a 51% stake and TotalEnergies 49%—will supply renewable energy to PDO.
October 21, 2025Iraq reviews developing two oilfields with Halliburton
Basim Khudair, Deputy Minister of Oil for Upstream Affairs, chaired a meeting on Monday with officials from Halliburton, a large US-based oil service company, to examine options to collaborate and accelerate the development of the Bin Umar and Sindbad oilfields. Khudair reaffirmed during the meeting the Ministry of Oil’s commitment to carrying out development activities in compliance with international standards for the oil and gas industry, according to a statement released by the Oil Ministry. The Iraqi official underlined that this strategy helps to achieve the ministry’s goals for developing oil and gas fields and increasing output. He also highlighted the importance of transferring experience and new technologies, as well as educating Iraqi staff to improve technical and administrative efficiency.
October 20, 2025Tender for first solar plant issued in Bahrain
A tender for Bahrain’s first solar power plant has been launched by the Electricity and Water Authority (EWA). EWA president Kamal Ahmed said the 150 megawatts (MW) solar plant, to be built in co-operation with the private sector, will be located near Bilaj Al Jazayer. “The solar plant is expected to provide electricity for around 6,300 homes and cut carbon emissions by more than 100,000 tons annually,” he said.
October 20, 2025Iraq and General Electric sign deal for 3 GW gas-fired power plant
Iraq’s Ministry of Electricity has signed an agreement to construct the 3 GW Al-Faw gas-fired CCGT power plant in Basra. The contract was concluded between the Southern Power Production General Company and Advanced Technology Systems Company, both Iraqi entities, with the project to be directly implemented by U.S.-based General Electric. The investment is set to span 25 years, according to the Minister of Electricity. The project will operate under a “Take and Pay” model, in which the government pays only for the electricity it receives. The combined-cycle power plant will feature four gas turbines and two steam units. The Minister emphasized the strategic location of Al-Faw—close to the Grand Faw Port and connected to the new Wafra–Faw interconnection line with Kuwait, positioning Basra as a future regional energy hub.
October 20, 2025Oman’s Hydrom partners with local firm to advance green hydrogen ambitions
In a key move to support its national green hydrogen strategy, Oman’s state-owned energy transition company, Hydrom, has signed an agreement with the local firm Ankaa Space & Technologies. The partnership will focus on gathering precise data relating to wind-based energy, a critical step for planning large-scale renewable energy projects, reports Energies Media. This collaboration is central to Oman’s goal of becoming a leading regional producer and exporter of green hydrogen.
October 18, 2025Iraq successfully captures over 80% of associated gas
Iraq’s Ministry of Oil announced on Friday (October 18, 2025), a significant milestone in its gas utilization strategy, confirming that over 80% of associated gas is now being collected and converted into useful products. The Ministry is working towards eliminating routine gas flaring in three major southern fields by 2028. Khalid Al-Battayneh, the Director General of the Basra Gas Company (BGC), confirmed that the remaining gas being flared is low-pressure gas, and the company has projects underway to capture it. “Our plan extends to 2028, by which time gas will be fully collected, ending routine flaring in these three fields,” he stated.
October 17, 2025India’s Megha Engineering gets $225.5 million contract in Kuwait
Indian multi-sector infrastructure firm Megha Engineering & Infrastructures has won a contract worth $225.5 million from Kuwait Oil Company (KOC), it stated Friday. The contract includes the construction, operation, and management of a new gas sweetening and sulphur recovery facility at Kuwait oilfields. The contract will be completed in 790 days, followed by five years of operation and maintenance, MEIL said in a statement. The facility is expected to treat sour gas and process it at about 120 million standard cubic feet per day.
October 17, 2025Qatar warns EU sustainability law could end its LNG exports to Europe
Qatar’s Minister of Energy, Saad al-Kaabi, said on 16 October that Doha would be unable to continue supplying liquefied natural gas (LNG) to Europe if the EU fails to revise its corporate sustainability rules. Kaabi warned that the Corporate Sustainability Due Diligence Directive, adopted in 2024, poses a “significant risk” to state-owned QatarEnergy—one of the world’s largest LNG exporters. The regulation requires major companies operating within the bloc to identify and address human rights and environmental violations in their supply chains or face fines.
October 16, 2025Dana Gas, Crescent complete KM250 expansion project in Iraq
Dana Gas and Crescent Petroleum have commenced commercial gas sales from the KM250 expansion project at the Khor Mor facility in the Kurdistan Region of Iraq (KRI). The project, completed eight months ahead of schedule, adds 250 million cubic feet per day (mcf/d) of processing capacity, increasing Khor Mor’s output to 750mcf/d. This expansion aims to address Iraq’s growing power demand by providing additional volumes of natural gas. The project is also expected to support power generation and industrial growth across the KRI, in line with the Kurdistan Regional Government’s Runaki initiative.
October 14, 2025ADNOC set to win EU nod for $17 billion Covestro deal with remedy tweaks
Abu Dhabi state oil firm ADNOC is set to secure EU approval for its $17 billion bid for German chemicals company Covestro, with EU regulators likely to seek tweaks to remedies provided earlier this month, sources with direct knowledge of the matter said. The European Commission is examining the deal, ADNOC’s biggest acquisition yet, and one of the largest foreign takeovers of an EU company by a Gulf state, over concerns that ADNOC may be using state subsidies to acquire the chemicals company. ADNOC reiterated previous comments about offering a package of robust and proportionate remedies to the Commission. The firm stated further that it was confident this would lead to the timely clearance of the deal.
October 13, 2025Algeria signs $5.4 billion oil and gas deal with Saudi firm Midad Energy
Algeria’s state-owned energy company Sonatrach said on Monday that it had signed a contract valued at approximately $5.4 billion with Saudi Arabia’s Midad Energy for oil and gas exploration and development in Algeria’s Illizi Basin. The production-sharing contract spans 30 years with an option to extend for an additional 10 years and includes a seven-year exploration period. Midad Energy North Africa will fully fund the investment, including $288 million allocated to exploration. The Illizi South perimeter lies about 100 km (62 miles) south of the Algerian town of In Amenas, near the Libyan border. By the end of the contractual period, overall production is estimated to reach around 993 million barrels of oil equivalent, including 125 billion cubic meters of natural gas, Saudi state news agency SPA reported later on Monday.
October 13, 2025ADNOC delegation holds energy talks with Iraq’s Ministry of Oil
A delegation from the United Arab Emirates, led by officials from the Abu Dhabi National Oil Company (ADNOC), has met with Iraq’s Ministry of Oil to discuss cooperation in the energy sector. The talks reportedly focused on potential collaboration in upstream oil exploration, refining, and infrastructure development. The meetings underscore ADNOC’s efforts to expand its regional partnerships and Iraq’s plans to attract investment in its oil and gas industry. No official statements have yet been issued by either ADNOC or the Iraqi Ministry of Oil regarding the discussions.
October 10, 2025Jordan’s NPC, Kuwait Drilling Company sign $174mln deal to explore, develop Risha gas field
The National Petroleum Company (NPC) and the Kuwait Drilling Company signed a strategic agreement to drill 80 new wells in the Risha gas field, at a total cost of $174 million, under a turnkey system over four years. The project is financed by NPC through revenues from gas sales, alongside JD87 million in government support, as part of the company’s strategy to increase production and expand the contribution of domestic gas to the national energy mix.
October 10, 2025China Energy Engineering Corp Secures $2.745 Billion in Saudi EPC Contracts
China Energy Engineering Corporation Limited announced that its subsidiaries have entered into three significant EPC contracts for new energy projects in Saudi Arabia, totaling approximately USD 2.745 billion. These projects, part of Saudi Arabia’s PIF initiatives, include wind and photovoltaic power projects, reflecting the company’s strategic focus on expanding its renewable energy portfolio and strengthening its position in the international energy market.
October 10, 2025Seismic oil and gas exploration begins in Feyli Ilam
Iran launched seismic surveying operations to explore oil and gas reserves in the Chardavel mountain range in Ilam province, near the Iraqi border, according to the National Iranian Oil Company (NIOC). Mohiuddin Jafari, NOIC’s Director of Exploration, described the effort as the first phase of a broader project aimed at identifying potential hydrocarbon-bearing geological formations in the region. The project covers an area of approximately 1,500 square kilometers within Ilam province, indicating that engineers are carrying out around 2,000 seismic detonations at each operational point to gather accurate subsurface data.
October 10, 2025China and Iran Seal Oil-for-Infrastructure Deal to Bypass U.S. Sanctions
China has formalized a barter-style framework with Iran in which crude oil is exchanged for infrastructure projects (from rail lines and ports to industrial works) rather than cash. The new structure secures long-term supply while insulating both sides from dollar clearing and direct sanctions exposure. This arrangement does not fall outside U.S. sanctions law. It remains a purchase of Iranian crude under Executive Order 13846, regardless of how payment is made. Whether settled in goods, services, or construction contracts, it qualifies as a “significant transaction” for Iranian petroleum, leaving traders, contractors, and shipping firms exposed to secondary sanctions.
October 10, 2025Port of Salalah inks bio-fuel storage hub deal, broadening Oman’s clean-energy exports
The Port of Salalah has signed a strategic lease agreement with Horizon Energy Salalah to establish a Bio-Fuel Storage Hub, marking a new milestone in Oman’s renewable-energy logistics and reinforcing Salalah’s role on the main East–West shipping lane. The facility will expand regional capacity for storing and distributing renewable fuels and underpins the Sultanate’s push to supply cleaner bunker options for global shipping. The port said the project advances Oman Vision 2040 goals and complements ongoing efforts to position Salalah as a diversified green-energy gateway. The bio-fuel hub follows the award of two new green-hydrogen blocks in Dhofar to international consortia. Taken together, the projects establish Salalah as Oman’s second hub for green-molecule exports, complementing Duqm, which anchors exports from six awarded projects in Al Wusta Governorate.
October 10, 2025Hydrom and H2Global partner to boost Oman’s hydrogen development
Hydrom, an entity orchestrating Oman’s national interest in green hydrogen, and H2Global Foundation, a non-profit organization seeking to create a global market for clean hydrogen and other low-emission fuels, have signed a memorandum of understanding (MoU) to explore how H2Global’s mechanism can support Oman’s national hydrogen strategy. Oman aims to become a “leading global exporter” of renewable hydrogen and its derivatives by 2030, leveraging the country’s solar and wind resources to produce competitively priced clean energy. H2Global, on the other hand, seeks to facilitate the “efficient and transparent” trade of clean fuels, helping to accelerate the energy transition.
October 10, 2025ADNOC begins shale drilling in joint block with EOG Resources
Reports have emerged that the Abu Dhabi National Oil Company (ADNOC), has begun shale drilling in a joint block with American energy giant EOG Resources. Resources. The state-owned energy utility serves the region as a dependable source of energy generation and, at a recent event, outlined the operations taking place in not only the UAE but also in Bahrain.
October 10, 2025US sanctions dozens of individuals, entities, vessels tied to Iran’s oil and gas exports
The US Treasury Department has stated that sanctions have been imposed on more than 50 individuals, entities and vessels involved in facilitating Iran’s petroleum and liquefied petroleum gas (LPG) exports, in a move aimed at curbing Tehran’s energy revenues. The latest measures mark the fourth round of sanctions under President Donald Trump’s administration targeting China-based refineries that continue to buy Iranian oil, the Treasury said.
October 9, 2025Aramco completes acquisition of additional stake in Petro Rabigh
Saudi Aramco announced on Thursday that it has completed the acquisition of a 22.5% stake in its refining and petrochemicals joint venture, Petro Rabigh, from Japan’s Sumitomo Chemical for $701.8 million, part of a turnaround plan for the loss-making venture. The agreement raises Aramco’s stake in Petro Rabigh to about 60% and is part of a drive to improve performance at the joint venture, which has posted significant losses in recent years amid a challenging global market for petrochemicals. The deal reduces Sumitomo’s stake to 15%.
October 8, 2025GE Vernova starts constructing 24,000-megawatt power plants in Iraq
Iraq’s Minister of Electricity, Ziyad Ali Fadel, announced Wednesday the launch of practical steps with General Electric (GE) to build high-efficiency power plants with a total capacity of 24,000 megawatts. In April, GE Vernova and the Ministry signed a memorandum of understanding (MoU) outlining proposals for combined-cycle gas-fired plants of similar capacity. Backed by potential foreign financing, the MoU represents the largest and most comprehensive power agreement in Iraq’s history. It includes the construction of new facilities to expand generation and the maintenance and upgrade of existing infrastructure.
October 8, 2025Iraq, Exxon sign agreement to help develop Majnoon oilfield
Exxon Mobil has signed an agreement with Iraq to help develop the country’s large Majnoon oilfield and expand its southern oil export infrastructure, marking the company’s return to Iraq two years after its departure. Iraqi Prime Minister Mohammed Shia al-Sudani announced the deal on Wednesday but shared few details. According to four sources familiar with the matter, the agreement includes a profit-sharing arrangement covering both crude oil and refined products, along with plans to upgrade export facilities in southern Iraq. Additionally, Iraq’s state oil company SOMO is expected to sign a separate agreement with Exxon to secure oil storage capacity in Asian markets, the sources said.
October 6, 2025Iran adds 10 trillion cubic feet of gas to its reserves
A new discovery in the Pazan gas field in southern Iran has been made, revealing 10 trillion cubic feet of natural gas, Oil Minister Mohsen Paknejad said on Monday, according to his ministry’s news outlet Shana. “This field has 10 trillion cubic feet of gas, and if we consider a 70% recovery rate we can reach 7 trillion cubic feet,” Paknejad said, adding that the new reserves could help cover Iran’s existing imbalances in the coming years. Paknejad added the new find was made after a pause of 8 years in exploration activities at the field and estimated it will take 40 months before extraction can begin.
October 6, 2025Saudi Arabia’s PIF wealth fund plans dual-tranche green bond sale
Saudi Arabia’s sovereign wealth fund has hired banks to manage the sale of its first euro-denominated green bond, according to a document from one of the arranging banks seen by Reuters. The Public Investment Fund and other state-linked firms are increasingly turning to the dollar and euro bond markets to fill funding gaps and sustain Saudi Arabia’s multibillion-dollar megaprojects while aiming for net-zero carbon emissions by 2060. The PIF has mandated Crédit Agricole CIB, JP Morgan and Societe Generale to organise investor calls starting on Monday, the document showed.
October 3, 2025Kuwait Said to Tap JPM for Up to $7B Pipeline Deal
Kuwait Petroleum Corporation (KPC) is hiring JPMorgan Chase & Co. to help lease part of its pipeline network, according to people familiar with the matter. KPC aims to raise as much as $7 billion through the deal which would help bankroll the company’s vast investment plan, Bloomberg previously reported. Centerview Partners LLC is already working with the state-backed firm as independent financial adviser, people familiar with the matter have said. Both KPC and JPMorgan declined to comment.
October 3, 2025Private equity giant KKR expands Middle East footprint with ADNOC gas pipeline investment
Global private-equity giant KKR has expanded its partnership with the Abu Dhabi National Oil Company (ADNOC) by acquiring a minority stake in ADNOC Gas Pipeline Assets. The ADNOC subsidiary operates 38 gas pipelines and two export terminals in the United Arab Emirates. KKR did not disclose the value of the deal to CNBC. The partnership follows ADNOC’s 2019 oil pipelines deal with KKR and BlackRock, which opened the door to foreign direct investment across the region. “This investment reflects KKR’s commitment to expand partnerships and investment across the Middle East,” said David Petraeus, partner at KKR and chairman of the KKR Global Institute and KKR Middle East.
October 3, 2025Iraq moves ahead with BP deal to revive Kirkuk oilfields
Iraq has enacted a contract with BP to redevelop oilfields in the northern Kirkuk region, with an initial production goal of approximately 328,000 barrels per day, according to the oil ministry. The deal, finalized earlier this year, brings BP together with Iraq’s North Oil Company and North Gas Company to modernize output at the Baba and Avana domes of the Kirkuk field and to boost production at the Jambour, Bai Hassan and Khabbaz sites. BP plans to invest as much as $25 billion over the course of the project. The investment is a key part of Baghdad’s strategy to expand crude production capacity above 6 million barrels per day by the end of the decade.
October 3, 2025Solar Could Help Iraq Boost Oil Exports by 250,000 Bpd
Iraq could increase its crude oil exports by roughly 250,000 barrels daily as it saves this amount from local consumption with the help of several solar power projects. Zawya reported the news, citing a government official, who said that “Iraq consumes nearly a quarter million barrels per day of crude oil for energy use, switching to renewable energy will save this quantity.”
October 3, 2025Iraq advances LNG terminal and plans oil production increase to 5.5 mb/d
Excelerate Energy has announced it received an official Award Letter from the Government of Iraq to develop an integrated floating LNG import terminal. The proposed facility will enable LNG imports to support domestic power generation and contribute to stabilizing the national electricity grid. The Award Letter represents an initial step in the project’s development. Progress remains contingent on the successful negotiation and execution of binding commercial agreements. Meanwhile, Iraq’s Oil Minister stated that the country aims to increase daily oil production from 4.4 million barrels to 5.5 million barrels by the end of 2025, underscoring the role of 28 U.S. companies currently operating in Iraq’s oil sector.
October 1, 2025Algeria and Kuwait’s Metro Holding Company Discuss Renewable Energy and Green Hydrogen Cooperation
Algeria’s Minister of Energy, Mohamed Arkab, received Sheikh Mishal Al-Jarrah Al-Sabah, Chairman of Kuwait’s Metro Holding Company, to discuss potential cooperation between Algeria and the Kuwaiti firm, particularly in renewable energy and green hydrogen development. Metro proposed a project aimed at harnessing Algeria’s significant solar and wind resources to produce and export green hydrogen. The initiative emphasizes technology transfer and localizing industrial capabilities—especially in electrolyzer manufacturing—while also focusing on developing national expertise and enhancing local content. Minister Arkab highlighted Algeria’s strategic geographic location, abundant renewable energy resources, and advanced infrastructure as key advantages positioning the country to become a leading regional hub for green hydrogen production and export to Europe.
September 30, 2025Arab World Sees $351 Billion Investment in Renewable Energy, Generating 83,000 Jobs
The Arab World attracted 360 foreign-backed renewable energy projects between January 2003 and December 2024, with investments surpassing $351 billion and creating over 83,000 jobs, according to a new report by the Arab Investment and Export Credit Guarantee Corporation. The UAE led the region in renewable energy investment over the past two decades, attracting 57 projects worth $88.5 billion, equivalent to a quarter of total investment, and creating over 16,000 jobs. Along with the UAE, four other countries —Egypt, Morocco, Mauritania, and Jordan—accounted for 248 projects, or 69% of the total, with a combined investment of $291 billion. These projects alone generated nearly 68,000 jobs, representing 82% of employment in the sector.
September 30, 2025MidOcean, backed by EIG and Aramco, buys into Petronas stake in LNG Canada
Liquefied natural gas company MidOcean, backed by EIG and Saudi Aramco, has agreed to buy a fifth of the Petronas venture that holds a 25% stake in Shell-led LNG Canada, MidOcean said on Tuesday. The deal also includes a fifth of Malaysian state energy group Petronas’s Canadian upstream assets in the Montney shale gas region that feeds into LNG Canada. MidOcean declined to comment on the price of the transaction, but a person familiar with the situation put it at slightly more than $3 billion.
September 30, 2025China’s SoleFiori Announces 6 GW HJT Factory In Saudi Arabia
Chinese solar PV company SoleFiori, a subsidiary of Hongjun New Energy, has revealed plans to establish a 6 GW high-efficiency heterojunction (HJT) solar module manufacturing facility in Saudi Arabia. The agreement was signed at the recent Beijing-Saudi Arabia Advanced Manufacturing Fair, organized by the Saudi Arabian Ministry of Industry and Mineral Resources and the Federation of Saudi Chambers of Commerce in Beijing. The Saudi Arabian factory will mark the company’s first attempt to expand its manufacturing footprint outside of China as part of its internationalization strategy, it stated.
September 29, 2025Iraq’s Kurdistan Oil Flows to Türkiye Running at 150,000-160,000 bpd
Oil flows from Iraq’s Kurdistan region to Türkiye’s Ceyhan port are running at 150,000-160,000 barrels per day after their resumption on September 27, two industry sources told Reuters. Iraq’s Oil Ministry Undersecretary Bassem Mohamed earlier said that the resumption of Kurdish oil flows will help raise the country’s exports to nearly 3.6 million bpd in the coming days. Iraq’s production and export levels will remain within its OPEC quota of 4.2 million bpd, he added.
September 29, 2025Iraqi government installs solar systems in 307 schools and 25 health centers
Iraq’s Government Communication Team announced Monday (September 29, 2025) significant progress in its renewable energy initiative, confirming the installation of solar power systems in 307 schools and 25 health centers across government buildings. This effort is designed to reduce pressure on the national electricity grid. As part of this initiative, companies have begun installing high-capacity solar systems in these public buildings. Furthermore, a crucial project for manufacturing solar power systems is soon expected to open in Karbalaa Governorate, which will supply electricity to the national grid in Karbalaa and parts of Babylon.
September 29, 2025China’s Shanghai Electric to build 10,000-megawatt power plants in Iraq
Iraq’s Ministry of Electricity signed a deal with China’s Shanghai Electric to build several large thermal power plants, demonstrating the Iraqi government’s commitment to addressing the electricity sector’s chronic challenges. The plants will rely on locally produced fuel with a capacity of up to 10,000 megawatts. The spokesperson for the Electricity Ministry, Ahmed Musa, explained that the initiative focuses on using local fuel to run the power facilities, confirming that the ministry has already begun the executive processes to advance the project. Iraqi Prime Minister Mohammed Shia al-Sudani said in August that Iraq’s electrical grid would gain an additional 60,000 megawatts after the major projects are finished.
September 27, 2025Kuwait plans 14 GW in new power projects by 2031
Kuwait will add 14.05 GW of power generation capacity by 2031, the electricity minister said Saturday, as the country aims to meet rising demand and ensure supply security. Projects include the 2.7 GW Al-Zour North Phases 2 & 3, signed in August with a consortium led by Saudi Arabia’s ACWA Power and Gulf Investment Corp., at a cost of over $3.27 billion, financed by local and international banks. Also included are the 1.6 GW Shagaya Phases 1 & 2 (renewables), to be built under a PPP model; Phases 3 & 4 will add 3 GW through cooperation with China. The program features the 1.8 GW Khairan Phase 1 (power + desalination), also under PPP, with bidding having opened in September to pre-qualified consortiums. Parts of the 7.2 GW Nuwaiseeb project will also be built, with some capacity completed post-2031.
September 26, 2025Yemen Commissions 53 MW Solar Plant in Shabwa, Boosting Electricity Access for Rural Communities
Yemen has commissioned a 53 MW Solar Plant in Shabwa, boosting electricity access for rural communities. Covering roughly 600,000 square meters near Ataq, the facility will supply clean and stable electricity to more than 330,000 rural homes. The project marks the second UAE-backed renewable energy initiative in southern Yemen, where the Southern Transitional Council (STC) holds power. The first such project was the 120 MW al-Buraiqah solar plant in Aden, which powers over 70,000 households. Authorities say similar plants are planned in Taiz and Socotra.
September 26, 2025Putin’s $25 Billion Nuclear Deal With Iran
Iran has signed a $25 billion agreement with Russia’s state nuclear corporation, Rosatom, to construct four nuclear power plants, the state-run news agency IRNA reported Friday. The $25 billion USD agreement represents one of Iran’s largest nuclear projects to date and significantly expands cooperation with Russia in both large-scale and small-scale reactor technology. The facilities will be Generation III reactors built on a 500-hectare site in Iran’s southern Hormozgan province. Once completed, they are expected to produce 5,000 megawatts of electricity.
September 26, 2025OPEC+ Misses 25% of Output Hike Targets, Supporting Brent Prices Near $69
OPEC+ has only delivered approximately three-quarters of the production hikes it targeted since April, with actual output falling nearly 500,000 barrels per day (bpd) short of agreed levels, according to data reviewed by Reuters. The shortfall, equivalent to 0.5% of global oil demand, has tightened market conditions and supported crude prices close to $69 per barrel. Between April and August OPEC+ only delivered 75% of the planned 1.92 million bpd increase. Production levels fell short as some members compensated for past overproduction through “compensation cuts,” while others faced structural capacity constraints. Saudi Arabia was responsible for more than half of the cumulative production increase, adding 747,000 bpd between March and August. Other members, including Algeria, Kazakhstan, Oman and Russia, are already producing close to capacity, limiting their ability to raise supply further.
September 26, 2025Norway’s DNO will not ship oil via reopened Iraq-Turkey pipeline
Norway’s DNO has no immediate plans to ship oil through the Iraq-Turkey pipeline that is about to restart after a two-year suspension, the company stated on Friday, and will continue to sell directly to Iraq’s semi-autonomous region of Kurdistan. DNO, the largest international oil producer in the KRG, did not sign the deal because it wanted more clarity on how outstanding debts would be paid.
September 26, 2025India asks US to allow purchase of Iranian oil to offset Russian imports, Bloomberg reports
Indian officials reiterated to Trump administration officials this week their position that New Delhi may curb Russian oil imports if trade is offset through the purchase of sanctioned Iranian and Venezuelan oil. Sources familiar with the talks told Bloomberg that Indian officials suggested the trade-off in a meeting with U.S. officials, as countries participate in the 80th UN General Assembly in New York.
September 26, 2025Tenaris delivers THera® storage system for Oman’s first green hydrogen refueling station
Tenaris has completed the delivery of its hydrogen storage system for Oman’s first green hydrogen refueling station, developed by Hydrogen Systems, a Saudi Arabia-based leader in hydrogen technologies across the Middle East. The new facility, located near Muscat International Airport, will support a fleet of hydrogen-fueled taxis operated by Mwasalat, the Sultanate’s national transport company. Featuring nine THera® storage vessels (eight rated at 1034 bar and one at 550 bar), the station is designed to produce up to 130 kilograms of green hydrogen per day, enabling daily operations for 15 zero-emission vehicles. In addition to hydrogen fueling, the site will offer EV fast-charging and conventional fueling, serving as a multi-energy hub aligned with Oman’s sustainability agenda.
September 23, 2025Oman advances wind turbine manufacturing with Duqm project
CID Gulf LLC, an Omani-Moroccan engineering consultancy firm, has secured a landmark contract to provide design consultancy services for Oman’s first wind turbine manufacturing project at the Special Economic Zone at Duqm (SEZAD). The client, Mawarid Turbines, is a subsidiary of Oman’s integrated energy group, OQ. Phase 1 of the Duqm facility will be developed on a 550,000 m² site with an estimated investment of around RO 70 million. The plant will have a projected annual manufacturing capacity of 1,100 MW, producing two turbine models of 6.25 MW and 9.6 MW each. Technology will be licensed from Shanghai Electric Group, a leading Chinese clean energy equipment manufacturer. Phase 1 of Mawarid Turbines is scheduled to come online by late 2026 or early 2027, supporting Oman’s broader Vision 2040 strategy and Net Zero by 2050 ambitions.
September 23, 2025China signs $2.5 billion seawater contract to sustain Iraq’s oil output
China Petroleum Pipeline Engineering (CPPE) has secured a $2.5 billion contract to design and build a massive seawater distribution system across southern Iraq. The agreement with Iraq’s Basra Oil Company covers a 950-kilometer network that will deliver treated seawater to multiple oil fields, with Australian consultancy ILF tasked with supervising the works. The project will center on a treatment plant capable of handling five million barrels of treated seawater per day, with future phases allowing the volume to increase to seven or even eight million barrels per day.
September 22, 2025Qatar Taps Samsung to Build 2 GW Solar Plant
QatarEnergy has contracted Samsung C&T Corp to construct the 2,000-megawatt (MW) Dukhan solar power plant, which would more than double Qatar’s solar generation capacity. The state-owned global energy major expects the two-phase project to start up 1,000 MW by 2028. The second phase is expected to be completed mid-2029, QatarEnergy said in a press release. Regarding the plan, QatarEnergy president and chief executive Saad Sherida Al-Kaabi, who is also Qatar’s energy minister, said: “When completed, the Dukhan solar power plant along with Al-Kharsaah, Mesaieed, Ras Laffan solar power plants will help reduce carbon dioxide emissions by about 4.7 million tons annually, while contributing up to 30 percent of Qatar’s total peak electricity demand.”
September 22, 2025UAE’s Dragon Oil signs Iraq oil MoUs
UAE-based Dragon Oil, a subsidiary of the state-owned Emirates National Oil Company (ENOC), has signed a series of strategic memoranda of understanding (MoUs) with several companies active in Iraq’s oil sector. The agreements include one with China’s Anton Oilfield Services, a leading provider of oilfield services, and another with Nohadh Al-Benaa for General Trading & Oilfield Contracting Services. The partnerships are designed to strengthen cooperation, support Iraq’s energy sector, and expand infrastructure at oilfields where Dragon Oil operates
September 22, 2025Iraq and Turkey Agree to Restart Kurdistan’s Oil Exports
Turkey and Iraq have agreed to resume oil exports from Iraq’s semi-autonomous region of Kurdistan via a pipeline to the Turkish coast, Deputy Speaker of the Iraqi Parliament, Shakhwan Abdullah, said this weekend. Oil exports from Kurdistan have been halted for two and a half years, after they were shut in March 2023 due to a dispute over who should authorize the Kurdish exports. These agreements pave the way to restoring the oil exports from Kurdistan and bringing roughly 230,000 barrels per day (bpd) to the market initially.
September 22, 2025Oman Signs Agreement for Ibri III Solar Power Project to Boost Renewable Energy Transition with Abu Dhabi’s Masdar
The Sultanate of Oman has signed an agreement for the development of the Ibri III Solar Power Project, a major step in the country’s transition towards renewable energy. Covering nearly 10 million square meters, the project will have a generation capacity of 500 MW along with a 100 MWh battery energy storage system (BESS). With an investment of around $298 million USD, the project is expected to cut carbon dioxide emissions by approximately 505,000 tonnes annually and add up to 4% renewable energy to Oman’s total electricity generation mix. The initiative is aligned with Oman Vision 2040 and supports the nation’s goal of achieving Net Zero by 2050.
September 17, 2025ADNOC-led consortium pulls $18.7 billion bid for Australia’s Santos
Abu Dhabi National Oil Company (ADNOC) has withdrawn the $18.7 billion offer it led to buy Australian gas producer Santos after months of wrangling over valuation and terms. The move on Wednesday may slow down ADNOC’s aggressive overseas expansion as the firm looks to invest in its booming domestic oil income. ADNOC’s overseas unit XRG, which led a consortium with Abu Dhabi Development Holding Co. and private-equity firm Carlyle as partners, said Wednesday that it wouldn’t proceed with the offer, citing terms demanded by Santos’s board. Meanwhile, Santos said the ADNOC-led consortium refused to agree to a fair sharing of risk, including taking responsibility for securing regulatory approvals and committing to domestic gas development and supply.
September 16, 2025Saudi Arabia seeks bidders for 5.3 GW of solar and wind capacity
The Saudi Power Procurement Company has issued a Request for Qualification (RFQ) for the seventh round of solar and wind projects under the National Renewable Energy Program (NREP), overseen by the Saudi Ministry of Energy. This round aims to add a total of 5.3 GW of renewable energy capacity to the national grid. On the solar side, the round includes four photovoltaic independent power producer (IPP) projects: the 1.4 GW Tabrjal project; the Mawqaq and Tathleeth projects, each with a capacity of 600 MW; and the 500 MW South Al-Ula project. These projects are located in the Al-Jouf, Hail, Aseer, and Madinah regions, respectively. In addition, two wind IPP projects are planned in the Madinah region: the 1.3 GW Bilghah project and the 900 MW Shagran project.
September 16, 2025Oman: Salalah Free Zone signs $488m deal for electric battery project
The Public Authority for Special Economic Zones and Free Zones (OPAZ), together with the Salalah Free Zone, has overseen the signing of an agreement for an advanced battery chemical materials project. The project represents an investment of over $488 million USD and will be implemented in phases over four to six years, with the first phase alone being valued at over $189 million. Covering approximately 370,000 sqm, the project focuses on producing lithium iron phosphate, ammonium phosphate, iron salts, and carbon materials used in batteries for electric vehicles, energy storage, and modern electronic technologies.
September 16, 2025Qatar Energy signs Dukhan Solar Power Plant Construction Contract with Samsung
QatarEnergy has signed an agreement with Samsung C&T’s Engineering & Construction Group for the construction of a world-scale solar power plant in Dukhan, approximately 80 kilometers west of Doha. The Dukhan solar power plant—one of the largest in the world—will be developed in two phases, reaching a total electricity generation capacity of 2,000 megawatts (MW) by mid-2029. Once completed, it will double Qatar’s solar power production capacity, significantly contributing to the country’s renewable energy goals, according to Qatar News Agency (QNA). The Dukhan solar power plant will begin the first phase of production by dispatching 1,000 MW of power to the Kahramaa grid towards the end of 2028.
September 15, 2025Iraq: TotalEnergies Launches the Construction of the Final Two Major Projects of the GGIP
The two last major contracts of the Gas Growth Integrated Project (GGIP) have been launched. This includes the increase of Ratawi field’s full field development to 210,000 barrels per day (bpd) without routine flaring and the development of the Common Seawater Supply Project (CSSP) with a 5 Mbpd capacity to help preserve the country’s freshwater resources. These contracts are led by TotalEnergies (45%, operator) alongside its partners Basra Oil Company (30%), and QatarEnergy (25%).
September 15, 2025Kuwait Said to Mull Pipeline Deal to Raise Billions
Kuwait Petroleum Corp. is considering leasing part of its pipeline network to help fund a $65 billion investment plan that covers everything from upstream to petrochemicals. Centerview Partners LLC is advising the state-backed firm on the deal. KPC is aiming to raise $5 billion to $7 billion through the deal, for which the firm is weighing the leasing of 13 pipelines over 25 years.
September 12, 2025Stargate Hydrogen Partners with Saudi Arabia’s RDIA to Boost Hydrogen Innovation
Stargate Hydrogen, an Estonia-based deep-tech and green hydrogen technologies manufacturer, has signed a memorandum of understanding (MoU) with the Research, Development, and Innovation Authority (RDIA) of Saudi Arabia to boost hydrogen innovation. The key areas of cooperation are: (1) the launching of Stargate Hydrogen KSA, a new regional headquarters for Stargate Hydrogen in Riyadh; (2) the localizing of Stargate Hydrogen’s proprietary technologies for deployment in the country; (3) the building of partnerships with Saudi academic institutions, such as KAUST, to generate intellectual property within the country, and; (4) the collaborating with Saudi manufacturers to develop local production capacity for electrolyzer technologies
September 12, 2025Iran in Talks with Chinese Firms to Expand Solar, Energy Storage Projects
Iran is negotiating with several Chinese companies to develop solar power plants and battery energy storage systems (BESS) as part of efforts to boost renewable capacity. Talks were held with two major Chinese companies active in solar energy.
September 12, 2025Armenia and Iran Discuss Expanding Oil Trade and Developing Gas Supply Infrastructure
Armenia’s Minister of Economy, Gevorg Papoyan, met with Iran’s Deputy Minister of Oil, Mohammad Sadegh Azimifar. They discussed “the importance of further developing the close economic partnership established between Armenia and Iran.” Topics included the expansion of trade in oil and petroleum products, the development of infrastructure for the supply of liquefied and natural gas, joint investments in the energy sector, and the effective use of regional transport and logistics hubs such as the North–South corridor and the Crossroads of Peace initiative.
September 11, 2025Saudi Arabia to Supply Syria with 1.65 million Barrels of Oil to Aid Civil War Recovery
Saudi Arabia has stated that it will supply Syria with 1.65 million barrels of crude oil as Damascus struggles to rebuild the country’s economy and infrastructure after their nearly 14-year-long civil war. The state-run Saudi Press Agency announced that the CEO of the Saudi Fund for Development, Sultan Al-Marshad, and Syria’s Minister of Energy Mohammad al-Bashir had signed a memorandum of understanding.
September 11, 2025Oman: Al Duqm and Adam Identified as Promising Wind Power Sites
New findings from a pre-feasability study exploring the potential of a 100-MW wind power project in the Wilayats of al-Duqm and Adam have found that both locations are strategically beneficial sites for renewable energy development that are in line with Oman Vision 2040 and Net-Zero 2050 goals. The study was conducted using tools such as RETScreen, the Global Wind Atlas, and GIS mapping. It provided a comparative analysis that underscored Al Duqm’s particularly strong wind resources and greater suitability for large-scale projects, while Adam, though less resource-intensive, also demonstrated potential for distributed renewable projects.
September 10, 2025Oman and the Netherlands Launch a Strategic Partnership to Boost Renewable Energy Development
Five Elements Environmental Services, an Oman-based consultancy firm, has announced a strategic collaboration with the Netherlands’ Pondera Consult to support investors in renewable energy and green hydrogen projects in Oman. This collaboration will offer advanced technical, engineering, environmental, social, and climate risk assessments. Director of Five Elements, Kris Vallancey, stated “This collaboration is about combining in-depth knowledge of Oman with international technical expertise.”
September 10, 2025Saudi Arabia Launches First Floating Storage Unit for Marine Fuel
The Saudi Ports Authority (Mawani) and Minerva Saudi Arabia have launched the first floating storage unit (FSU) for marine fuel at Jeddah Islamic Port, with a capacity of 113,000 cubic metres. This is a major step toward the development of the Saudi maritime sector and enhancing its operational and logistical capabilities. A Saudi Press Agency stated that the aim of the project is to strengthen the Kingdom’s maritime economy, aligning with the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030. The FSU is equipped to store three main types of marine fuel: very low sulfur fuel oil (VLSFO), high sulfur fuel oil (HSFO), and marine gas oil (MGO).
September 10, 2025ADNOC Close to Finalizing EU Remedies for Covestro Deal
Abu Dhabi state oil giant ADNOC is readying remedies to address an EU subsidy investigation into its 14.7 billion euro (17.2 billion USD) bid for Germany’s Covestro, which will likely see it convert a proposed 1.2 billion euro capital hike to a shareholder loan. The deal is ADNOC’s biggest acquisition to date and is one of the largest foreign takeovers of an EU company by a Gulf state.
September 10, 2025Aramco Boosts Borrowing As Lower Oil Prices Hit Saudi Arabia
Saudi Aramco is reported to be offering dollar-denominated Islamic bonds, the so-called sukuk, in five and ten-year issuances in what would be the Saudi oil firm’s second debt issue this year and Saudi Arabia’s third in one week. This is the third such debt issuance in one week.
September 10, 2025BlackRock Gets US$10 billion Financing for Aramco Deal: Sources
A group led by BlackRock’s Global Infrastructure Partners (GIP) unit has arranged a roughly financing 10 billion USD package for its planned investment in Saudi Aramco natural gas infrastructure. The majority of the financing is a seven-year loan facility, which could later be refinanced in the bond market; it also includes a 19-year loan facility. The funding was arranged by a group of banks including major Japanese and Wall Street lenders. The loans will support the GIP consortium’s investment in the midstream infrastructure assets at Aramco’s giant Jafurah gas project.
September 9, 2025Iran to Begin Russian Gas Imports in Few Months
Iran’s Ambassador to Moscow Kazem Jalali announced that the first stage of gas imports from Russia to Iran will start in the upcoming months, the Tasnim news agency reported on Monday. Jalali announced that “Russian energy officials will visit Tehran next week to finalize talks on Russian gas imports.”
September 8, 2025Oman and Iraq Strengthen Energy Ties with New MoUs
Oman and Iraq have signed two key Memoranda of Understanding (MoUs) to boost their cooperation in energy storage and crude marketing, marking a significant step in their bilateral relations. The first MoU focuses on developing a crude oil storage project at Ras Markaz in Duqm, with an initial capacity of 10 million barrels, expandable in the future. The second MoU allows OQ Trading to market Iraqi crude internationally, leveraging both parties’ expertise to boost value creation, broaden market access, and strengthen knowledge exchange.
September 8, 2025Saudi Arabia to Cut Oil Prices for Asia as OPEC+ Sticks with Output Hike
Saudi Arabia is slashing crude prices again, this time across all grades headed to Asia, and it’s happening quite fast. Saudi Aramco, the kingdom’s state oil company, just dropped the price of its flagship Arab Light crude by $1 per barrel for October shipments, according to a latest pricing sheet. That’s a lot steeper than expected, as Bloomberg’s survey shows that refiners and traders were only betting on a 50-cent cut, not a full dollar. The new price premium sits at $2.20 per barrel above the regional benchmark, which is low, especially compared to what buyers were bracing for. This price slash comes as OPEC+ locked in a decision to ramp up supply through September 2026, starting with 137,000 more barrels daily starting in October 2025.
September 8, 2025OPEC+ to boost supply in October to regain market share
OPEC+ jolted oil markets over the weekend by announcing a production increase of 137,000 barrels per day (b/d) starting in October. The group has been gradually ramping up output since April, following years of production cuts aimed at stabilizing the market. However, the latest decision — announced on Sunday, September 7 — caught many off guard, as concerns about a potential oversupply continue to mount. The move signals that the eight OPEC+ members have begun unwinding the second tranche of production cuts, totaling approximately 1.65 million b/d — more than a year ahead of schedule. Since April, OPEC+ has already fully reversed its initial 2.5 million b/d of cuts, which represented roughly 2.4% of global oil demand.
September 7, 2025Iraq’s Prime Minister orders investigation into allegations oil from Iran was mixed with domestic crude
Iraq’s Prime Minister Mohammed Shia Al Sudani has ordered a “high-level” investigative committee to look into “suspicions of corruption” in the mixing and smuggling of crude oil and petroleum products. Al-Sudani stated, “we have emphasised that there will be no leniency in this matter,” and that Iraq’s State Oil Marketing Organization (SOMO) “is not involved in the activities covered by the sanctions and is committed to all laws and regulations.” Finally, al-Sudani explained that the sanctions are related to specific companies and vessels, not Iraqi ports and exports.
September 3, 2025Taqa consortium secures $4 billion funding for two Saudi power plants
A consortium led by Abu Dhabi National Energy Company (TAQA) has secured $4 billion in financing for two new power plants in Saudi Arabia, supporting the kingdom’s efforts to meet growing energy demand. The consortium—which includes TAQA, Japan’s largest power generation company JERA, and Saudi Arabia’s Al-Bawani Capital—has reached financial close for the development of the Rihab El-Awal Power Company and Nawras Power Company, TAQA announced on Wednesday. The financing follows the signing of two 25-year power purchase agreements. The Greenfield Combined Cycle Gas Turbine (CCGT) plants will provide approximately 3.6 gigawatts of electricity generation capacity.
September 1, 2025Kuwait invites bids for 1.8 GW power and water project
Kuwait has opened bids for the first phase of the 1.8 gigawatt power, Al Khairan power and water project, which aims to help alleviate the Gulf nation’s power shortages. Pre-qualified international consortia were invited to submit bids for the Al Khairan Phase 1 Independent Water and Power Producer project, which will also produce 125 million imperial gallons of water a day, the Kuwait Authority for Partnership Projects said.
September 1, 2025Saudi Aramco, Iraq’s SOMO halt crude sales to Indian refiner Nayara
Saudi Aramco and Iraq’s state oil company SOMO have stopped selling crude oil to India’s Nayara Energy in the aftermath of sanctions imposed in July by the European Union on the Russian-backed refiner, three sources familiar with the matter said. Nayara typically receives around 2 million barrels of Iraqi crude and 1 million barrels of Saudi crude each month, but did not receive shipments from either of the two suppliers during August, shipping data from Kpler and LSEG showed. The halting of supply from the two Gulf exporters means Nayara, majority-owned by Russian entities including oil major Rosneft, relied entirely on Russia for its crude oil imports in August, according to sources and LSEG shipping data.
September 1, 2025Congo signs new energy deal with Qatar as African countries double down on oil discoveries
QatarEnergy received an exploration license for the Republic of Congo’s Nzombo offshore block. Under the Production Sharing Contract signed with the Congolese government, QatarEnergy will own 35% of the block. Qatar Minister of State for Energy Affairs, Saad Sherida al-Kaabi said “We are pleased to be awarded this promising offshore block in the Republic of Congo, and to work alongside our valued partners and the Congolese Government.”
August 21, 2025Kuwait launches major oil lake remediation project with Chinese firm Jereh
Kuwait has kicked off a major environmental cleanup effort as the first unit of an oil lake crude recovery project, led by China’s Jereh Group, completed its trial run Wednesday. The project falls under the Kuwait Environmental Remediation Program (KERP), which aims to tackle oil pollution and environmental damage left by the 1990-1991 Gulf War, when around 700 oil wells were set ablaze, creating vast oil lakes and contaminating large swathes of soil. Valued at about 14 million U.S. dollars, the contract tasks Jereh with delivering an integrated solution and supplying core equipment for the cleanup effort.
August 20, 2025Masdar and partners reach financial close for 2 GW Al Sadawi solar project in Saudi Arabia
UAE-based renewable energy company Masdar, in partnership with China’s GD Power and Korea Electric Power Corporation (KEPCO), has reached financial close on the 2 GW Al Sadawi solar PV project in Saudi Arabia. The project is part of the National Renewable Energy Program (NREP), led by the Kingdom’s Ministry of Energy. Estimated at US$1.1 billion, the project is backed by financing from eight major regional and international lenders. The plant is expected to begin early power generation at full capacity in early 2027, with commercial operations launching later that year. This milestone advances Saudi Arabia’s clean energy goals and reinforces global partnerships in the renewable sector.
August 14, 2025Aramco signs $11 billion Jafurah midstream deal with international consortium led by Global Infrastructure Partners
Aramco has signed an $11 billion lease and leaseback deal involving its Jafurah gas processing facilities with a consortium of international investors, led by funds managed by Global Infrastructure Partners (GIP), a part of BlackRock. Jafurah is the largest non-associated gas development in the Kingdom of Saudi Arabia, estimated to contain 229 trillion standard cubic feet of raw gas and 75 billion Stock Tank Barrels of condensate. Aramco will maintain a 51% majority stake in Jafurah, with the remaining 49% held by investors led by GIP.
August 14, 2025ACWA Power signs $4bn Kuwait IWPP deal
ACWA Power signed an agreement with the Gulf Investment Corporation, the Kuwait Authority for Partnership Projects, and the Ministry of Electricity, Water and Renewable Energy to develop the the Az-Zour North Phase 2 & 3 Independent Water and Power Project in Kuwait. The project is valued at over $4 billion and is set to provide 2,700 megawatts of power generation capacity and 120 million imperial gallons per day of desalinated water.
August 11, 2025Kuwait signs $3B deal with Saudi renewable giant
Kuwait signed a $3.27 billion deal with Saudi’s ACWA Power for the expansion of the Al-Zour North power plant, which will deliver 2.7 GW of power and 120 million gallons of water daily. The project is expected to be complete in three years.
August 7, 2025EWA Launches Bahrain’s First Solar Power Plant
Bahrain’s Electricity and Water Authority (EWA) announced the commencement of Bahrain’s first solar power plant for electricity generation, expected to produce up to 150 megawatts.
August 7, 2025Chinese Company Signs Contract to Build Six Hydrogen Refueling Stations Across Saudi Arabia
Chinese hydrogen company Sincetrue has signed a contract with a Saudi Arabian investment firm Moaj to build six hydrogen refueling stations across Saudi Arabia. Three of the six stations will include an integrated green hydrogen production plant.
August 6, 2025Iraq Resumes Oil Exports through Turkish Ceyhan Pipeline
Iraqi Minister of Oil Hayan Abdul Ghani confirmed that oil exports will resume via the Turkish Ceyhan Pipeline imminently, with plans of an initial phase that will export 80,000 barrels per day.
August 5, 2025Saudi Aramco Reports 22% Drop In Second-Quarter Profit
Saudi Arabia’s oil company Aramco reported a 22% drop in second-quarter profits. The company state its intentions to cut costs and divest assets as the price of crude oil drops.
August 5, 2025China’s Sungrow To Build Oman’s First Specialist Hydrogen Plant
Chinese company Sungrow Hydrogen signed an agreement with Oman’s United Engineering Services to build the country’s first plant specializing in green energy equipment. The site will be located in the town of Duqm.
August 4, 2025ADNOC Drilling plans oil rig deal in Kuwait, Oman
The UAE’s ADNOC Drilling co. is planning to buy a company operating oil and gas rigs in Kuwait and Oman—targeting the acquisition for late 2025 or early 2026.
August 4, 2025Chinese CPEC Secures $2.5 Billion Seawater Pipeline Project in Iraq
China Petroleum Engineering Corporation (CPEC) signed a $2.5 billion contract to build a seawater pipeline in Iraq. It is estimated that the project will take 54 months to complete.
July 30, 2025Saudi Arabia’s Ajyal To Build Petrochemical Complex In Iraq
The Iraqi Minister of Industry and Minerals spoke with Saudi Arabia’s Ajyal Group about a deal to construct a petrochemical complex in Iraq. It would be based in Basra.
July 30, 2025Omna: Abraj wins PDO contracts for 6 land drilling rigs in Block 6
Abraj Energy Services, Oman’s leading oil and gas services provider, on Tuesday announced the signing of significant contracts with Petroleum Development Oman (PDO) to provide six state-of-the-art land drilling rigs for operations in Block 6, one of the sultanate’s most strategic energy assets. The rigs are scheduled to commence operations in stages starting from Q4 2026. This milestone agreement marks a major expansion of Abraj’s long-standing partnership with PDO and reflects the company’s trusted capabilities in delivering safe, efficient, and high-quality drilling solutions.
July 29, 2025Saudi Arabia boosts its green hydrogen leadership with mega-plant in Yanbu
The consortium formed by Técnicas Reunidas and Sinopec has been selected by ACWA Power to develop the design for a new green hydrogen plant in Yanbu, Saudi Arabia, which will double the capacity of the emblematic NEOM project. The complex will have an electrolysis capacity of 4 GW and will have the potential to produce up to 400,000 tons of green hydrogen per year. green hydrogen. This feedstock will be transformed into green ammonia to facilitate its export to international markets, reinforcing the kingdom’s plans to consolidate its position as a key player in the global energy transition.
July 29, 2025SOHAR Port and Freezone Signs MoU to Develop Natural Hydrogen Value Chain in Oman
SOHAR Port and Freezone has signed a Memorandum of Understanding (MoU) with Switzerland’s HYNAT SA company, aiming to develop an integrated natural hydrogen value chain in the Sultanate of Oman. This partnership marks a significant step towards establishing a comprehensive hydrogen ecosystem within SOHAR Port and Freezone, with a particular focus on natural hydrogen as an emerging and promising low-carbon energy source.
July 28, 2025Saudi Arabia and Syria sign energy deal
Saudi Arabia and Syria have signed a memorandum of understanding (MoU) to enhance cooperation in the energy sector, following a meeting between Saudi Minister of Energy Prince Abdulaziz bin Salman and Syrian Minister of Energy Mohammad Al-Bashir in Riyadh on 27 July. The agreement aims to foster bilateral collaboration in areas such as petroleum supply, electricity generation, renewable energy, energy efficiency, and investment opportunities.
July 28, 2025Saudi Arabia’s second green hydrogen and ammonia plant will be nearly twice the size of 2.2GW Neom project
Saudi Arabia’s second large-scale green hydrogen and ammonia hub will be nearly twice the size of the 2.2GW Neom complex currently under construction, Hydrogen Insight has learned. The project’s developer, ACWA Power, had announced earlier this month that it had signed a joint development agreement with German energy firm EnBW to build the Yanbu Green Hydrogen Hub by 2030.
July 27, 2025Aramco dishes out awards for $5 billion offshore megaproject
Saudi Aramco, the world’s largest oil company, has handed out four major contarcts for its Zuluf oilfield increment project, with the deals touted to be worth a total of about $5 billion. The Zuluf expansion project is part of Aramco’s long term agreement (LTA) framework and is crucial to its ambition to maintain its 12 million barrels per day production capacity.
July 27, 2025KSA Energy Ministry launches new programme for startups
The Saudi Arabia Ministry of Energy has launched the Taqatech Accelerator programme in collaboration with The Garage as part of its efforts to drive innovation in the energy sector, promote economic growth, enhance environmental sustainability, and create job opportunities.
July 26, 2025Oman LNG boosts market position with record output, new contracts
Oman LNG achieved its highest-ever production in 2024, while maintaining exceptional safety standards and a plant efficiency rate of 98.23%, reflecting its unwavering commitment to operational excellence and sustainable performance. Hamad bin Mohammed al-Naamani, CEO of Oman LNG, confirmed that the company is preparing for a new phase of expansion with the commencement of long-term sales contracts this year, encompassing volumes from both Oman LNG and Qalhat LNG.
July 25, 2025Saudi Aramco wants a Google spinoff to turn its waste into wealth
The world’s biggest oil company is betting on a Google spinoff to profit from pollution. Saudi Aramco, which pumps more crude than any rival, has partnered with SandboxAQ, a $5.6 billion artificial-intelligence company spun out of Google’s parent firm, Alphabet, in 2022. Aramco’s goal is to transform its carbon emissions into profitable products using AI.
July 24, 2025PowerChina To Build $4 Billion Seawater Desalination Plant In Iraq
PowerChina has secured a $4 billion deal to construct a major seawater desalination plant in Iraq’s Basra region. The initiative includes the development of a 300 megawatt power plant to provide electricity to the desalination plant.
July 23, 2025Iraq, Schlumberger Sign Deal To Develop Akkas Gas Field
The Iraqi Ministry of Oil has signed a deal with oilfield services firm Schlumberger to develop the Akkas gas field in the Anbar province. The field’s output is expected to reach 100 million cubic feet of gas per day within a year, eventually reaching 400 million cubic feet of gas per day within the next four to five years.
July 23, 2025Kuwait to start work on new gas field in Egypt
Kufpec Egypt, a subsidiary of Kuwait Foreign Petroleum Exploration Company (Kufpec), and Shell Egypt have announced a final investment decision to develop gas exploration at the Mina West gas field in Egypt.
July 23, 2025Kuwait engages firms for new Dorra gas processing plant
Kuwait Gulf Oil Company (KGOC), a subsidiary of state energy conglomerate Kuwait Petroleum Corporation (KPC), has set in motion a project to develop an onshore gas processing plant that will receive gas feedstock from the Dorra offshore gas field located in the Saudi-Kuwait Neutral Zone. KGOC has started an early engagement process with contractors for the main engineering, procurement and construction (EPC) tendering exercise for the Dorra onshore gas processing facility, which is to be located in Kuwait, according to sources.
July 23, 2025ACWA enters key deals to export green hydrogen, renewables to Europe
ACWA Power has signed agreements and memoranda of understanding (MoUs) with several international partners, aimed at creating a green hydrogen and renewable energy export value chain between Saudi Arabia and Europe. The agreements were signed in the presence of Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud. The signing of these agreements and MoUs comes as part of Saudi Arabia’s role in enhancing global logistics connectivity and its leadership in the India-Middle East-Europe Economic Corridor (IMEC) project, driven by its strategic geographical location that connects East and West, said a statement.
July 22, 2025Saudi Arabia Signs 15 GW Renewable Energy Deals in One Week
Saudi Arabia has signed a raft of contracts for renewable‑energy projects totaling 15 gigawatts (GW) – among the world’s most keenly priced – accelerating its push under Vision 2030 to cut reliance on oil and become a clean‑power heavyweight. The deals, sealed last week, are expected to turbo‑charge the kingdom’s green‑energy sector, attracting further investment and innovation while creating jobs in manufacturing, logistics and research.
July 22, 2025KUFPEC announces final investment decision with Shell Egypt to develop gas exploration at Mina West field
A subsidiary of Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced on Tuesday a final investment decision with Shell Egypt to develop gas exploration at Egypt’s Mina West field, Kuwaiti state news agency reported. The field is located in the North East El-Amriya block in the Mediterranean Sea.
July 21, 2025Saudi Arabia expands renewable exports to Europe
Saudi Arabia has strengthened its position as a future clean energy supplier to Europe through a series of agreements signed in Riyadh, aimed at establishing export corridors for renewable energy and green hydrogen. The agreements were signed by ACWA Power in the presence of Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud during a dedicated workshop on renewable energy and green hydrogen exports. The event brought together senior government officials from Saudi Arabia, Greece, France, and Germany, alongside executives from leading international companies.
July 21, 2025Acwa signs Senegal renewable desalination project deals
Acwa Power has signed key project agreements with the Government of Senegal for the Grande-Côte seawater desalination project. The project, powered by renewable energy, is set to secure up to 400,000 m³ of potable water per day for Dakar and its surrounding areas. With a total investment of approximately $800 million, the Grande-Côte Project represents the largest desalination initiative ever undertaken in West Africa.
July 21, 2025Turkey wants new arrangement with Iraq over suspended oil pipeline
Turkey still wants to revive an oil pipeline with Iraq that has been shut for two years due to a dispute, a senior Turkish official told Reuters on Monday, even as Ankara announced the end of a decades-old agreement covering the pipeline.
The 1.6 million barrels per day Kirkuk-Ceyhan pipeline has been offline since 2023 after an arbitration court ruled Ankara should pay $1.5 billion in damages for unauthorised Iraqi exports between 2014 and 2018. Turkey is appealing the ruling.
July 21, 2025Sepco3 awards EPC contract for 700MW Yanbu Wind project
Shandong Electric Power Construction Corporation No. 3 (Sepco3), a subsidiary of China Electric Power Construction Corporation has awarded the EPC contract for the 700MW Yanbu Wind Energy Project. The agreement for Yanbu (YAN) wind power project was signed with a consortium led by Japan’s Marubeni Corporation under the National Renewable Energy Program (NREP). Located in Madinah Province, the Round 4 YAN wind power project has a unit capacity of 700MW.
July 20, 2025Iraq achieves leap in gas, renewable energy investment, says official
Iraq has made a significant leap in gas utilization and renewable energy investment, according to the head of the National Team for Renewable Energy Projects in the Prime Minister’s Office. Naseer Karim Qassem announced on Sunday (July 20, 2025) that solar energy projects have already commenced in the parking areas of eight ministries. Qassem told the Iraqi News Agency (INA) that Iraq’s energy sector has seen qualitative developments recently, including expanded investment in gas and renewable energy and enhanced infrastructure. He noted that the rate of flared gas utilization has increased to 68 percent, up from 57 percent previously, while dry gas production has risen to 1,700 million standard cubic feet per day. This has boosted refining capacity and advanced gas and oil transmission networks, connecting them to power stations.
July 20, 2025OQAE, Naqaa to develop wind power projects in Oman
OQ Alternative Energy (OQAE) has signed an agreement with Naqaa Sustainable Energy to jointly develop a series of wind power projects across the Wilayats of Duqm, Mahout, and Sadah, located in the Dhofar and Al Wusta governorates of Oman, with a total capacity of 1,100MW. The projects will utilise locally manufactured wind turbines from Mawarid Turbine, which is expected to be established in Duqm following a memorandum of cooperation previously signed between OQ and Mawarid Turbine, reported ONA.
July 19, 2025ADNOC’s Kinetic Battery Charger to Boost UAE Net Zero Goal
ADNOC and Revterra launch a kinetic battery pilot at Masdar City, accelerating EV infrastructure and supporting the UAE’s net zero 2050 goals
July 18, 2025Aramco Secures $10 Billion BlackRock-Led Investment for Jafurah Gas Pipeline Network
A BlackRock-led consortium is set to inject $10 billion into the vital pipeline infrastructure of Saudi Aramco’s Jafurah gas project. This significant financial commitment highlights the central role of pipelines in expanding Saudi Arabia’s natural gas production and its strategic shift towards a more diversified energy mix.
July 16, 2025Sharjah free zones team up with Adnoc to unlock investor opportunities
In a significant move to enhance investor access to the UAE’s vital energy sector, Sharjah’s two major free zones have joined forces with the Abu Dhabi National Oil Company (Adnoc). The initiative, marked by a high-level workshop held by Hamriyah Free Zone Authority (HFZA) and Sharjah Airport International Free Zone (Saif Zone) in collaboration with Adnoc, aims to streamline investor integration into the national oil and gas value chain and open the doors for businesses in the free zones to directly participate in strategic energy projects.
July 16, 2025Several Oilfields in Kurdistan Halt Production After Drone Attacks
Several oilfields operated by foreign companies in Iraq’s semi-autonomous region of Kurdistan have halted production in the past few hours following attacks with explosive-laden drones on infrastructure at the fields. A drone attack forced the suspension of production at the Sarsang oilfield, operated by a U.S. privately held firm, HKN Energy. The attack took place hours before HKN Energy signed a preliminary agreement with the Iraqi oil ministry to develop another oilfield.
July 15, 2025Fast Cables joins UAE’s energy giant vendor network
Fast Cables Limited has achieved a significant milestone by becoming the ‘first cable manufacturer in Pakistan’ to be certified as an approved vendor by the Abu Dhabi National Energy Company (TAQA), a major international energy company. The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. “Fast Cables Limited is pleased to announce that it has been certified as an approved vendor by the Abu Dhabi National Energy Company (TAQA),” read the notice. TAQA is a UAE-based diversified utilities and energy company, which is engaged in power and water generation, transmission and distribution, and sustainable water solutions assets.
July 15, 2025Al Ghais calls for $18.2trn investment in O&G
The oil and gas sector needs $18.2 trillion in investments by 2050 to meet future demand, according to Haitham Al Ghais, Opec Secretary General. He stated that oil and gas are essential pillars for a stable and secure energy future, and that the world must invest now to be prepared for what lies ahead. Al Ghais made these comments in an interview with Energy Connects during the 9th Opec International Seminar, in Vienna, Austria. He pointed out that global energy demand was projected to increase by 23 per cent by 2050, with oil demand expected to reach 123 million barrels per day (bpd).
July 15, 2025Iraq signs oil deal with US firm
Iraq’s state-run North Oil Company on Tuesday signed an initial agreement with US-based HKN Energy for the development of the Hamrin oil field in Basra province, just hours after a drone strike targeted one of HKN’s oil fields in the Kurdistan Region. The agreement, signed under supervision of Iraqi Oil Minister Hayyan Abdul Ghani, aims to raise Hamrin’s output to 60,000 barrels per day (bpd), up from its current 20,000 to 25,000 bpd. It also includes plans to invest 45 to 50 million cubic meters of associated gas to fuel power stations, according to a statement from the oil ministry.
July 14, 2025Türkiye, Oman sign deal for oil, gas search, renewable energy co-op
Türkiye and Oman on Monday signed a memorandum of understanding (MoU) aimed at expanding bilateral cooperation in the energy sector, covering areas from hydrocarbon exploration to renewable energy. The agreement was formalized during Energy and Natural Resources Minister Alparslan Bayraktar’s visit to Oman, according to a statement by the ministry.
July 14, 2025Türkiye, Oman sign MoU on energy cooperation
Türkiye and Oman signed a memorandum of understanding on Monday to deepen energy cooperation between the two countries, Türkiye’s Minister of Energy and Natural Resources Alparslan Bayraktar said during a visit to Muscat, the capital of Oman. As part of the visit, Bayraktar met with Omani Minister of Energy and Minerals Salim Nasser Al Aufi to discuss ways to enhance bilateral energy potential. The agreement, titled Memorandum of Understanding on Cooperation in the field of energy, aims to facilitate joint efforts in oil and natural gas exploration, transportation, and processing. It also includes provisions for collaboration in electricity, renewable energy, energy efficiency, and hydrogen technologies.
July 14, 2025Saudi Arabia to boost renewables with $8bn investment
A consortium led by Saudi utilities giant ACWA Power is to invest $8.3bn to build 15 gigawatts of solar and wind farms in the kingdom as it accelerates its push into renewables. ACWA Power, owned by the country’s sovereign wealth fund, is joined by Aramco Power, part of Saudi Aramco, in the consortium that has signed power purchase agreements with the state-owned electricity buyer to build five solar and two wind projects in four regions across the kingdom.
July 12, 2025Iraqi Oil Minister: Agreement with KRG Nears Completion, One Key Issue Remains
Iraqi Oil Minister Hayyan Abdul Ghani has outlined the reasons behind the continued delay in resuming crude oil exports from the Kurdistan Region through the Turkish port of Ceyhan. He confirmed that nearly all issues have been resolved with the Kurdistan Regional Government (KRG), except for disagreements over domestic consumption volumes and refining allocations. Speaking to the Iraq’s state media “INA”, Minister Abdul Ghani stated: “The federal budget specifies that the Kurdistan Region must deliver 400,000 barrels of crude oil per day to the Iraqi federal government, specifically to the State Oil Marketing Organisation (SOMO), for export via the Iraq–Türkiye pipeline.”
July 11, 2025Oil rises as investors weigh market outlook, tariffs, sanctions
Oil prices rose more than 2% on Friday as investors weighed a tight prompt market against a potential large surplus this year forecast by the IEA, while U.S. tariffs and possible further sanctions on Russia were also in focus. Brent crude futures gained $1.72, or 2.51%, to close at $70.36 a barrel. U.S. West Texas Intermediate crude rose $1.88, or 2.82%, to $68.45 a barrel.
July 10, 2025Iraq’s oil reserves surpass 145 billion barrels
The most recent figures for Iraq’s oil and gas reserves were publicly presented as part of the Iraqi government’s efforts to draw international investment to develop its hydrocarbon resources and play an important role in global energy markets. During the 9th OPEC International Seminar in Vienna, the Austrian capital, Iraqi Oil Minister Hayan Abdul-Ghani announced that Iraq’s proven reserves exceed 145 billion barrels of oil and over 132 trillion cubic feet of natural gas.
July 10, 2025Iraq, Shell discuss energy sector development
The Iraqi Prime Minister, Mohammed Shia Al-Sudani, and the Executive Vice President of Shell Oil and Gas Company, Richard Howe, discussed on Thursday areas of collaboration in improving Iraq’s energy industry, as well as investment prospects that benefit both sides. Al-Sudani emphasized the Iraqi government’s commitment to mobilizing all available resources and implementing key projects under agreements reached with multinational corporations, particularly those involving gas utilization and attaining self-sufficiency in gas production.
July 10, 2025Adnoc Gas seals $400m LNG supply deal with German group
Adnoc Gas and its subsidiaries announced that it has entered into a three-year liquefied natural gas (LNG) supply agreement with Germany’s Sefe Securing Energy for Europe, for the delivery of 0.7 million tonnes of LNG with deliveries commencing this year. The agreement, valued at AED1.5 billion ($400 million) over its three-year term, highlights Adnoc Gas’ continued expansion into global markets, with LNG supplied from its Das Island liquefaction facility – a key asset in the company’s portfolio.
July 9, 2025Saudi Aramco in talks to buy vast amounts of LNG from Louisiana facility
Oil giant Saudi Aramco is in talks with Commonwealth LNG to buy liquefied natural gas from the U.S. company’s proposed facility in Cameron as it seeks to strengthen its position in the market for the superchilled fuel, Reuters writes. The talks are for 2 million tons per annum (mtpa), sources tell Reuters. Aramco and Commonwealth LNG did not immediately respond to Reuters requests for comment.
July 9, 2025Oman launches $200mln energy transition fund in partnership with China’s Temple Water
Oman has launched its first investment fund dedicated to the energy transition, in a joint initiative between Future Fund Oman, managed by the Oman Investment Authority (OIA), and China-based Temple Water. The new fund has an initial capital of 77 million Omani riyals ($200 million), with each party contributing equally, according to an Arabic language post by the state-owned Oman News Agency (ONA) on the social media platform ‘X’.
July 9, 2025Iraq inks gas swap deal with Turkmenistan
Iraq has signed an agreement with Turkmenistan for the supply of gas that will be swapped with Iranian gas, an official said on Wednesday. Under the agreement, Iran will supply gas to Iraq and will get the same quantity from Turkmenistan, Iraqi Electricity Ministry spokesman Ahmed Mousa said. “The Ministry has performed the swap deal with Turkmenistan, which will supply gas to areas in North Iran….. Iran in turn will supply Iraq with the same quantity of gas by pipelines,” Mousa told the official news agency.
July 8, 2025Oil Climbs 2% as Houthi Rebels Hit Second Greek Vessel in Red Sea
A Greek-operated bulk carrier was attacked in the Red Sea on Monday in the second Houthi strike on commercial shipping in less than 24 hours, stoking fears of a renewed escalation in one of the world’s most critical oil transit corridors, Arab and Israel media report. The Eternity C, a Liberia-flagged vessel managed by Athens-based Cosmoship, was hit off Yemen’s Hodeidah coast using a combination of sea drones, rocket-propelled grenades, and small arms. Two seafarers were seriously injured and two more are missing, according to shipping intelligence sources cited by media. The vessel was reportedly en route to Iran with a cargo of steel. The attack follows Sunday’s strike on the Magic Seas, another Greek-managed bulk carrier. Houthi militants claim the Magic Seas has sunk. That vessel was hit southwest of Hodeidah and its crew abandoned ship before rescue. Both ships are Liberia-flagged, and neither was carrying Israeli cargo, according to tracking data. Shortly after the second attack, on Monday at 3:31 p.m. ET, Brent crude was trading up 2.08% at $69.72, while WTI was trading up 2.39% at $68.09.
July 8, 2025Saudi Arabia Signs PPA for 700MW Yanbu Wind Project
Saudi Power Procurement Company (SPPC), the principal buyer, has signed a power purchase agreement (PPA) for the 700-megawatt (MW) Yanbu wind Independent Power Plant (IPP) project, located in the Al-Medina Al-Munawwarah region, according to Zawya News Agency. The agreement was signed with a consortium led by Japan’s Marubeni Corporation and Saudi Arabia’s Ajlan & Bros Holding, SPPC said in a post on X.
July 7, 2025ExxonMobil and partner Qatar Energy find new natural gas deposit off Cyprus
A consortium made up of ExxonMobil and partner Qatar Energy International has made a second natural gas discovery beneath the seabed south of Cyprus, the government said Monday, a find that bolsters the region’s potential as an energy exporter.
July 7, 2025Iraq starts work on $800mln expansion of Al-Diwaniyah refinery
Iraq has launched an $800 million expansion project at Al-Diwaniyah refinery, which is expected to significantly boost the country’s crude refining capacity. The upgrade will add new refining units to increase capacity by 70,000 barrels per day (bpd), raising the refinery’s total capacity to 90,000 bpd, reports by the Iraq News Agency (INA) and the Iraqi Prime Minister’s Office said. The expansion project, remotely launched by Prime Minister Mohammed Shia Al-Sudani includes units for processing liquefied gas with a capacity of 180 tonnes per day, a gasoline improvement unit with a capacity of 10,000 bpd, a naphtha isomerisation unit (8,000 bpd) and a naphtha hydrotreating unit (18,000 bpd).
July 7, 2025Santos and QatarEnergy Agree Mid-Term LNG Supply
Santos has signed a mid-term liquefied natural gas (LNG) supply contract with QatarEnergy Trading. The contract is to supply approximately 0.5 million tonnes of LNG per annum over a period of two years from 2026 with LNG being supplied from Santos’ portfolio of world-class LNG assets on a delivered ex-ship basis. Santos’ portfolio of high-quality, tier-one customers now comprises, Hokkaido Gas, Shizuoka Gas, TotalEnergies Gas & Power Asia, Glencore Singapore, Mitsubishi Corporation, PETRONAS, KOGAS, Osaka Gas, JERA, Sinopec (Unipec Asia), CPC Corporation, and now QatarEnergy.
July 7, 2025Iraq increases oil output at three fields
The state-owned Dhi Qar Oil Company (DQOC) announced on Friday the implementation of an integrated production plan to develop three oil fields in the southern Iraqi province. In a statement to the Iraqi News Agency (INA), DQOC’s director Saeed Shalaka explained that the three strategic oil fields are Nasiriyah, Saba, and Gharraf. Seven additional oil wells were linked at the Nasiriyah oil field, resulting in an increase in output from 52,000 to 70,000 barrels per day, according to Shalaka. The Iraqi official clarified that eight oil wells have been connected at the Saba oil field, in addition to the installation of a new isolation system, increasing production capacity from 8,500 to 30,000 barrels per day.
July 7, 2025ADNOC Drilling hits 100% fleet utilisation
ADNOC Drilling has hit 100 percent fleet utilisation as Al Jurf and Dana begin operations. The commencement of these two modern high-specification jack‑ups boosts the operational jack-up fleet to 34, one of the largest in the world, fully contracted under long‑term agreements with ADNOC Offshore. This achievement not only reinforces ADNOC Drilling’s leadership in offshore operations but also underpins the UAE’s role as a global energy powerhouse, delivering capacity, certainty and long-term value to the market.
July 6, 2025OPEC+ to boost oil production by 548,000 barrels per day in August
Eight members of the OPEC+ alliance of oil exporting countries say they will boost production by 548,000 barrels per day in August in a move that could further reduce gas prices this year.
July 6, 2025Iran’s natural gas exports down 30% in 2024: OPEC data
Iran’s exports of natural gas fell by nearly a third last year, according to data by the Organization of the Petroleum Exporting Countries (OPEC), as the country continued to provide more gas supplies to its domestic customers. Latest output data by OPECو cited in a Saturday report by Tasnim agency, showed that Iran had exported 8.967 billion cubic meters (bcm) of natural gas in 2024, down 30% from the year before.
July 5, 2025Aramco plans to sell power assets to raise cash
Saudi oil giant Aramco is looking to sell up to five gas-fired power plants, three sources with knowledge of the matter told Reuters, part of a broader effort to free up funds that could generate tens of billions of dollars. The potential sale of four or five gas-fired plants that power refineries could alone raise around $4 billion as the Saudi government pushes Aramco to increase profits and payouts to the state, two of the sources said.
July 5, 2025Indonesia, Saudi Arabia sign $10 bln deal on green projects
Indonesia’s sovereign wealth fund (SWF) Danantara has signed an MoU with ACWA Power, a Saudi Arabian leading green energy corporation, to explore investments in renewable energy projects with total funding estimated at up to $10 billion. Danantara CEO Rosan Roeslani said the collaboration could help Indonesia achieve its renewable energy targets, including a 34% renewable energy mix by 2034 and 87% by 2060. The partnership with ACWA Power not only brings in capital but also positions Indonesia as a strategic partner in the global energy transition network, he underscored.
July 4, 2025OPEC oil output rises in June on Saudi and UAE hikes, Reuters survey finds
OPEC oil output rose in June, a Reuters survey found, led by Saudi Arabia after an OPEC+ agreement to raise production, although the increase was limited as Iraq pumped below target to compensate for earlier overproduction.
July 4, 2025Oil falls slightly ahead of expected OPEC+ output increase
Oil futures slipped slightly in thin holiday trading on Friday, as the market looked ahead to this weekend’s OPEC+ meeting and the likelihood that member countries will decide to raise output.
July 3, 2025Bulgaria and Oman with Memorandum of Understanding for Strategic Cooperation in the Energy Sector
A Memorandum of Understanding between the Bulgarian Ministry of Energy and the Ministry of Energy and Mineral Resources of the Sultanate of Oman was signed today. The document marks the beginning of enhanced bilateral cooperation in the field of energy and creates an institutional framework for the development of a partnership based on the principles of equality, mutual respect and a common aspiration for energy security and economic growth.
July 3, 2025Oman: 4th I-REC auction to advance clean energy
Nama Power and Water Procurement Company (PWP), the sole procurer of power and water capacity in the Sultanate of Oman, has launched its fourth auction round for International Renewable Energy Certificates (I-RECs) – a move aligned with the Sultanate of Oman’s broader strategy to advance decarbonization and its Net Zero targets. Over 3 million I-RECs are on offer in this latest round, building on three previous auctions that have reinforced Oman’s efforts to provide avenues for businesses and strategic sectors within the country to decarbonise their operations.
July 2, 2025OPEC’s Oil Production Rises To 2.15m Barrels A Day, Amid $17.4trn Deficit
The Organisation of Petroleum Exporting Countries (OPEC) pumped a total of oil and condensate of 2.15 million barrels a day (bpd) in June, up from 2.02 million in May. This is even as OPEC is working to abate perceived supply shortages that could disrupt global oil market. Most of the increase came from Tengiz—the Chevron-led mega-field—where output surged from 813,200 bpd in May to 953,000 bpd in June. Chevron began a $48 billion expansion at Tengiz earlier this year, which has helped fuel Kazakhstan’s rapid supply growth despite a weak global oil price environment.
July 2, 2025Strategic Ties Deepen: UAE Signals Investment Interest in Batam
UAE Ambassador’s visit opens doors for renewable energy, tech, and infrastructure partnerships in Batam.
Following Australia’s interest, the United Arab Emirates (UAE) has expressed its intent to forge a strategic partnership with Batam. The move signals growing international confidence in the Indonesian island’s economic prospects. Both parties agreed on several strategic sectors with high potential for collaboration. These included: Renewable energy, particularly solar power and oil and gas exploration and services.
July 1, 2025Saudi Arabia raised crude exports in June, Kpler data shows
Saudi Arabia’s oil exports jumped to the highest level in more than a year in June as the kingdom shipped more crude to overseas storage amid fears of possible supply disruptions owing to conflict in the Middle East.
OPEC’s biggest producer has intervened in oil markets for decades to provide more oil during disruptions or cut output when it felt the market was oversupplied.
July 1, 2025UAE, China explore cooperation in energy, infrastructure
Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Managing Director and Group CEO of Adnoc, and Chairman of Masdar, conducted a working visit to the People’s Republic of China, where he met with senior Chinese government officials as well as top executives from leading Chinese companies. The visit aimed to strengthen bilateral relations and expand cooperation in energy, renewable energy, industry, and infrastructure.
June 30, 2025Iraq revives bid to resume oil exports through Turkey
Iraq has sent a high-level delegation to the Northern Kurdistan region in an effort to resume crude oil exports through Turkey. The visit to Erbil follows heightened fears during the recent Iran-Israel conflict that Tehran could carry out its threats to shut the Strait of Hormuz, through which most of Iraq’si oil exports pass. Baghdad Today news website and other Iraqi media outlets said the delegation would hold a series of meetings with Kurdish officials about reopening the 970km Kirkuk-Ceyhan pipeline that had shipped nearly 400,000 barrels per day of Kurdistan’s oil.
June 30, 2025Iraq set to launch first LNG import terminal
Iraq is moving closer to launching its first liquefied natural gas (LNG) import terminal as it advances negotiations with US-based Excelerate Energy, officials have said. Shafaq news agency quoted officials as saying the state-run South Gas Company is overseeing the project, which centers on establishing a floating storage and regasification unit (FSRU) at the Khor Al-Zubair port in Basra.
June 27, 2025Loan agreed to strengthen UAE-GCC power connectivity
The Abu Dhabi Fund for Development (ADFD) has signed an AED 752 million ($205 million) loan agreement with the Gulf Cooperation Council Interconnection Authority (GCCIA) to support the expansion of the GCC power grid interconnection with the UAE’s national grid. The project involves the construction of a 400kV double-circuit overhead transmission line, extending 96km to connect the Al Silaa substation in the UAE with the Salwa substation in Saudi Arabia, state-run Wam news agency reported. The project also includes the expansion of three key substations in Gonan, Al Silaa and Salwa and the installation of upgraded 400kV switchgears, circuit breakers and reactors. The project will reinforce the GCCIA grid and significantly expand electricity transmission capacity with the UAE.
June 27, 2025OPEC+ set to make another accelerated oil output hike for August, sources say
The world’s largest group of oil producers, OPEC+, is set to announce another big increase of 411,000 barrels per day in production for August as it looks to regain market share, four delegates from the group told Reuters. If the increase is agreed, it would bring the total rise in supply from OPEC+ to 1.78 million bpd so far this year, equivalent to over 1.5% of total global demand. The group has not yet increased production by the volumes agreed because some members are compensating for previous overproduction and others need longer to bring output back online.
June 26, 2025Iraq Says US Company Among Bidders as It Plans First LNG Imports
Iraq is in advanced talks with Excelerate Energy Inc. to facilitate its first-ever liquefied natural gas imports as the country, which struggles with power outages, seeks to cut dependence on Iran for supplies. Texas-based Excelerate is one of several companies to have submitted a bid to provide an LNG import ship and secure supplies of the fuel, said Ali Salman, acting director general for the state-run South Gas Co., which has been charged with overseeing the development of the project. An Excelerate representative declined to comment.
June 26, 2025UAE, China strengthen cooperation in energy, renewables, industry
Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC, and Chairman of Masdar, conducted a working visit to the People’s Republic of China, where he met with senior Chinese government officials as well as top executives from leading Chinese companies. The visit aimed to strengthen bilateral relations and expand cooperation in energy, renewable energy, industry, and infrastructure.
June 25, 2025April Price Crash Dragged Saudi Arabia’s Oil Revenues to 4-Year Low
Saudi Arabia’s revenues from oil exports crashed in April by 21% from a year earlier – to the lowest level in nearly four years – as international oil prices dipped amid concerns about oversupply and potentially weaker global economic growth. Saudi Arabia, the world’s top crude oil exporter and leader of the OPEC+ group, saw its export revenues from oil at $16.5 billion in April, per data from the Kingdom’s General Authority for Statistics (GASTAT) out on Wednesday. The figure showed a decline of 21.2% year over year, as oil prices crashed by about 15% in April alone amid the U.S. tariff blitz and the OPEC+ decision to hike monthly production this summer by more than previously planned under the agreement to ease the production cuts.
June 25, 2025Trump says China can buy Iranian oil, but urges it to purchase US crude
U.S. President Donald Trump said on Tuesday that China can continue to purchase Iranian oil after Israel and Iran agreed to a ceasefire, a move that the White House clarified did not indicate a relaxation of U.S. sanctions. “China can now continue to purchase Oil from Iran. Hopefully, they will be purchasing plenty from the U.S., also,” Trump said in a post on Truth Social, just days after he ordered U.S. bombings of three Iranian nuclear sites.
June 25, 2025Trump signals US may ease Iran oil sanction enforcement to help rebuild country
President Donald Trump said on Wednesday that the U.S. has not given up its maximum pressure on Iran – including restrictions on sales of Iranian oil – but signaled a potential easing in enforcement to help the country rebuild. “They’re going to need money to put that country back into shape. We want to see that happen,” Trump said at a news conference at the NATO Summit when asked if he was easing oil sanctions on Iran.
June 24, 2025Oil prices drop 6% as Israel-Iran ceasefire reduces Middle East supply risk
Oil prices fell 6% on Tuesday to settle at a two-week low, on expectations the ceasefire between Israel and Iran will reduce the risk of oil supply disruptions in the Middle East. The ceasefire was on shaky ground with U.S. President Donald Trump accusing both Israel and Iran of violating it just hours after it was announced.
June 24, 2025GreenUp 2027 strategy to boost sustainable infrastructure in Oman
Veolia, a global leader in environmental solutions, has rolled out its GreenUp 2027 strategic programme in Oman, showcasing three major projects that embody the company’s commitment to sustainable development and innovation in waste, water, and energy management. The initiative strengthens Veolia’s position as a key player in supporting Oman’s Vision 2040 and the Sultanate of Oman’s broader shift towards a low-carbon, resource-efficient economy.
June 24, 2025Kuwait’s KOC extends major tender to expand southern oil capacity
The Central Agency for Public Tenders (CAPT) has extended the deadline for bids on a significant Kuwait Oil Company (KOC) tender. This tender, which includes the construction and installation of the third Oil Separation Gathering Center and third Water Injection Station in South Kuwait, is now due on July 22 instead of June 22.
June 23, 2025Opec+ will continue unwinding cuts despite Iran-Israel war
Opec+ members are expected to continue unwinding 2.2 million barrels per day (bpd) of voluntary cuts and even start rolling back another 3.65 million bpd this year as the Iran-Israel war continues, analysts said.
June 23, 2025Omani Researchers Eye Existing Pipelines for Green Hydrogen Future
Omani researchers have successfully concluded a pivotal study exploring the potential to repurpose the Sultanate’s extensive natural gas pipeline network for the transportation of green hydrogen. The joint initiative, spearheaded by the German University of Technology in Oman (GUtech) and Oman LNG, in collaboration with EJAAD, a research and development platform under the Ministry of Higher Education, Research, and Innovation, is critical to the nation’s ambitious decarbonization goals. It highlights pipeline-based transportation as essential for Oman’s future green hydrogen economy as the country works towards producing up to 8.5 million metric tons of green hydrogen annually by 2050.
June 20, 2025World markets on oil watch as Middle East tensions flare
Global benchmark Brent crude oil is up around 20% so far in June, and set for its biggest monthly jump since 2020 as Israel-Iran tensions flare-up. Although relatively contained, the rise has not gone unnoticed just three years after Russia’s invasion of Ukrainetriggered a surge in energy prices that ramped up global inflation and sparked aggressive interest rate hikes.
June 20, 2025Oman invites bids for two key substation projects
Oman Electricity Transmission Company (OETC) has invited bids from leading utility project developer/ developer consortiums for the construction of 400kV and a 132kV substation projects. For the 400kV unit, the scope of work includes construction of Majan 400/220/132kV grid station along with associated 400kV Lilo (underground cables) work linking SFZ Grid Station to SIS Grid Station, said OETC in a statement. For the 132kV substation project, the work involves construction of Sultan Haitham City 132/33kV grid station as well as associated 132kV Lilo (underground cables) work linking Mobillah grid station to Mobillah industrial grid station. The deadlline for submitting the bids has been set at July 22.
June 19, 2025Oman: OQGN awards $272mln gas pipeline contract
OQ Gas Networks SAOG (OQGN), the owner and operator of Oman’s gas transportation system, has announced the award of a contract worth RO 105 million for the implementation of the Second Loop Line Fahud-Suhar project – a key initiative to boost the country’s gas supply network. In a filing to the Omani bourse on Wednesday, June 18, 2025, OQGN – part of OQ Group – said the contract, covering the engineering, procurement and construction (EPC) of the 193km 42-inch pipeline project, was awarded to the Petroleum Projects Company Petrojet and Partners LLC.
June 19, 2025OPEC+ has proven to be oil markets’ central bank, says Saudi energy minister
OPEC+ has proven to be the “central bank” and regulator of the global oil market, providing much-needed stability, Saudi Arabia’s energy minister said. Speaking at the annual St. Petersburg International Economic Forum in Russia, Prince Abdulaziz bin Salman praised the alliance’s role in balancing oil markets amid global economic uncertainties. “I would have to say that OPEC+ had proven to be an instrument that if it wasn’t invented by us and Russia and our colleagues, it should have been invented a long time ago because this is what OPEC+ had achieved in terms of bringing stability to the market and had proven that it is the central bank and the regulator of oil markets,” the energy minister said.
June 19, 2025Kuwait Direct Investment Promotion Authority hosts high-level energy roundtable
Kuwait Direct Investment Promotion Authority (KDIPA), in cooperation with The Business Year (TBY), organized The Thought Leadership Circle: Empowering Energy Transformation took place today at the Chairman’s Club, KIPCO Tower, bringing together senior decision-makers from Kuwait’s energy and finance sectors, global companies, and international partners to shape the country’s energy future.
June 18, 2025Israeli strike halts South Pars gas production
Iran has partially suspended gas production at the South Pars gas field after an Israeli strike triggered a significant fire at the facility’s Phase 14 unit, halting the output of 12 million cubic metres (mcm) of gas per day. The incident, confirmed by Iran’s Oil Ministry, marks the first direct Israeli attack on Iran’s oil and gas sector and has heightened concerns about a broader regional escalation.
May 29, 2025UAE’s Masdar, Saudi Arabia’s ACWA Power to Build 5 Solar Plants in Iraq
UAE’s Masdar and Saudi Arabia’s ACWA Power are slated to sign an agreement with Iraq to build five solar plants. Masdar will build four power plants with a capacity of 1,000 megawatts, while ACWA will build a solar power plant in the Najaf province—also with a total capacity of 1,000 megawatts.
May 29, 2025Ishiba, Kuwaiti Crown Prince Sign Memorandum On Water, Electricity And Renewable Energy
The Crown Prince of Kuwait and the Japanese Prime Minister attended a signing ceremony for a memorandum of cooperation on water, electricity, and renewable energy. The two countries will continue to cooperate in the fields of clean energy, decarbonization, electricity, and desalinization.
May 29, 2025Saudi Arabia’s ACWA Power signs MoU to develop renewables capacity in Malaysia
ACWA Power signed a preliminary agreement with the Malaysian Investment Development Authority to develop up to 12.5 gigawatts of renewable electricity in Malaysia, as well as strategic partnership agreements with Malaysian companies for various energy projects including large-scale water desalinization.
May 29, 2025Syria Signs $7 Billion Power Deal With Qatar’s UCC Holding-Led Consortium
Syria signed a MoU with a consortium of international companies led by Qatar’s UCC Holding to develop power generation projects with foreign investment valued up to $7 billion. The agreement includes building four combined-cycle turbine power plants with a total capacity of 4,000 megawatts (MW), as well as a 1,000 MW solar power plant.
May 28, 2025Iran Approves $1.5B Solar Investment to Tackle Power Shortages
Iran’s Supreme Council for Economic Coordination approved $1.5 billion for the installation of solar panels. The funds will be used to import equipment for the construction of a 7,000 megawatt solar power plant.
May 27, 2025Saudi Arabia, Kuwait Announce Oil Discovery
Saudi Arabia and Kuwait announced a “highly significant” oil discovery in the Partitioned Zone—a jointly managed area. The discoveries included six fields and two reservoirs of Arabian oil, in addition to two fields and four reservoirs of natural gas. Specifically, it was found in the North Wafra Wara-Burgan field.
May 26, 2025Iraq Fast-Tracks Solar To Boost Renewables, Cut Fuel Use
Iraq’s Oil Ministry announced that key oil facilities will soon be linked to solar sources, in an effort to cut fossil fuel use and expand clean energy. It is part of a national plan targeting 12 gigawatts of renewable energy by 2030.
May 23, 2025Iraq And China’s Geo-Jade Sign Deal For Tuba Oilfield Expansion
Iraq signed a contract with China’s Geo-Jade Petroleum Corp to ramp up the Tuba oilfield’s production from 20,000 barrels per day to 100,000 barrels per day. It will include the construction of a refinery with a capacity of 200,000 barrels, a petrochemical plant, and a fertilizer plant.
May 22, 2025Saudi Aramco Launches Renewable Energy storage For Gas
Saudi Arabia’s Aramco has commissioned the world’s first megawatt-scale Iron-Vanadium (Fe/V) flow battery. It is a more reliable and cost-effective method for storing renewable energy.
May 21, 2025China Energy Commissions the Shuaibah Solar Power Plant in Saudi Arabia
In a deal with Saudi Arabia’s ACWA Power, China Energy has commissioned the Shuaibah Solar Power Plant in Jeddah. The project is expected to generate more than 282 billion kilowatt-hours of electricity over 35 years.
May 20, 2025US energy firms’ deals with Iraqi Kurdistan ‘null and void’, Baghdad says
After Iraqi Kurdistan announced $110 billion in deals with U.S. energy firms HKN Energy and WesternZagros, Baghdad’s Oil Ministry has declared them “null and void.” They also stated that, “Natural resources belong to all Iraqis, and any agreement to invest in them must be made through the federal government, not in defiance of the law and the constitution.”
May 20, 2025UAE-Morocco Consortium Sign $14 Billion Worth Of Energy, Water Deals
An Emirati-Moroccan consortium signed more than $14 billion in energy and water infrastructure deals with Morocco. The projects include the construction of an 850 mile high-voltage line transporting green electricity from Western Sahara to Casablanca.
May 20, 2025Qatar’s North Field East Gas Expansion To Begin Output In Mid-2026
QatarEnergy Chief Executive Saad al-Kaabi announced that the country’s North Field East natural gas expansion project will begin production in mid-2026. The project is expected to produce 126 million metric tons of LNG per annum by 2027.
May 16, 2025ADNOC Joins Offshore Gas Project in Turkmenistan
The UAE’s ADNOC has acquired a 38% stake in an offshore gas project in Turkmenistan’s Caspian Sea sector. Block I currently produces approximately 400 million cubic feet of natural gas per day and is estimated to hold over 7 trillion cubic feet in reserves.
May 16, 2025ADNOC Announces Plans To Raise Energy Investments In The U.S. to $440 Billion by 2035
During Trump’s visit to the Gulf region, the United Arab Emirates (UAE)’s ADNOC announced its intent to raise its energy investments in the U.S. to $440 billion by 2035. It was part of a $1.4 trillion investment plan with the United States.
May 16, 2025ACWA Power strengthens US clean energy ties with $500 million in new deals
Saudi Arabia’s ACWA Power signed clean energy memoranda of understanding worth about $500 million with Baker Hughes, KBR, and Energy Recovery, as well as a host of other American companies.
May 15, 2025Iran Reduces Power to Major Industries Due to Electricity Shortage
The CEO of Iran’s national electricity company announced that large industries must reduce power consumption as early summer heat and worsening drought conditions set in. The move sparked outrage from the industrial sector.
May 12, 2025Iraq To Reduce Crude Oil Exports In May And June, Official Says
An Iraqi official stated that Iraq is set to reduce its crude oil exports to 3.2 million barrels per day (bpd) in May and June, down from 3.42 million bpd in March. The cuts are part of the country’s efforts to make the scheduled compensation cuts pledged to OPEC+.
May 6, 2025Kuwait, Bahrain Boost LNG Intake Amid Rising Power Needs
Kuwait and Bahrain are expected to boost their LNG imports this year to meet rising electricity demand during the summer months amid faltering domestic gas production.
May 5, 2025Iraq’s Power Deal With Siemens To Add 14,000 MW
Iraq has signed an agreement with German company Siemens Energy to add 14,000 megawatts (MW) of electricity generation capacity to its national grid, raising the country’s total generation capacity to 38,000 MW. It is the third phase of Iraq’s partnership with Siemens.
May 1, 2025Kazakhstan Approves $1.4bn Wind Energy Agreement With UAE
The United Arab Emirates (UAE) has approved a renewable energy agreement with Kazakhstan to build a 1GW wind power plant. Under the agreement, two 500MW wind farms will be built that will generate 3.4 billion kilowatt-hours of electricity a year.
May 1, 2025QatarEnergy In Talks With Japan On Long-Term LNG Supply Deal
QatarEnergy is in talks with Japanese firms for a long-term deal to supply LNG from its North Field expansion project. Under the deal, Qatar would supply a consortium of Japanese importers, and a volume of at least 3 million metric tons per annum of gas would be split between them.
April 30, 2025QatarEnergy inaugurates 875MW solar portfolio
QatarEnergy inaugurated two solar energy projects with a combined capacity of 875 megawatts.
April 30, 2025QatarEnergy and Shell sign a landmark 25-year condensate supply agreement
QatarEnergy signed a 25-year condensate supply agreement with Shell International Eastern Trading Company
April 30, 2025US Slaps New Sanctions On Iran’s Energy Sector
U.S. Secretary of State Marco Rubio introduced new sanctions measures on Iran’s energy sector, targeting seven entities tied to the trade of Iranian oil and petrochemical products—including five UAE based companies.
April 29, 2025Technip Energies to Work on Qatar’s Largest Offshore Gas Field
Technip Energies secured a detailed engineer design contract for the expansion of QatarEnergy LNG’s North field, it is estimated to be worth anywhere from $55 to $285 million.
April 25, 2025Qatar, Bangladesh Agree to Extend LNG Pact
Qatar agreed to extend an agreement with Bangladesh for supplies of LNG and for technical work involving a LNG import terminal in Dhaka.
April 25, 2025Iran, Russia agree on 55 bcm of gas supplies, nuclear plant funding
Iran made a deal with Russia for 55 billion cubic meters of Russian gas supplies a year. Russia also pledged to fund construction of a new power plant in the country.
April 18, 2025UAE markets track oil prices higher
Stock exchanges in the UAE closed higher, driven up by rising oil prices. This came after U.S. President Donald Trump and Italian Prime Minister Giorgia Meloni expressed optimism about resolving trade tensions between the U.S. and Europe.
April 16, 2025Bahrain set to receive first LNG cargo in over five years
Seapeak Bahrain will receive its first LNG cargo in over five years off Fujairah.
April 16, 2025Oil up 2% to a 2-week high as new US sanctions target Iran’s exports
Oil prices rose nearly 2% after the United States issued new sanctions targeting Chinese importers of Iranian oil.
April 10, 2025UAE to develop Indonesia’s new 100 MW floating solar power plant
Emirati company Masdar signed an agreement with Indonesia to build a 100 megawatt solar power plant in West Java.
April 10, 2025Iraq and US sign MoUs to develop 27GW power projects
Iraq signed a memorandum of understanding with U.S. company GE Vernova for combined-cycle gas power plants with a combined capacity of 24 gigawatts, as well as with UGT Renewables to develop a solar energy project.
April 10, 2025UAE renewable energy firm Masdar completes purchase of Greece’s Terna Energy
The UAE’s renewable energy company Masdar finished acquiring Greece’s Terna Energy, after purchasing a 70% stake in November.
April 9, 2025Saudi Arabia discovers 14 new oil and gas fields with small volumes
Aramco discovered 14 oil and natural gas fields and reservoirs in the kingdom’s Eastern Region and the Empty Quarter.
April 5, 2025India, UAE to develop Sri Lanka energy hub
India and the UAE signed a pact with Sri Lanka to develop an energy hub in the country, it will involve the construction of a multi-product pipeline in the city of Trincomalee.
GIF Energy Tracker
Qatar Extends LNG Force Majeure on European and Asian shipments
Qatar has extended its force majeure on LNG supplies to European and Asian buyers as uncertainty over shipping in the Strait of Hormuz persists. QatarEnergy this week informed Pakistani buyers that its LNG cargo cancellations would continue into October, while Bangladesh’s force majeure will extend through September. Italian utility firm Edison SpA added that its cancellations of Qatari cargoes were extended into early November, while other European buyers said they have begun receiving notices as well. While some oil shipments have resumed through the strait, such as Iraqi crude, Qatar has remained more cautious because LNG carriers are scarcer and more valuable than oil tankers.
Iraq offering oil to Buyers outside of Hormuz again
Iraq has begun offering its oil to buyers outside of the Strait of Hormuz for the first time since the start of the U.S.-Iran war. Iraq’s state oil marketer SOMO has begun opening tenders for Basrah Medium and Heavy to be collected by buyers via ship-to-ship transfers near the Omani coast starting next month. While it is not immediately clear how SOMO plans to ship the crude out of the Gulf, Iran has recently begun allowing Iraqi shipments to clear the strait amidst diplomatic pleas from Iraq.
ADNOC Purchases Two More LNG Tankers
ADNOC, Abu Dhabi’s state-owned energy company, ordered two more LNG tankers in a deal worth $444 million. The ships are set to be delivered in 2029, and the purchase comes amidst a larger buying spree that has seen ADNOC spend $2.7 billion on vessels yet to be built this year. These purchases indicate ADNOC’s plans to expand its energy output in the coming years.
Iraq to Increase Crude Exports Through Strait of Hormuz
Iraq is resuming efforts to transfer more oil from its southern export ports through the Strait of Hormuz, with state marketer SOMO seeking customers for September shipments as tanker access to the Strait reopens. The decision follows a breakthrough over the weekend where Iran granted transit through Hormuz for several tankers carrying Iraqi oil after constant diplomatic pleas from Iraq.
ADNOC Among Firms Transporting Iraqi Oil Through Strait of Hormuz
Iraq’s oil marketing company SOMO said that ADNOC is one of a number of firms that is currently buying Iraqi crude and sending its cargoes through the Strait of Hormuz. This announcement follows an August 12th Bloomberg report that ADNOC was offering to shuttle exports of Iraqi oil through the Strait of Hormuz using its “dark-transit playbook.” This announcement signals that Iraq is finding ways to sustain at least some of its oil outputs as the country has been hit with financial difficulties amidst Hormuz closures.
Construction Finished at NEOM’s Green Hydrogen Project
Construction of Saudi Arabia’s flagship green hydrogen project in NEOM has been completed. During the second-quarter earnings call, the board said the building was complete and the target was to go into commercial operation next year. The NEOM complex, developed by a joint-venture is planned to produce 1.2 million tonnes of green ammonia annually backed by 2.2 GW of electrolysers, and about 4 GW of solar and wind capacity.
Baker Hughes Wins KOC Contract for a Technology Innovation Project
Baker Hughes, an American energy technology company, has been awarded a multi-year contract by KOC to collaborate on technology innovation as part of the Ahmadi Innovation Valley project in Kuwait. The agreement will set Baker Hughes as a central partner in efforts to develop an in-country research and innovation hub focused on Kuwait’s upstream oil and gas sector. Baker Hughes will set up an office there and will prioritize artificial intelligence, product optimization, reservoir technology, water management, and energy transition initiatives.
Abu Dhabi Based Energy Company Unveils Solar Facility in the Central African Republic
Abu Dhabi based energy infrastructure company Global South Utilities has unveiled a 50-MW solar farm with battery storage in the Central African Republic, increasing the country’s electricity generation capacity by more than 60%. The facility consists of more than 80,000 solar panels, 156 inverters, and a 15-MWh battery energy storage system. The whole plant was delivered and completed in just ten months. It is expected to provide electricity to more than 300,000 households and reduce carbon dioxide emissions by more than 50,000 tonnes a year. The facility was financed from the Abu Dhabi Fund for Development.
Kuwait’s Action Energy Backlog Hits $1.1 Billion
Rawaf Boursili, Vice Chairman of Action Energy said Kuwait’s national oil companies have shown exceptional capability navigating ongoing regional challenges, reaffirming their commitment to supporting Kuwait’s upstream energy sector and long term objectives. The company’s contracted backlog has reached a record level of $1.1 billion. Approximately 39% of the backlog comprises integrated, high value oilfield services, which is exptected to become an increasingly significant contributor to the company’s financial performance in the near future. The company’s international expansion has also moved from strategy to execution as they are preparing to deploy artificial intelligence oslutions for well control digitilization and real-time monitoring.
Kuwait Explores New Pipeline Routes with Neighbours
Kuwait is in discussion with Saudi Arabia and other neighbouring Arab countries to construct a major crude oil export pipeline that would bypass the Strait of Hormuz. Kuwait’s Oil Minister Tariq Al Roumi told Japan’s Kyodo news agency that the proposed pipeline project aims to secure alternative export routes. Options under consideration include connecting Kuwait through Saudi Arabia to ports on the Red Sea or Oman, as well as linking directly to the UAE’s port of Fujairah. Kuwait is currently studying the best and most cost-effective option to begin construction of the strategic pipeline.
Iraq and Turkiye Sign 1-Year Interim Deal to Maintain Northern Pipeline
Iraq and Turkiye have signed a one-year agreement to maintain operations of the joint crude oil pipeline. The deal secures the continued flow of Iraqi crude through the only export pipeline in the country. This deal extends a previously standing agreement between the two countries that expired earlier last week. Turkish Energy Minister Alparslan Bayraktar said the agreement secures a transit capacity of 750,000 bpd. It runs from Iraq’s northern oil fields to Turkiye’s Mediterranean export terminal at Ceyhan. It is currently transporting roughly 170,000 bpd but plans are being put in place to maximize the pipelines total capacity and even to extend the existing transit network to connect directly with southern Iraqi oil fields under a future framework.
A US-Saudi Consortium Advances Plans for $5B Refinery Project
A US-Saudi consortium is advancing plans for a $5 billion oil refinery and export base in the Gulf just outside the Strait of Hormuz. Texas based MWG Enterprises, Patel Family Office, and PWS, have entered the final stage of selecting a site for the refinery with a capacity of 200,000 barrels per day.
Kuwait’s KPC Signs a $16B Crude Oil Pipeline Deal
State-backed KPC has signed a multibillion dollar lease and leaseback agreement for its crude oil pipeline network with an international consortium led by Blackstone, KKR, and Brookfield. Under the “Project Peregrine” deal, KOC, a KPC subsidiary, will set up a joint venture with the consortium and grant it exclusive rights to use, operate and maintain the pipeline assets for 20 years, in return for a volume based tariff. KOC will hold 51% in the venture, while the consortium will own the remaining 49%. The deal is expected to generate $7.9 billion in upfront proceeds for KOC, supporting its parent company’s capital expenditure plans, including a target of 4 million bpd of crude oil production capacity by 2035 as Kuwait seeks to diversify its capital base. This deal has become the largest FDI commitment in Kuwait’s history, and send a poweful signal that Kuwait continues to rise as an attractive destination for global capital, even amid a challenging regional environment.
Oil prices tumble as U.S. shows restraint
On Monday, oil prices tumbled 8% as the Trump administration halted its campaign against Iran, the biggest single-day decline since May 25th. The lack of fighting over the past three days has created a repreive, however, maritime traffic in the Strait of Hormuz remains at a minimum due to the risk imposed from the possibility of renewed fighting. The oil market has proven surpisingly resilient, giving traders good reason to keep a ceiling on crude prices, even as the on-again, off again conflit adds considerable doubt that the oil market will ever return to “normal.”
BP Nears Deal to Sell Solar Business to Kuwait-Backed Consortium
BP is in advanced talks to sell its solar arm, Lightsource, to a consortium backed by Kuwait’s sovereign wealth fund, the Financial Times reported Friday, citing people familiar with the matter. The bidders are Qualitas Energy, a green-energy-focused private equity firm, and Wren House, the infrastructure investment arm of the Kuwait Investment Authority. The potential sale is part of BP’s broader retreat from renewables under new CEO Meg O’Neill, who is pursuing a $20 billion divestment plan to cut debt and sharpen the company’s focus on oil and gas. BP signed a deal just last week to sell minority stakes in more than ten companies held through its venture arm. BP had earlier flagged a roughly $1 billion impairment tied to its lower-carbon transition businesses, which analysts assume includes Lightsource.
Trump approves U.S.-Saudi Nuclear deal
U.S. President Donald Trump approved a long-awaited agreement to partner with Saudi Arabia in establishing the Kingdom’s civilian nuclear energy program. The deal is set to run for 30 years and allows for US companies to develop nuclear power plants on Saudi Arabian soil. The deal also provides for the possibility of autonomous Saudi enrichment capabilities, sparking nuclear proliferation concerns.
ADNOC Unveils a New $6.2 Billion Investment
ADNOC is growing its gas strategy with $6.2 billion worth on investments to develop the Umm Shaif gas cap project in Abu Dhabi amid higher global demand for low-carbon energy. The investment will unlock more than 600 million cubic feet per day of natural gas and liquids. ADNOC said that this is equivalent to almost 10% of the UAE’s current daily gas consumption. They awarded three engineering and construction packages for large offshore infrastructure development, as well as 14 well drilling services to consortiums including major UAE and international contractors. This is to be delivered by ADNOC over 18 months.
The UAE has invested more than $85 billion in US energy assets across 19 states
The UAE’s XRG, ADNOC and Masdar corporations have invested a combined $85 billion in the U.S. In recent months XRG has advanced strategic investments across LNG, chemicals, advanced materials, and upstream gas while launching a new global trading platform with ADNOC. The most recent example of these strides in investment come in the form of Rio Grande LNG in Texas, where XRG now holds equity interests across all five trains currently under construction at the 30 million tonnes per anum export project. The expansion of XRG’s American portfolio highlights the UAE’s commitment to strenghtening its relationship with the U.S. in a turbulent period.
Qatar Energy Offers to Lease LNG Tankers Amid Production Halt
QatarEnergy is offering 10 LNG tankers for lease after announcing a production halt and as shipping rates skyrocket. Qatari Energy Minister H.E. Saad Al Kaabi told the Financial Times that it would take weeks to months to return to normal deliveries even if the war ended today. The company declared force majeaure on LNG shipments last Wednesday as well. The vessels offered for lease have a capacity of 210,000 cubic meters, which are able to carry up to 50% more volume than conventional LNG tankers and are typically used by QatarGas to export its LNG to Europe or Asia.
BP and ConocoPhillips Set to Unveil Billions in New Iraq Investments
Iraq: BP, ConocoPhillips Deepen Iraq Investment as Baghdad Courts Western Capital
BP and ConocoPhillips are set to announce billions in new Iraq investments at the US-Iraq Business Summit in Washington, part of a broader package expected to top $60 billion in agreements and MoUs between US companies and Baghdad. ConocoPhillips is also acquiring a 42% stake in BP’s venture redeveloping four oilfields in the Kirkuk complex, a project BP has said could see up to $25 billion invested over its lifetime. The deal leaves existing contract terms and the operator roles of Iraq’s state-run Northern Oil and North Gas companies unchanged. The push comes as Washington works to expand Iraqi oil and gas capacity and diversify export routes away from the Hormuz corridor, and as Baghdad seeks to pull Western capital back into a sector where Chinese firms have gained significant ground in recent years.
Crude Prices continue to surge in wake of new blockade
The price of global crude oil has risen to more than $87 per barrel, back to levels unseen since June. These surges come in the wake of the announcement of a new blockade, which will be imposed on Iranian oil tankers this Wendesday at 4pm ET., 12:30 a.m. in Tehran. ING commodities analysts wrote “The Memorandum of Understanding is starting to look well and truly dead.” Further price hikes are expected as fighting intensifies.
Iranian Missiles Struck 2 Emirati Oil Tankers, Spot Mideast Crude Prices Strengthen
One Indian crew member was killed and eight others wounded when two Emirati oil tankers were struck by Iranian missiles off the coast of Oman. According to a report from ADNOC’s shipping arm, both crude tankers sustained significant damage due to the strikes. Reports suggest that these latest attacks is likely to deter shippers from entering the Gulf to load oil. The Middle East spot crude prices rose to higher levels compared with future months as the conflict keeps escalating.
UAE’s Masdar Secures over $5 Billion for Clean Energy Project
UAE-based clean energy-focused developer Masdar announced that it has secured a $5.1 Billion financing package to build one of the largest solar and battery storage projects in the world. It is described by Masdar as the world’s first gigascale 24/7 renewable energy project and will enable the delivery of 1 GW of continuous clean power. The financing package was provided by a consortium of 13 international and local banks including; ADC, ADIB, BNP Paribas, Bank of China, Credit Agricole Corporate and Investment Bank, DIB, FADB, HSBC, KfW IPEX-Bank, Natixis, Sumitomo Mitsui Banking Co., Standered Chartered, and Societe Generale.
Canadian PM visits Saudi Arabia to Strengthen Energy and Mining Partnerships
Canadian PM Mark Carney made the first Canadian state visit to Saudi Arabia in more than 25 years on July 9, meeting Crown Prince Mohammed bin Salman in Jeddah after the NATO summit in Turkey. Ottawa and Riyadh signed 13 agreements and MoUs worth $1 billion spanning health, defense, mining, clean energy, LNG, hydrogen, and carbon capture and storage, with Canadian companies set to help develop mining and clean energy projects in the kingdom. Carney also met Aramco CEO Amin Nasser and said he would lead a delegation of Canadian pension funds to invest in Saudi energy and AI sectors, with agreements to be finalized next year.
Iran ships out 10 million barrels of crude as US ramps up attacks
Iran is reportedly responsible for shipping out at least 10 million barrels of crude oil and fuel overnight through the Strait of Hormuz. This development suggests a potential resumption of the U.S. naval blockade and the recent revocation of the U.S.’s 60-day sanctions waiver, which had previously permitted Iran to temporarily export oil.
Qatar pauses plan to increase LNG production
Qatar’s plan to rapidly revive its LNG production has been paused due to the recent attacks on LNG and oil tankers in the Strait of Hormuz. QatarEnergy officials held a series of meetings following the attacks on Tuesday, deciding to ultimately cease plans to increase output at the Ras Laffan gas complex. Operations will kept to a minimum for safety reasons and the number of vessels scheduled to dock at the plant will be reduced.
Oil prices rise as confidence in U.S.-Iran ceasefire falls
Oil prices have risen nearly 6% after U.S. President Donald Trump stated the current ceasefire agreement is “over”. Brent crude climbed to $78.12, topping at $79, while West Texas Intermediate surged to $74.45 per barrel. This spike in prices has shattered confidence in the U.S.-Iranian ceasfire, reginiting fears of supply disruptions.
Aramco Cuts Arab Light Price by Most in 26 Years
Saudi Aramco cut the official selling price of its flagship Arab Light crude for Asian customers in August by $11 a barrel, bringing it to a $1.50 discount over the regional benchmark. This is the steepest cut in at least 26 years. It comes after a surge of global supply heightens competition among producers for buyers.
UAE crude exports hit record high in June
The UAE’s crude oil and condensate exports climbed to a record high in June, as production recovers from the closure of the Strait of Hormuz. Tracking data has shown the UAE is exporting 3.7 million barrels per day, exceeding the pre-war level of 3.3 million, with the rise also being attributed to the UAE’s recent exit from OPEC, allowing the country more freedom over its production and export quotas.
LNG Market Disruption May Continue for Months as Qatar Energy Cuts some Italian Shipments
QatarEnergy has extended force majeure on LNG supply contracts through early September, withholding four additional cargoes from Italy’s Edison, bringing the total cancelled between April and September to 21 cargoes, equivalent to approximately 2.7 billion cubic metres of natural gas or roughly 42% of Edison’s annual contracted volume of 6.4 bcm. Iranian strikes in March knocked out two LNG trains at Ras Laffan eliminating 12.8 million tons per year, 17% of Qatar’s total export capacity, with QatarEnergy CEO Saad Al Kaabi estimating $20 billion in annual lost revenue and a 3-5 year repair timeline.
Iraq Seeks Saudi, UAE, and Qatari Backing for Energy Fund
Iraq is advancing plans to establish a Central Bank-backed Energy and Development Fund open to public subscription and regional investment, with PM Al Zaidi formally inviting Saudi Arabia, the UAE, and Qatar, alongside American and European financial institutions to anchor the initiative. The fund is designed as a long-term financing plan for critical projects in electricity, energy infrastructure, and transportation sectors that were severely damaged during the Iran war, and it reflects Baghdad’s broader push to reduce reliance on oil revenues by attracting private capital into reconstruction. Al Zaidi simultaneously renewed Iraq’s call for an upward revision of its OPEC production quota, arguing that Iraq’s current quota fails to reflect its population size, economic needs, and the cumulative losses incurred during years of conflict including the ISIS campaign and the Iran war.
US Nuclear Firm Aims to Get UAE Plans Back on Track
Nano Nuclear, a US-based energy startup, is aiming to get its partnership with the UAE back on track after the Iran war delayed plans to identify sites to develop small modular reactors in the country. Nano Nuclear is also in earlys tage talks about potential investment from a firm linked to UAE National Security Advisor Sheikh Tahnoon Bin Zayed, as it looks to fund the rollout of its technology.
US and Qatar Urge the EU to Change Methane Rules
The United States and Qatar have urged the European Union to revise its upcoming methane emissions regulations for oil and gas imports, warning that the current rules are impractical and could disrupt LNG supplies to Europe. While the EU has signaled flexibility on implementation, it remains committed to the legislation, highlighting growing tensions between climate policy objectives and energy security concerns.
Iraq denies rumored OPEC exit
Iraq’s oil ministry has denied reports that it has considered leaving OPEC, stating claims of a possible withdrwal “do not reflect the official position of the government.” Iraq’s oil ministry has been recently vying for recalabrations to its baseline production. The assessment process is being conducted by an indepdent US consulting firm according to the ministry.
Oil markets signal near-term oversupply
As the Strait of Hormuz reopens, a surplus of physical oil supply is expected given the number of stranded vessels in the Gulf. Three stranded tankers carrying 5 million barrels of crude were exiting the strait on Wednesday, shipping data showed, as the interim deal between Iran and the U.S. has helped restabilize supply.
TotaleEnergies CEO says investment in Gulf Pipelines critical
The French oil giant TotalEnergies has stated it needs to prioritize the construction of pipelines that could export oil and gas from the Middle East due to the contested nature of the Strait of Hormuz. CEO of TotalEnergies, Patrick Pouyanne stated “The reality is that the Strait of Hormuz represents a genuine threat, so we must act. To ensure it doesn’t remain a threat, there is only one solution: we must invest in pipelines to bypass the strait, that is an absolute priority.”
U.S. issues iran an oil license
The U.S. has issued Iran a general oil-related license allowing the production, delivery and sale of Iranian-origin oil, petrochemical, and petroleum products through August 21st. This is the first time Iranian oil has returned to global markets since 2018.
Qatar says Ras Laffan LNG complex blast killed 13 and injured 66
First Post-Peace LNG Tanker Docks in India
The Malta-flagged LNG tanker Disha became the first vessel to cross the Strait of Hormuz and dock at a port since the US-Iran peace agreement was signed on June 18, arriving at the Dahej LNG terminal in Gujarat, India. This is a symbolic milestone marking the first fully unimpeded commercial LNG transit since the Strait closed in late February. Wood Mackenzie consultancy expects the reopening to unlock a wave of LNG shipments within days, though full normalization of flows through the waterway, which carried 20% of global LNG before the war, will take weeks given mine-clearing operations, tanker insurance reinstatement, and port backlogs.
Kuwait Lifts All Force Majeure and Targets 2 Million bpd Within a Week
KPC CEO Sheikh Nawaf Al-Sabah announced that Kuwait will raise oil output to 2 million bpd within a week and has lifted all force majeure notices issued during the war with immediate effect, adding that essential infrastructure repairs have been completed faster than predicted and that pre-war production levels of 2.628 million bpd could be restored within weeks. Kuwait’s output had collapsed from 2.6 million bpd pre-war to just 573,000 bpd in May, the steepest production decline of any Gulf state, entirely due to its lack of a Hormuz bypass route. Sheikh Nawaf also confirmed KPC has issued a tender for Kuwait Export Crude for July delivery at 2 million barrels per cargo, signalling commercial operations are resuming immediately.
Hormuz reopening to release wave of oil supply, depress prices
Middle Eastern Crude oil prices are likely to fall if the Strait of Hormuz reopens on Friday following the U.S.-Iran interim deal, releasing millions of barrels of oil stranded in the Middle East into global markets. Kpler analyst Muyu Xu stated “The reopening of the Hormuz Strait could unleash some 93 million barrels of stranded non-Iranian barrels from the Persian Gulf, while producers are expected to continue supplying cargoes through less visible channels.”
Qatar Prepares for an LNG Comeback
Data compiled by Bloomberg shows at least four Qatar-owned LNG tankers have headed in recent days to Ras Laffan. Another four are idling in the Gulf of Oman and could soon move to pass inboumd through the Strait of Hormuz to Qatar’s LNG export facilities. This is all creating positive sentiment for Qatar’s production and export capacity returning gradually to pre-war levels soon.
Bahrain launches tender for oil well production testing services
Bahrain has begun accepting bids for new oil well production testing services, with bids ranging from BD 13.3 million (~35 million USD) to BD 74.8 million (~200 million USD). This represents a key part of Bahrain’s ongoing effort to enhance production capabilities through specialised technical services.
Iran will connect it’s electric grid to Qatar in the near future
Iran’s Energy Minister Abbas Aliabadi was quoted on Tuesday stating “the connection between Iran and Qatar will begin soon-studies are in the final stage, and we are beginning the implementation phase. Iran is also “studying” the connection of its grid to other Gulf Cooperation Council countries.
Qatar Plans to Rapidly Restart LNG Output After Hormuz Opens
Qatar is planning to rapidly expand its LNG production once the Strait of Hormuz is reopened, aiming to restore its pre-war export capacity. Qatar had to significantly reduce its output of LNG during the war as global shipping came to a halt in the Strait of Hormuz.
Iraq urges Turkey to renew Kirkuk-Ceyhan oil pipeline agreement
Iraq’s Director of State Organization for Marketing of Oil, Ali Nizar al-Shatri has requested more time from Turkey for discussion over a new agreement. The Iraq-Turkey Crude Oil Pipeline agreement oversees oil exports via the Kirkuk-Ceyhan pipeline. The Agreement will expire on July 27th unless renewed. In early March, Baghdad requested to Kurdistan Regional Government leaders to allow Iraqi oil to flow again from Kirkuk via a pipeline to Turkey’s Mediterranean port of Ceyhan after all international shipments had been stopped on March 1st due to the closure of the Strait of Hormuz.
Qatar Denies Conducting Back-Channel Talks with Iran to Protect Critical LNG Infrastructure
Qatar reportedly engaged in secret diplomatic contacts with Iran aimed at protecting the shared South Pars/North Field gas complex and associated LNG infrastructure from attacks during the ongoing regional conflict. The discussions underscore Doha’s efforts to insulate its energy sector from the escalating Iran-Israel-US confrontation, particularly after previous attacks threatened facilities at Ras Laffan, the backbone of Qatar’s LNG exports. Qatari officials publicly denied any special arrangement with Tehran, maintaining that production decisions were based solely on security concerns. The episode highlights growing Gulf efforts to pursue quiet diplomacy with Iran in order to safeguard energy exports and prevent further disruptions to global gas markets.
US Surpasses KSA and Russia as World’s Largest Oil Exporter
The US has become the world’s largest oil exporter, overtaking both Saudi Arabia and Russia for the third consecutive month as exports reached around 10.5 billion bpd in May 2026. The shift was driven by sustained US shale production, releases from strategic reserves, disruptions to Saudi exports stemming from the Iran conflict, and continued pressure on Russian energy exports from sanctions and Ukranian attacks.
Kuwait Ships Cargo Through Strait of Hormuz
Kuwait has shipped a cargo of liquefied petroleum gas out of the Gulf through the Strait of Hormuz using a tanker it controls after switching off its location transponder. Major producers have begun adopting this method of switching off location transponders on tankers they control to export crude and liquefied natural gas through the Strait, with Rapidan Energy Group predicting around 2 million barrels of oil and related products being ferried out of the Gulf each day.
IAEA Passes Resolution Demanding Iran Report Uranium Stockpiles
The U.N. nuclear watchdog, the International Atomic Energy Agency (IAEA)’s, 35-nation Board of Governors passed a U.S.-backed resolution on Wednesday telling Iran to declare its remaining enriched uranium stocks and let inspectors verify them. The IAEA body also reiterated its threat to refer the matter to the UN Security Council in New York should Iran continue not to cooperate.
Saudi Arabia and Yemen Sign a $150 million Energy Deal
According to sources coming from the Saudi Press Agency, a Saudi-Yemeni energy agreement was signed in Riyadh, valued at around $150 million. This deal is part of Saudi Arabia’s effort to support Yemen’s energy sector, where they will supply petroleum derivatives for power plants across various Yemeni governates. The derivatives, consisting of diesel and mazut, will fuel more than 70 electricity generation plants across various Yemeni governates, helping enhaance the stability and continuity of electricity services and support vital sectors linked to electrical energy.
Indian Infrastructure Company Secures $992 Million Kuwaiti Energy Contract
L&T, an Indian infrastructure company, secured a major infrastructure contract worth $992 million from KOC for the construction of export crude storage facilities.
QatarEnergy Announces New Discovery Offshore Namibia
Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy, H.E. Saad Al Kaabi, was pleased to announce the discovery of oil offshore Namibia. This was an important discovery, he said, that aligns with Qatar Energy’s strategy to expand its international upstream through high-impact exploration.
Iraq and Jordan Revive Basra-Aqaba Pipeline Talks as Hormuz Closure Forces Export Diversification
Jordan’s Senate President Faisal Fayez and Iraqi Parliament Speaker Haibat Al-Sudani met on June 8th to discuss advancing the long-stalled Basra-Aqaba oil pipeline and broader bilateral energy cooperation, with Fayez stressing the project’s “strategic importance” for economic cooperation and bilateral ties. The $4.6-9 billion pipeline would run from Iraq’s southern Basra fields through Haditha and along the Saudi-Iraqi border into Jordan, terminating at the Red Sea port of Aqaba. This would provide Iraq with a Hormuz-independent export route capable of delivering up to 1 million bpd. The project has been under discussion since 1983 and formally approved by the Iraqi cabinet in 2022, but has remained stalled due to financing gaps, security concerns, and competing priorities.
Saudi Aramco Cut July Arab Light OSP for Asia for Second Straight Month as Demand Weakens
Saudi Aramco cut its July official selling price for Arab Light crude to Asia by $6 per barrel to a premium of $9.50 above the Oman/Dubai average. This is the second consecutive monthly cut after the record $19.50 premium set in May, which itself followed the outbreak of the Iran war. All other Saudi grades to Asia were cut by the same margin, while Mediterranean and Northwest Europe loadings were cut by $10 per barrel and US-bound cargos by $2. The cuts reflect sluggish Asian demand and a sharp softening in spot premiums.
QatarEnergy Quietly Routes 9th LNG Tanker Through Hormuz
Bloomberg reported that the QatarEnergy LNG tanker Al Daayen transited the Strait of Hormuz over the weekend. It stopped its AIS tracking signal around June 5th and reappeared east of Oman heading to China. This marked the 9th known Qatari LNG tanker to successfully transit the strait since the war began. Unlike the first two transits, which were routed to Pakistan under government arrangements quietly approved by Iran, and the third transit which was the first purely commercial cargo to China, Al Daayen’s movement follows an established pattern of dark transits using the northern route hugging the Iranian coast. Before the war, Qatar sent roughly three LNG tankers through Hormuz per day, meaning nine transits in over three months represents around 1% of pre-war volume.
Oman’s Main Oil Terminal Struck by Iranian Drone
An attack on Oman’s Mina Al Fahal oil terminal, caused by a drone strike, disrupted oil loadings and pushed crude prices higher. Countries such as India had increasingly looked to Oman as a secure source of energy imports that could bypass Hormuz-related risks. Overall, the attack reinforces market fears that Gulf hostilities are expanding and that no major regional energy infrastructure can be considered fully insulated from the conflict.
Saudi Energy Minister Calls for Stable Energy Sector
Russia’s Deputy Prime Minister Alexander Novak met with Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud in St. Petersburg, where both officials acknowledged that the outlook for global oil demand has become increasingly uncertain due to ongoing geopolitical disruptions and shifting market conditions. Novak said that many previous oil market forecasts now need to be revised, while stressing that OPEC+ remains capable of adapting to changes and helping stabilize the market. Saudi emphasized that energy security and market stability are essential, arguing that the world needs reliable supplies of all forms of energy amid growing uncertainty.
Kuwait is Examining Alternative Oil Export Routes
Kuwait is reportedly examining a range of alternative oil export routes that would reduce its dependence on the Strait of Hormuz. The options include new pipeline links through neighboring countries, as well as potential access to ports outside the Gulf. Each route faces significant financial, logistical, and political challenges.
OPEC’s secretary general optimistic on oil demand
OPEC’s Secretary General, Haitham al-Ghais stated “despite all the commentary out there that oil demand is declining, we have not registered signs of that yet. We will see a robust demand growth at 1.2 million barrels a day for this year.” He furthered this sentiment in saying that investments in the oil industry should not be afected by “one-off events” that happen anywhere in the world. He concluded by saying “We need to invest well ahead of time to be prepared for the demand that we see in the future.”
Kuwait’s Ongoing Restructuring of it’s Oil Sector Sees a New Update
Kuwait has dissolved a downstream oil company and allowed it to be acquired by a bigger energy entity as part of plans to restructure their hydrocarbon sector. KNPC took over KIPIC in line with a decision by the supreme petroleum council. KIPIC runs the southern Al-Zour oil refinery with a capacity of around 615,000 bpd. KNPC said the move resulted in an increase in its capital to $8.5 billion.
Iran Restores Some Gas Production
Al Jazeera reported that Iran has restored gas production at three offshore platforms in the South Pars gasfield after the facility was attacked by Israel in March. Iran is trying to send a message that they are rebuilding the targeted facilities. The South Pars gasfield is shared with Qatar, and the reopening is a big step forward for Iran to continue operations in its largest source of domestic energy for the country.
Hormuz Tentative MoU: Iran to Clear Mines Within 30 Days and Gulf Produers Begin Export Recovery Planning
The tentative US-Iran MoU, still awaiting Trump’s formal signing, would require Iran to remove all mines from the Strait within 30 days and guarantee unrestricted commercial shipping, per an Axios report. Gulf producers are already beginning preliminary export recovery planning. KPC’s CEO has guided a 3-4 month timeline to restore full Kuwaiti production capacity. QatarEnergy’s European customer Edison projected two-thirds of contracted LNG volumes could resume within 30-45 days of a deal.
Brent Posts Worst Monthly Loss Since COVID as US-Iran MoU Drives 20% Price Collapse
Brent Crude fell to $92.56 on May 29, down nearly 19% for May, its worst monthly performance since the COVID-19 pandemic, as markets priced in a tentative 60-day US-Iran MoU that would reopen the Strait of Hormuz to unrestricted commercial shipping. WTI fell to $87.18, down 16.5% month-to-date. Analysts warn the decline may be premature. ICMA’s Bob Parker told CNBC that even if Hormuz opens, “it will only be partial”, with significant infrastructure damage, tanker insurance backlogs, and depleted inventories meaning a full supply recovery extends well into 2027.
Oil falls 7% as U.S. and Iran reportedly near a deal
Oil prices fell nearly 7% as the U.S. and Iran seemingly inch closer to a deal. The drop can be attributed to U.S. President Trump’s remarks that negotiations were “proceeding nicely.” Brent crude futures were down $7.24, or 7%, at $96.20 a barrel, with West Texas Intermediate futures down $6.30, or 6.5% at $90.88.
Oil prices rise in reaction to nuclear uncertainty
Oil prices rose in reaction to uncertainty over the latest round of nuclear talks between American and Iranian negotiators. Brent crude futures settled at $64.78 per barrel, up 34 cents, or 0.54%. U.S. West Texas Intermediate crude futures finished at $61.53, up 33 cents, at .54%. As Memorial Day weekend begins in the U.S., summer driving is expected to be at its highest until the 4th of July.
Kuwait Stores 7-8 Million Barrels in Japan and South Korea as Emergency Export Hedge
KPC activated emergency overseas storage plans immediately after the Hormuz closure, storing 7-8 million barrels of crude in far east markets, with approximately 3.5 million barrels in Japan through an agreement with Ineos, and 4 million barrels at South Korea’s Ulsan facilities. The strategy allows Kuwait to deliver oil to Asian customers directly from these storage sites without routing tankers through Hormuz, reducing delivery times and maintaining customer relationships during the export crisis. KPC CEO Sheikh Nawaf Al Sabah confirmed the measures also included repositioning tankers outside Gulf waters and maximizing loading capacity at offshore terminals. With Kuwait’s domestic storage capacity of only 30 million barrels, roughly 13-15 days of production, the overseas reserves provide only a short-term buffer, and KPC has warned the fiscal deficit could reach 20 billion KD if the Hormuz disruption extends beyond June 30th.
U.S. sees highest gas prices in nearly four years
The current war in the Gulf has led to the highest U.S. gas prices in nearly four years. The price at the pump is expected to reach $5 a gallon in June if the Strait of Hormuz is unable to be opened. The price of gas has climbed more than 50% since the U.S. and Israel began the war on February 28th.
UAE West-East Pipeline Now 50% Complete
ADNOC CEO Sulttan Al Jaber confirmed the new West-East Pipeline to Fujairah is approximately 50% complete and on track for a 2027 operational target, which will double the UAE’s Hormuz bypass export capacity to over 3.6 million bpd. Al Jaber warned that full oil flows through Hormuz will not return before Q1-Q2 of 2027, even in an optimistic peace scenario, citing infrastructure damage, insurance reinstatement timelines, and shipping recovery backlogs. He estimated over one billion barrels of oil have been lost globally from the closure. The pipeline completion will cement the UAE as the only Gulf producer, alongside Saudi Arabia, with full structural independence from Hormuz for oil exports.
Saudi Arabia to Burn More Oil for Power This Summer as Associated Gas Output Falls
Saudi Arabia is expected to significantly increase fuel oil and crude burn for domestic power generation this summer, as the Iran war’s forced shut-in of Ras Tanura, which produces associated gas alongside crude, has reduced the kingdom’s gas supply for power plants. Gas output slipped to 10.5 bcfd in Q1 2026 from 10.7 bcfd in Q4 2025 despite the Jafurah gas field’s start-up in December. Aramco ramped up fuel oil imports to around 360,000 bpd in April, up 86% YoY to partially compensate. Rystad Energy forecasts total crude and fuel oil consumption for power generation could average 540,000 to 550,000 bpd this summer, potentially exceeding 1 million bpd in peak months. Every barrel burned domestically is a barrel that cannot be exported at peak war prices.
Futures likely to remain volatile until agreement reached
Oil prices climbed about 3% to a two-week high volatile trade on Monday. This rise comes as qualms over supply disruption and a reported U.S. agreement that would lift sanctions on Iranian crude oil during talks. Brent futures for July rose 2.6%, settling at $112.10 per barrel, with U.S. West Texas Intermediate crude for June rising to 3.1%, settling at $108.66. Futures are expected to remain volatile given the uncertainty of the status of the Strait of Hormuz.
Oil stockpiles are set to hit record lows due to Hormuz closure
The world’s oil stockpiles are set to hit near record lows.Prior to the current war in the Gulf, inventories were near a decade high at just over 8 billion barrels at the end of February. At the end of April, stockpiles had fallen to 7.8 billion barrels, with global inventories expected to reach record lows of 7.6 billion barrels by the end of May if demand remains constant. If the Strait of Hormuz is still closed in September, the inventory level could fall to 6.8 billion barrels. A major “economic contraction” is expected to follow if levels continue to fall.
ADNOC and India Sign Strategic Petroleum Reserve and LPG Supply Deals During Modi’s Abu Dhabi Visit
During PM Modi’s state visit to Abu Dhabi, ADNOC signed a MoU with India’s Strategic Petroleum Reserves Limited to potentially store up to 30 million barrels of UAE crude in India’s underground strategic reserves, including building new facilities in Fujairah, which bypasses the Strait of Hormuz. ADNOC also signed an LPG supply and trading MoU with Indian Oil Corporation. India normally imports roughly 60% of its LPG, 90% of which previously transited the Strait. The UAE announced $5 billion in accompanying development investment in India. The deals extend ADNOC’s reach into India’s strategic reserve infrastructure and lock in long-term demand for Fujairah-routed exports.
OPEC oil production down 30%
The closure of the Strait of Hormuz has cut OPEC oil production by 30% as of May 2026. OPEC production has fallen by 1.7 million bps in April after output plunged by 7.9 million bpd in March. As of today, the total supply loss from Gulf oil producers now exceeds a billion barrels with more than 14 million bpd shut down due to the Hormuz’s closure. While Saudi Arabia and the UAE have export contingencies in their pipelines and ports, these are not sufficient alternatives to the Strait of Hormuz.
GCC and China hold energy talks
The GCC General Secretariat and the Chinese National Energy Administration held talks aimed at expanding cooperation beyond traditional oil trade. Energy specialists across the Gulf and Chinese experts discussed the expanding energy ties between the two with regard to renewable energy, hydrogen production, and diversification. Both sides emphasized the importance of further developing strategic cooperation.
Oil prices see almost 3% increase in wake of trump ceasefire comments
Oil prices have surged again in the wake of comments made by U.S. President Donald Trump. An increase was recorded after the President commented the current ceasefire was “on life support,” leaving the Strait of Hormuz closed with no progress on a deal. Brent crude futures settled up 2.88% at $104.21 a barrel.
Aramco Posts 26% Q1 Profit Jump as East-West Pipeline Reaches Maximum Capacity
Saudi Aramco reported adjusted net income of $33.6 billion for Q1 2026, a 26% increase YoY, beating analyst forecasts of $31.2 billion. The results were driven by higher oil prices, increased volumes sold via the East-West Pipeline, and strong refining and chemicals sales. CEO Amin Nasser confirmed the pipeline reached its maximum capacity of 7 million bpd in Q1, calling it “a critical supply artery” during the crisis. Free cash flow reached $18.6 billion, with capital expenditure of $12.1 billion supporting growth targets. The board declared a Q1 base dividend of $21.9 billion, up 3.5% YoY. The results show a clear difference to Kuwait, Iraq, Qatar, and Bahrain, which all have no bypass infrastructure.
Qatar LNG Could Resume Within 30-45 Days of Peace Deal at Reduced Volumes
Edison CEO Nicola Monti told Reuters that QatarEnergy could restart LNG deliveries within 30-45 days of peace agreement, though at reduced volumes. QatarEnergy has cancelled 12 cargoes to Edison alone since April, representing roughly 1.4 billion cubic meters, and has extended force majeure through mid-June. Edison noted that QatarEnergy has kept production running by routing small LNG volumes to Kuwait, which allows for a faster restart than a cold-restart scenario. With Iraly already sourcing replacement cargoes from the Golden Pass facility in Texas, a QatarEnergy-ExxonMobil joint venture, the post-peace LNG recovery picture is becoming clearer, though it will be partial for years given the infrastructure damage scale.
Justice department investigating major oil stock trades
The U.S. Justice Department is investigating at least four oil stock trades made in March and April, which made a total of $2.6 billion. The trades correctly timed U.S. president Donald Trump’s announcement he would delay attacks on Iran’s power grids. The investigation is said to be in early stages, with the probe being led by the U.S. Attorney’s Office for the Southern District of New York.
Saudi Arabia sees widening budget deficit from inability to export
Saudi Arabia has posted a $33 billion dollar budget deficit amid a drop in oil sales. The kingdom’s budget shortfalls come as the Strait of Hormuz remains closed. Furthermore, the budget gap is more than double the shortfall posted during the same period last year, and up nearly one-third from the final quarter of 2025. Since the start of the war, the kingdom has relied largely on exports through the Red Sea port of Yanbu via the East-West Pipeline.
Qatar Extends LNG Force Majaure Through Mid-June as Ras Laffan Repairs Stall
QatarEnergy extends force majeure on LNG supply contracts through mid-June, the second extension since the war began. Iranian strikes damaged trains 4 and 6 at Ras Laffan, eliminating roughly 17% of Qatar’s total export capacity. Technip Energies has mobilized a repair team, but the work is constrained by global turbine delivery backlogs of 2-4 years. Each month of force majeure represents approximately $1.67 billion in lost export revenue, making Ras Laffan as the single most costly piece of energy infrastructure damaged in the conflict.
Major fire breaks out from iranian drone strike on fujairah oil storage
Authorities in the UAE reported a major fire broke out at the Fujairah Oil Industry Zone following an Iranian drone attack. Civil defense teams were deployed immediately to contain the blaze. The Fujaairah storage hub has a capacity of around 18 million cubic metres, making it among the world’s largest oil storage centres. Iranian strikes on oil infrastructure highlight the conflict’s vertical nature of escalation, with trillions of dollars of infrastructure at stake.
Bahrain’s Parliament Debates $100 Million Jubah Gas Concession with EOG Resources and Bapco Energies
Bahrain’s Parliament began debating a $100 million first-phase gas concession deal covering the Jubah and pre-Tawil reservoirs, under a partnership between EOG Resources and Bapco Energies, with EOG fully covering initial exploration costs. Bahrain will receive a 10% royalty on profits and 46% in oil-related taxes, with the state retaining full field ownership. Early production results are expected in 2026 if drilling succeeds. With Bapco’s main refinery still under force majeure following Iranian strikes, this deal, focused on upstream gas exploration rather than refining, represents one of the few active energy investment moves Bahrain can make while its core export infrastructure remains offline.
UAE OPEC Exit Signals Sovereign Wealth Now Drives Abu Dhabi Strategy
A Forbes analysis argued that the UAE’s OPEC exit, officially effective yesterday, reflects a structural shift in Abu Dhabi’s economic identity. With ADIA and Mubadala managing over $1.7 trillion in sovereign assets, oil revenues now represent a minority of the UAE’s wealth generation, making OPEC quota constraints strategically optional.
Technip Energies Mobilizes Team to Repair Qatar’s Damaged Ras Laffan LNG Trains
French engineering firm Technip Energies has mobilized a dedicated team to begin repair work on the two damaged liquefaction trains at QatarEnergy’s Ras Laffan complex, CEO Arnaud Pieton confirmed. Iranian Strikes in March damaged Trains 4 and 6, eliminating 17% of Qatar’s LNG export capacity. Technip Energies, which already has deep ties with QatarEnergy, is expected to be the primary engineering contractor for the restoration. QatarEnergy’s CEO previously estimated 3-5 years and $20 billion in annual lost revenue to fully repair the facility, Technip’s early mobilization signals the work is finally getting underway.
Price per Barrel reaches highest point in four years
The price per barrel recently reached its highest point in four years, clocking in at $126 per barrel. Prior to the war, Brent crude was trading at only $73 per-barrel. The U.S. Department of Energy has released 17.5 million barrels from the Strategic Petroleum Reserve since March. This coincides with the U.S.’s plan to release a total of 400 million barrels of crude oil globally to address energy disruptions amid the current war. The U.S. works closely with allies to address shortages in their own strategic reserves, especially with Western European NATO states.
UAE to leave OPEC on May 1st
After several decades of membership, the UAE has announced it will be leaving OPEC as of May 1st. This decision comes after years of open dissatisfaction with the organization, and the energy crisis triggered from the conflict with Iran. The country has invested billions in increasing its oil production capacity to 3 to 5 million barrels per day (bpd) by 2027. As its ability to produce grew, the UAE has demanded a larger production quota. Prior to the conflict, the production capacity was at 4.8 million bpd, but under its OPEC agreement, could only export 3.2 million bpd.
ADNOC’s XRG Reviews 29 US Gas Deals in Bid to Build Vertically Integrated Global Gas Business
ADNOC’s international investment arm XRG, is planning to invest tens of billions of dollars to build a vertically integrated natural gas business in the United States, with Chief Investment Officer Nameer Siddiqui, telling the Financial Times the company is evaluating 29 potential deals spanning upstream production, pipelines, processing, liquefaction, and regasification. XRG recently increased its stake in the Rio Grande LNG project in Texas by 7.6%, adding exposure to Trains 4 and 5. The strategy targets both surging global LNG demand and growing US gas consumption from data centers. With ADNOC’s domestic Hormuz-exposed infrastructure under strain and the UAE having just exited OPEC, Abu Dhabi is accelerating a pivot toward US-based gas assets as a structurally safer, long-term revenue base outside the Gulf’s geopolitical risk zone.
Gulf Economists Cut Growth Forecasts as the Region Heads for Worst Crisis Since Pandemic
A Reuters poll of 18 economists found GCC economies are going into their worst economic crisis since the pandemic with several expected to contract in 2026. Saudi Arabia’s growth forecast was cut from 4.3% to 2.6% and Oman’s from 2.8% to 2.2%, while Kuwait, Bahrain, Qatar, and the UAE all face deeper contractions driven by the Hormuz closure. Economists warned “it will take the entire second half of 2026 to rebuild damaged assets and re-establish supply chains”, with inflation rising across all six GCC states. Unlike previous oil price shock, this crisis is unique in simultaneously raising prices while blocking the region’s ability to export, eliminating the traditional revenue offset.
JPMorgan Join $6 Billion Financing Syndicate for KPC Pipeline Stake Sale Despite War Uncertainty
JPMorgan, HSBC, National Bank of Kuwait, and Kuwait Finance House have assembled a $6 billion financing syndicate for prospective buyers of a stake in KPC’s crude oil pipeline network, estimated to be worth $7 billion. The 20 year loan carries indicative pricing of 170 basis points over the secured overnight financing rate. KPC pushed the preliminary bid deadline back to April 28 from April 7 after investors demanded more time due to the conflict, and investors are now seeking explicit guarantees against volume disruption risks tied to Hormuz and the pipeline network itself. The fact that a major financing package is being assembled despite KPC declaring force majeure and suffering infrastructure damage signals that global capital markets still view Kuwait’s pipeline network as a long-term bankable asset, though the war premium is clearly priced in.
UAE Warns Washington It May Sell Oil in Chinese Yuan as Hormuz Closure Drains Dollar Liquidity
The UAE privately warned Washington that if the Hormuz closure continues to constrain dollar-denominated oil revenues, Abu Dhabi may be forced to begin settling some oil sales in Chinese Yuan. This was a warning delivered by the UAE Central Bank Governor, H.E. Khaled Balama, during high-level meetings in Washington. He also requested for a direct US dollar swap line. Despite holding $270 billion in foreign reserves, the UAE faces growing operational dollar liquidity risks as its primary revenue stream from oil exports remains disrupted. If Abu Dhabi follows through, it would represent the most significant challenge to the petrodollar system since its creation in the 1970’s.
Iran Threatens Direct Saudi Energy Retaliation
Iran’s Vice President Esmael Saghab Esfahani warned on April 24 that any US strike on Iran’s oil infrastructure would trigger direct retaliation against Saudi Arabia’s energy facilities, threatening that “one of the oil facilities of the countries from whose soil we are attacked will be targeted”. He described a tiered retaliatory framework ranging from “an eye for an eye” to an “eye for a head” as escalatory strikes on host-country infrastructure. This raises the risk of a deliberate, targeted campaign against Saudi Aramco’s Eastern Province oil facilities, which currently serve as the primary global export lifeline through the East-West pipeline.
Oil Rises as Iran Talks Stall and Hormuz Disruptions Persist
Oil prices extended gains Thursday as stalled U.S.-Iran peace talks and continued restrictions in the Strait of Hormuz kept supply concerns elevated. Brent crude rose to $103.38 per barrel and WTI climbed to $94.36, following sharp gains the previous session. Markets are also reacting to tighter fuel inventories, Iranian seizures of ships in Hormuz, and record U.S. petroleum exports as buyers seek alternative supplies.
Kuwait Force Majeure Deepens Global Supply Concerns
Concerns over tighter crude supply are growing after Kuwait declared force majeure on oil exports, citing the continued blockade of the Strait of Hormuz and delays in shipping contracted volumes. Kuwait, which relies entirely on Hormuz for seaborne exports and lacks major alternative pipeline routes, is especially exposed to prolonged disruption. While some importers such as South Korea say immediate impact is limited because Kuwaiti flows had already been halted, the move adds to broader fears of higher oil prices and sustained volatility until the strait reopens.
Trump Predicts Lower Gas Prices Once Iran War Ends
President Donald Trump said Energy Secretary Chris Wright was “wrong” to suggest gasoline prices may not fall until 2027, saying he expects prices to decline as soon as the Iran war ends. The comments come as Americans continue to face elevated fuel costs, with the national average at about $4.04 per gallon compared with $3.15 a year ago. Ongoing disruptions tied to the conflict and uncertainty around the Strait of Hormuz remain key drivers of pressure on energy markets.
Saudi Arabia Restores Key Energy Capacity After Attacks
Recent attacks disrupted multiple parts of Saudi Arabia’s energy system, including roughly 700,000 barrels per day of pumping capacity on the East-West pipeline and around 300,000 bpd each at the Manifa and Khurais fields. Saudi authorities said operational and technical measures were implemented quickly, restoring East-West pipeline capacity to about 7 million bpd and recovering lost Manifa production within a short period.
White House Call with U.S. Energy Producers Amid Market Volatility
U.S. energy officials held talks with top oil and gas executives including leaders from ExxonMobil and Chevron as the Iran war drove renewed volatility in global energy markets. The call, led by Interior Secretary Doug Burgum and Energy Secretary Chris Wright, focused on whether domestic producers could increase output to help offset supply disruptions and rising prices. Brent crude had climbed above $99 per barrel amid concerns over Middle East flows, putting added pressure on the White House to contain fuel costs.
Oil Holds Near $95 as Hormuz Blockade Continues
U.S. energy officials held talks with top oil and gas executives including leaders from ExxonMobil and Chevron as the Iran war drove renewed volatility in global energy markets. The call, led by Interior Secretary Doug Burgum and Energy Secretary Chris Wright, focused on whether domestic producers could increase output to help offset supply disruptions and rising prices. Brent crude had climbed above $99 per barrel amid concerns over Middle East flows, putting added pressure on the White House to contain fuel costs.
EU warns of prolonged energy shock, forced cuts if Iran war continues
The European Union warned member countries on Wednesday that if the Iran conflict continues, energy markets will face a prolonged supply shock that would force cuts to fuel consumption, EU diplomats told Reuters. Europe has not yet faced supply shortages, but is grappling with soaring oil and gas prices and airports have warned the first jet fuel shortages could hit within weeks. In a closed-door meeting with EU countries’ ambassadors on Wednesday, the European Commission said it was considering two main scenarios: one where the ceasefire agreed between the U.S. and Iran holds, and the U.S. blockade of the strait is lifted, oil and gas flows would recover in a few months and prices should decline. And another if tensions continue, Europe could struggle to fill its gas storage ahead of winter. Localised shortages of jet fuel are also possible, the Commission said, according to the diplomats.
Energy Middle East oil production plunges due to Iran war, OPEC data shows
Crude oil production in the major Gulf Arab exporters plunged in March due to the Iran war, according to data released by OPEC on Monday. Iraq took the biggest hit with production collapsing 61% from 4.2 million barrels per day in February to 1.6 million bpd in March. Output plunged 53% in Kuwait and 44% in the United Arab Emirates month over month, the data showed. Production in Saudi Arabia, OPEC’s biggest producer, dropped 23% from 10.1 million bpd to 7.8 million bpd. Iran’s production, meanwhile, dropped around 5% from 3.24 million bpd to 3.06 million bpd month over month. Overall, OPEC’s production plunged 27% month over month from 28.7 million bpd to 20.8 million bpd. It will take months for the Gulf Arab states to bring production back up to full capacity, said Sheikh Nawaf al-Sabah, the CEO of Kuwait Petroleum Corp.
Botswana signs energy and mineral exploration deals with Oman
Botswana’s president has clinched multiple agreements with Oman, including on mineral exploration, oil storage infrastructure and renewable power, during a visit to the Gulf nation designed to strengthen economic ties, the presidency said on Monday. Another deal was for the development of a 500-megawatt solar power plant that follows on from an announcement on March 20 that NAQAA Sustainable Energy LLC, a subsidiary of Oman’s state-owned O-Green, had been selected to design, finance, construct, and operate the plant in northwest Botswana. It will have a minimum operational life of 25 years as Botswana seeks to increase the contribution of renewable energy in its power supply from 8% now to 50% by 2030. The presidency’s statement said the plant would position Botswana “to secure its energy future and unlock long-term economic value”.
Russia Sees Oil Revenue Windfall Amid Iran War Disruptions
Russia’s oil revenues are set to surge as the Iran conflict drives up global prices and demand for alternative supplies. April income from Moscow’s main oil tax is projected to double to roughly $9 billion, fueled by higher crude prices and shifting trade flows. The gains come as disruptions in the Strait of Hormuz and broader supply shocks push buyers toward Russian exports. However, analysts note the windfall may be temporary, with future revenues dependent on the duration of the conflict and ongoing risks to Russia’s own energy infrastructure.
Oil Rebounds After Steepest Drop Since 2020 as Risks Persist
Oil prices are climbing again after posting their sharpest decline since 2020, as markets reassess geopolitical risks in the Middle East. The Strait of Hormuz remains largely blocked, continuing to constrain global supply despite the recent U.S.-Iran ceasefire. At the same time, doubts about the truce’s durability and ongoing regional tensions are keeping volatility elevated. Traders remain highly reactive to developments, with prices sensitive to any signs of renewed disruption or escalation.
Oil Markets Face Lasting Strain Despite U.S.-Iran Ceasefire
A temporary U.S.-Iran ceasefire has pushed oil prices down to around $94 per barrel following recent highs driven by the conflict. Despite the pullback, markets remain under strain after weeks of supply disruptions and heightened geopolitical risk. Analysts warn that damage to energy infrastructure and reduced spare capacity could keep prices elevated. Ongoing uncertainty around the Strait of Hormuz is also expected to sustain volatility in global energy markets.
Markets Rally After Last-Minute Ceasefire, Uncertainty Remains
Oil prices fell and stocks rose after a last-minute U.S.-Iran ceasefire was achieved just 90 minutes before President Donald Trump’s deadline for potential military action. The deal eased immediate worries about supply disruptions, especially around the Strait of Hormuz. However, neither side has accepted the other’s terms for a lasting solution, raising doubts about how long the truce will last. Analysts warn that ongoing political uncertainty could keep energy markets volatile in the near future.
Oman begins LNG deliveries to Germany despite regional tensions
LNG deliveries from Oman to Germany have officially commenced, marking a key milestone in energy cooperation between the two countries despite ongoing tensions in the Gulf. The deliveries are currently unaffected by the developments in the Gulf region and have commenced as planned, said the spokesperson, reported Reuters. “From today’s perspective, there are no concerns regarding future deliveries,” added the spokesperson. Oman LNG signed a sales and purchase agreement with Germany’s Secure Energy for Europe (Sefe) in March 2024. The agreement follows a prior commitment where Oman LNG inked a binding term sheet to supply Sefe with 0.4 million metric tonnes a year of LNG starting in 2026. The start of deliveries comes at a time when global LNG markets are under pressure due to geopolitical instability and supply disruptions linked to tensions in the Middle East.
Asia ramps up use of dirty fuels to cover energy shortfall triggered by Iran war
Governments across Asia are ramping up their use of coal, the dirtiest fossil fuel, as they try to cover huge energy shortfalls triggered by the US-Israel war on Iran. The move has triggered warnings from climate experts who point to coal’s devastating environmental impact, and say the energy crisis should be a wake up call for governments to invest in renewables, which can offer a more stable supply that is not exposed to price shocks. Many countries in the region rely on LNG to generate electricity, as well as for industries such as fertiliser manufacturing. Demand in Asia had been forecast to double in the next 25 years. However, supplies have been cut off by the effective closure of the strait of Hormuz through which a fifth of worldwide LNG shipments pass. Strikes on a major LNG export facility in Qatar will exacerbate the shortage and have a years-long impact on the industry, experts say.
Iraq’s government institutions to go solar – report
Iraq plans to accelerate the deployment of solar energy within government institutions as the oil exporter struggles to close a widening gap between electricity generation and demand and prepares to face peak demand in summer. There are promising plans with the direct support of Prime Minister Mohammed Shia’ al-Sudani, who is following the matter on a weekly basis, according to a representative of Iraq’s National Renewable Energy Team. The first phase is focused on schools and health centres, with more than 160 schools equipped with solar power over the past three months, as well as around 10 health centres in Baghdad and other provinces. In the coming months, a significant number of systems are expected to be installed in government buildings. Earlier in March, the Iraqi government announced that solar project deployment would be accelerated as part of an emergency plan to secure energy supplies amid escalating tensions in the Middle East.
Trump threatens to ‘obliterate’ Iran’s energy sources, as Tehran calls US plan ‘unrealistic’
President Donald Trump said if Iran does not reach a deal with the United States and open the Strait of Hormuz, the country would conclude military involvement in the region by “blowing up and completely obliterating” electric plants and oil wells in the country. It comes after Trump raised the prospect of the US taking Iran’s oil in an interview with the Financial Times last night. Trump told the newspaper that his “preference would be to take the oil,” as he weighs whether to seize Iran’s key fuel export hub at Kharg Island. Oil prices, meanwhile, rose Monday, with Brent crude crossing $116 a barrel following his comments
Saudi Arabia, Kuwait Seek to Pursue Energy Deals Despite War
Saudi Arabia and Kuwait are attempting to press on with planned multibillion-dollar energy deals despite a widening conflict that’s seen Iran target oil and gas infrastructure across the Middle East over the past three weeks. Kuwait Petroleum Corp.’s attempts to lease part of its pipeline network has drawn interest from large private equity and infrastructure funds, according to people familiar with the matter. The suitors remain committed and the energy giant is carrying on with the plans for now, the people said, declining to be identified as the information is private. Kuwait Petroleum is working with Centerview Partners LLC to lease part of its pipeline network and hoped to raise as much as $7 billion to help fund an investment plan. Their attempts to carry on with the plans indicate Gulf states are keen to portray a business-as-usual approach despite Iran’s attacks. Still, there have been concerns that the war could dampen the process, some of the people said. Representatives for Kuwait Petroleum didn’t respond to a request for comment.
Oil Prices Drop on Trump Delay of Iran Strikes
Oil prices fell sharply after President Donald Trump announced a five-day delay in potential U.S. military strikes against Iran and pointed to constructive diplomatic talks. Brent crude dropped $12.25, or 10.9%, to settle at $99.94 per barrel, while U.S. West Texas Intermediate (WTI) fell $10.10, or 10.3%, to $88.13. The decline reflects market sensitivity to signals of de-escalation, as traders responded quickly to reduced immediate risk of supply disruption. Despite the drop, prices remain elevated, highlighting ongoing uncertainty tied to the conflict and the stability of energy flows in the region.
Trump Faces Blowback on Easing Iran Oil Sanctions
Global energy markets are facing increased volatility as the Trump administration temporarily eased sanctions on Iranian oil, allowing around 140 million barrels already at sea to enter global markets in an effort to stabilize supply. The move comes amid disruptions to oil flows caused by regional conflict and concerns over transit through the Strait of Hormuz, which have driven prices higher. U.S. officials described the decision as a short-term measure to ease supply constraints and lower price pressures while maintaining broader sanctions. This development highlights the tension between maintaining economic pressure on Iran and managing the global energy impact of the conflict.
Saudi Arabia Warns Oil Prices Could Spike Past $180 a Barrel if Iran War Rages On
Global energy markets are facing extreme volatility as Saudi officials warn oil prices could surge past $180 per barrel if disruptions from the Iran war persist beyond April. The warning comes amid ongoing attacks on Gulf energy infrastructure and reduced tanker traffic through key chokepoints like the Strait of Hormuz, which handles a significant share of global oil supply. Prices have already surged above $100 per barrel, with earlier spikes nearing $120 as markets react to supply fears and escalating military strikes. Analysts caution that while higher prices may boost producer revenues in the short term, sustained increases risk triggering global inflation, reduced demand, and a potential economic slowdown. As a result, the current energy shock is increasingly viewed not just as a regional disruption, but as a major threat to global economic stability.
Second U.S. Gulf Oil & Gas Lease Sale Generates $47 million
The U.S. is accelerating offshore energy development as a second Gulf of America oil and gas lease auction since the 2024 election generated nearly $47 million in high bids, signaling sustained industry investment despite global energy volatility. The auction drew 38 bids from 13 companies across 25 offshore blocks, with 98% of activity concentrated in deepwater areas over 800 meters, highlighting a continued shift toward high-output offshore production. Officials say the expansion is aimed at strengthening U.S. energy independence, with offshore production already accounting for about 14% of total domestic output and generating billions in federal and state revenue. The move comes as global supply disruptions from the Iran conflict increase pressure to boost stable domestic production. However, the expansion faces criticism from environmental groups, who warn that increased offshore drilling carries long-term ecological risks despite its relatively lower carbon intensity per barrel.
Iran war looms over global energy summit
Surging oil and gas prices tied to Middle East tensions will hang over a Houston gathering next week that is one of the global energy industry’s biggest annual events. The conference attracts more than 10,000 attendees from nearly half the world’s countries. Daniel Yergin, vice chairman of S&P Global, has been the face of the CERAWeek conference throughout its entire run of more than four decades. Yergin traces the roots of today’s tensions back to 1979, when strikes by Iranian oil workers helped topple the Shah — Iran’s U.S.-backed monarch — and disrupted global supply, reshaping the geopolitics of energy for decades to come.”It’s not the nightmare scenario,” Yergin said in our interview about today’s war with Iran. What is the nightmare scenario? “This persists for more than weeks,” Yergin replied. It’s not hyperbole to say that the trajectory of the war could be altered by conversations — both on the main stage and behind closed doors — that happen in Houston next week. Probable attendees include Energy Secretary Chris Wright; United Arab Emirates Minister Sultan Ahmed Al Jaber, who’s also CEO of the country’s state-backed oil company; and retired Gen. Jim Mattis, who was Secretary of Defense during Trump’s first term. By the time the Houston gathering concludes on March 27, it will have been four weeks — or one full month — since Trump launched strikes on Iran.
Oil prices top $112 after Iraq declares force majeure, Kuwait refineries attacked
Crude prices topped $112 on Friday after Iraq declared a force majeure at all oilfields operated by foreign companies and drones struck two refineries in Kuwait. International benchmark Brent crude futures rose 3.26%, or $3.54, to close at $112.19 per barrel. U.S. crude oil gained 2.27%, or $2.18, to settle at $98.32 per barrel. Iraq oil ministry sources told Reuters that Baghdad had declared the force majeure because it cannot ship crude through the Strait of Hormuz. Oil tanker traffic through the Strait has plunged due to attacks by Iran. Saudi oil officials expect crude prices could climb above $180 a barrel if Iran war disruptions last through late April, the Wall Street Journal reported. U.S. Treasury Secretary Scott Bessent said Washington may soon lift sanctions on Iranian crude stored aboard tankers — a move aimed at easing price pressures following Iran’s closure of the Strait. “In the coming days, we may unsanction the Iranian oil that’s on the water, about 140 million barrels,” Bessent told Fox Business Network. He said bringing the sanctioned Iranian crude back into global markets would help cap prices over the next 10 to 14 days. CitiBank now expects Brent and WTI to climb to $120 per barrel over the next one to three months, and to $150 per barrel in a bull-case scenario if disruptions intensify. Still, its base case assumes de-escalation within four to six weeks, which would allow Brent to ease back to $70–$80 by year-end.
Iraq resumes Kirkuk crude exports via Ceyhan after Baghdad-KRG deal
Crude exports from Iraq’s Kirkuk fields to Turkey’s Ceyhan port have resumed via pipeline, North Oil Company said, after Baghdad and the Kurdistan Regional Government agreed on Tuesday to restart flows. The KRG confirmed the agreement, saying in a statement the two sides would form a joint committee to prepare to resume oil exports and that revenue would be returned to the federal treasury. The North Oil Company added that Kirkuk crude exports would resume with an initial capacity of 250,000 barrels per day. The two sides agreed to take the necessary security measures to protect oilfields and ensure the continuity of export operations, the KRG said. On Tuesday, the Iraqi presidency had urged both the Iraqi federal government and the KRG to cooperate to resume crude oil exports. Iraq’s parliament also called on the federal government to find outlets for Iraqi crude to avoid the current security conditions causing economic damage, the state news agency reported. International oil prices , which have risen by roughly 30% to over $100 a barrel since the U.S.-Israeli war on Iran began last month causing severe disruption of oil flows, fell 1.46%, to $101.91 on Wednesday.
IEA releases “Oil Market Report – March 2026”
The IEA Oil Market Report (OMR) is one of the world’s most authoritative and timely sources of data, forecasts and analysis on the global oil market. The war in the Middle East is creating the largest supply disruption in the history of the global oil market. With crude and oil product flows through the Strait of Hormuz plunging from around 20 mb/d before the war to a trickle currently, limited capacity available to bypass the crucial waterway, and storage filling up, Gulf countries have cut total oil production by at least 10 mb/d. In the absence of a rapid resumption of shipping flows, supply losses are set to increase. With few ships currently able or willing to load cargoes at port, and domestic storage tanks filling up, producers in the region are reducing or shutting in production. Diesel and jet fuel markets look to be particularly vulnerable to an extended loss of Middle East production and exports, given limited flexibility elsewhere to increase output. The suspension of flights at major airports in the Middle East, with a knock-on effect on hubs elsewhere, has materially reduced global jet fuel demand. The ultimate impact on oil and gas markets and the broader economy from the conflict will depend not only on the intensity of military attacks and any damage to energy assets, but also, crucially, on the duration of disruptions to shipping through the Strait of Hormuz. Adequate insurance mechanisms and physical protection for shipping are key to the resumption of flows, which is of paramount importance for the oil market.
Iran tells world to get ready for $200 a barrel
Iran’s military command said on Wednesday the world should be prepared for oil to hit $200 a barrel, as three more ships came under attack in the blockaded Gulf. “Get ready for oil to be $200 a barrel, because the oil price depends on regional security which you have destabilised,” Ebrahim Zolfaqari, spokesperson for Iran’s military command, said in comments addressed to the United States. Oil prices that shot up earlier this week have eased and stock markets have rebounded, with investors betting for now that the U.S. President Donald Trump will find a quick way to end the war he began alongside Israel nearly two weeks ago. But so far there has been no let-up on the ground, or any sign that ships can safely sail through the Strait of Hormuz, where a fifth of the world’s oil has been blockaded behind a narrow channel along the Iranian coast in the worst disruption to energy supplies since the oil shocks of the 1970s.
IEA to propose record release of strategic stocks in response to Iran war oil price surge
The International Energy Agency is to recommend the release of 400 million barrels of oil, the largest such move in IEA history, to try to restrain soaring crude prices amid the U.S.-Israeli war with Iran. A source said the release would be spaced over at least two months, while Spain’s energy minister said countries would have up to 90 days to release that volume. The Paris-based IEA would publish its recommendation at 1300 GMT on Wednesday, ahead of a 1400 GMT meeting of G7 leaders chaired by France, according to three sources. Germany’s Economy Minister confirmed both the 400 million barrel figure and that Germany would participate in the release, details of which were still to be clarified. The U.S. and Japan would be the largest contributors to the IEA release, she added. Acting ahead of the IEA move, G7 member Japan announced plans to release 15 days’ worth of private-sector oil reserves and one month’s worth of state oil reserves. Analysts have said the pace of daily IEA stock releases would matter as much as if not more than the overall size. If 100 million barrels were released over the next month, the daily pace will amount to around 3.3 million barrels per day – a fraction of the current disruption of around 20 million barrels per day, with the Strait of Hormuz between Iran and Oman effectively blocked.
Oil prices rise as supply fears persist despite IEA plan for record reserve release
Oil prices rebounded on Wednesday as markets doubted whether the International Energy Agency’s plan for a record release of oil reserves could offset potential supply shocks from the U.S.-Israeli conflict with Iran. Brent futures traded up $3.31, or 3.8%, at $91.11 a barrel by 1159 GMT. U.S. West Texas Intermediate (WTI) traded $3.13 higher, also 3.8%, at $86.58 a barrel. Both contracts extended losses in early Asian trade, after plunging more than 11% on Tuesday, despite U.S. crude prices leaping 5% at the market’s opening. “[It] doesn’t look like the oil market thinks that ‘largest ever’ release of strategic reserves will help much against the current crisis,” SEB analyst Bjarne Schieldrop said. “Even a quick resolution probably implies weeks of disruption for energy markets yet,” Morgan Stanley said in a note.
Bahrain, Kuwait and Qatar, Singapore companies announces force majeure on operations
Bahrain’s Bapco declared force majeure on its group operations on Monday following an attack on its oil refinery complex, the company said, as the conflict in the Middle East continues to disrupt oil production. Bapco’s 380,000 barrels per day (bpd) Sitra refinery buys Saudi crude oil via a pipeline between the two countries, depriving Saudi Arabia of another outlet for its production. The firm said domestic market needs remained fully secured and that supplies would continue without disruption, and that supply continuity was being supported by contingency plans already in place. Bapco joins QatarEnergy, which declared force majeure two days after an Iranian drone strike hit the company’s liquid natural gas facilities. The Kuwait Petroleum Company (KPC) also declared force majeure because of “explicit threats” by Iran against the safe passage of ships through the Strait of Hormuz, continuing attacks by Iran on Kuwait and the “almost total absence” within the Arabian Gulf of vessels available to ship crude oil and products, the notice showed. KPC said the reduction was precautionary and would be reviewed as the situation develops. Even Singapore’s Aster Chemicals and Energy has declared force majeure, citing a disruption in raw materials because of the Middle East conflict.
U.S. asks Israel to halt strikes on Iran’s energy infrastructure
The Trump administration asked Israel on Monday not to carry out further strikes on energy facilities in Iran, particularly oil infrastructure, according to three sources familiar with the matter. The Trump administration cited three reasons for its request, according to a source with knowledge of the matter: Such strikes harm the Iranian public, a large portion of which opposes the regime. Trump aims to cooperate with Iran’s oil sector after the war — similar to the approach he has taken with Venezuela. Finally, the strikes could trigger massive Iranian retaliatory attacks on energy infrastructure across Gulf states. The U.S. request marks the first time the Trump administration has reined in Israel since the two countries launched their joint operation against Iran ten days ago. The Israeli military took responsibility for the strikes on Iran’s energy sector, saying on X that it targeted “several fuel storage complexes belonging to the [Islamic Revolutionary Guard Corps (IRGC)] in Tehran” that it claimed were used to “distribute fuel to multiple military entities in Iran.” Since the strikes, Tehran and other population centers have been subjected to thick, toxic smoke from the fires and oil-tainted black rainfall staining everything around them. Iran’s Red Crescent Society warned residents of Tehran and the surrounding region that the rainfall after the strikes could be “highly dangerous and acidic,” and could cause “chemical burns of the skin and serious damage to the lungs.” The attacks constitute the most significant attack on Iran’s civilian industrial infrastructure of the war so far, a little over a week into the U.S.-Israeli attack that has killed more than 1,000 civilians.
‘Sky is the limit’: Analysts warn oil prices could surge further
Analysts warned on Monday that there was no precedent for the surging price of oil, as the Middle East crisis deepens fears of prolonged production shut-ins and disruption to shipments through the strategically vital Strait of Hormuz. Oil prices were on track for their biggest-ever jump in a single day on Monday, before significantly paring gains, following a fresh wave of U.S. and Israeli strikes across Iran over the weekend. Oil depots were among the targets. International benchmark Brent futures had climbed as high as $119.5 per barrel earlier in the trading day, while U.S. West Texas Intermediate futures hit a session high of $119.48. The G7, or Group of Seven, finance ministers were expected to hold a call at 8:30 a.m. ET to discuss the idea and the impact of the war. U.S. crude oil surged about 35% last week in its biggest gain in futures trading history dating back to 1983. Shortly after oil blasted past $100 at the open of trading Sunday evening, President Donald Trump posted on Truth Social that a gain in “short term oil prices” was a “very small price to pay” for destroying Iran’s nuclear threat.
Kuwait Cuts Oil Production as Storage Fills Up
Kuwait has begun cutting oil production at several fields as storage tanks fill up, reflecting the growing strain on Gulf energy infrastructure as the Strait of Hormuz disruption blocks normal export routes. Officials are reportedly considering further reductions in both production and refining, potentially scaling output down to levels needed only for domestic consumption if the bottleneck persists. The cuts highlight the cascading impact of the regional conflict on Gulf producers, many of whom rely heavily on Hormuz to ship crude to global markets. Analysts warn that if exports remain constrained, additional producers across the region could face similar shutdowns as storage capacity reaches its limits. The tightening supply outlook has already pushed oil prices higher and raised concerns about broader disruptions to global energy markets.
Iranian Missiles Target Bahrain Oil Facility
Explosions struck a Bahraini oil facility after Iranian missiles targeted energy infrastructure across the Gulf as the regional conflict escalates. According to official sources in Bahrain, a facility at the main refinery of Bahrain Petroleum Company was hit by an Iranian missile on the 5th, sparking a fire at the site. Authorities reported that the blaze has since been fully contained with no casualties, and refinery operations have continued while officials assess the extent of the damage. Public records show that Bahrain Petroleum Company operates the country’s only large refinery, with a daily crude oil processing capacity of about 267,000 barrels.
After Iraq, Kuwait and UAE may be next to cut oil output on Iran crisis, analysts say
Kuwait and the United Arab Emirates are the Gulf oil producers who will be next to reduce output if they cannot export crude through the Strait of Hormuz due to the Iran crisis, as storage tanks fill up, according to analysts, traders and sources. Shipping through the Strait of Hormuz, a narrow chokepoint between Iran and Oman through which a fifth of the world’s crude oil and liquefied natural gas passes, has ground to a near halt after Iranian hits on six vessels since the crisis started. Kuwaiti national oil company KPC did not immediately respond to requests for comment on whether shutdowns were imminent. UAE oil producer ADNOC had no comment beyond its listed subsidiaries’ statements on Wednesday that said their operations were continuing normally. Analysts at JPMorgan said in a report this week that Kuwait has about 18 days before output would need to be curtailed due to storage being used up, and the UAE 22 days if vessels are not re-routed, as estimated from the first day of the conflict. Around 300 oil tankers remained inside the Strait as vessel traffic in and out of the chokepoint nearly halted following the outbreak of war, according to ship tracking data from Vortexa and Kpler that excludes some of the smallest tankers.
Oil rises more than 3% on supply concerns as Iran conflict widens
Oil prices rose more than 3% on Thursday, extending a rally as the escalating U.S.-Israeli war with Iran disrupted supplies and shipping, prompting some major producers to cut output and others to take measures to ensure supply security. Brent crude was up $2.64, or 3.2%, at $84.04 per barrel by 1425 GMT, a fifth session of gains. U.S. West Texas Intermediate crude rose $3.35, or 4.5%, to $78.01. Renewed attacks on tankers in the Gulf, along with Chinese measures to reduce fuel exports, pushed prices higher, said UBS analyst Giovanni Staunovo. The refined product market is also showing signs of stress due to missing Middle East exports, he added. As a result of a lower supply outlook in fuel markets, European diesel futures reached their highest level since October 2022, at $1,130 a tonne. Gas prices also rose on Thursday, after President Vladimir Putin warned Russia could halt its remaining gas flows to Europe, adding to concerns about supply after Qatar announced force majeure on LNG shipments. European gas prices for April at the Dutch TTF hub were up nearly 3% at around 50 euros/MWh by 1419 GMT, ICE data showed. Prices have risen nearly 60% since Friday.
Saudi Aramco Diverts Oil to the Red Sea
Saudi Arabia is rapidly adjusting its oil export strategy as the conflict with Iran disrupts shipping through the Strait of Hormuz, a key chokepoint for global energy flows. State oil giant Saudi Aramco has begun diverting crude exports to the Red Sea port of Yanbu via the East-West pipeline, allowing shipments to bypass the Gulf and maintain deliveries to global markets despite mounting security risks and tanker congestion. The pipeline can transport up to about 5 million barrels per day from eastern oil fields to the Red Sea, providing a critical alternative route as shipping traffic through Hormuz slows dramatically. However, analysts caution that the Red Sea system cannot fully replace the volume normally exported through the Gulf, while storage facilities in eastern Saudi Arabia are filling rapidly as exports face logistical bottlenecks.
Oil Rises Over 2% on Supply Concerns as Iran Conflict Widens
Oil prices are rising sharply as the widening conflict between Iran and the United States disrupts energy supply routes and heightens fears of a prolonged regional crisis. Brent crude climbed roughly 2–3% to around $83–84 per barrel, while U.S. West Texas Intermediate rose above $77, reflecting growing market concerns about potential supply shortages and tighter global inventories. The rally comes as tanker traffic through the Strait of Hormuz declines and several ships are stranded or avoiding the region amid missile attacks and maritime incidents, raising the risk of major export disruptions from Gulf producers. Analysts warn that prolonged disruptions could remove significant volumes of crude from global markets and push prices toward $100 per barrel, with ripple effects on inflation, fuel prices, and global economic growth.
Iraq Says It Is Hit With Nationwide Blackout
Iraq’s electricity ministry said Wednesday the entire country has been affected by a power outage, because of a technical fault. The outage was caused by a sudden drop in gas supplies to the Rumaila gas-fired power plant in the southern province of Basra, it said. The drop led to a rapid loss of 1,900 megawatts, the spokesperson said, adding that work was under way to restore power gradually. Iraq has more than halved its oil production as it runs out of storage, Iraqi oil officials said, while tankers avoid the Strait of Hormuz –the only sea passage between the Persian Gulf and the open ocean–amid attacks against shipping there. Many Iraqis for years have relied on privately operated generators for power as government-provided electricity was only intermittently available. Some others have turned to solar power to help cover their electricity needs. A member of the Organization of the Petroleum Exporting Countries, and one of the world’s leading oil producers, Iraq has struggled to provide its citizens with energy since the 2003 U.S.-led invasion that toppled Saddam Hussein.
Hormuz shutdown could force Iraq, Kuwait to curb oil output within days, JP Morgan says
Crude oil supplies from Iraq and Kuwait could start shutting in within days if the Strait of Hormuz remains closed, potentially cutting 3.3 million barrels per day (bpd) by day eight of the Middle East conflict, J.P. Morgan analysts said in a note. Iraq and Kuwait have roughly three and 14 days, respectively, before they would be forced to halt crude exports that pass through the strait, the bank said on Tuesday. In a prolonged closure, losses could escalate to 3.8 million bpd around day 15 and 4.7 million bpd by day 18, according to J.P. Morgan. Iraq will be forced to cut its oil production by more than 3 million bpd in a few days if oil tankers cannot move freely through the Strait of Hormuz and reach its loading ports, two Iraqi oil officials told Reuters on Tuesday. U.S. President Donald Trump said on Tuesday that the U.S. Navy could begin escorting oil tankers through the Strait of Hormuz if necessary. Iranian media reported that a senior official from the Islamic Revolutionary Guards said the Strait of Hormuz is closed and that Iran would fire on any ship attempting to pass.
These U.S. natural gas exporters benefit from disruption to Qatar LNG supply in Iran war
U.S. natural gas exporters are poised to benefit from the big disruption in global supply caused by the escalating war in the Middle East. Qatar halted production of liquefied natural gas Monday after Iran struck two key facilities in retaliation for massive U.S.-Israel airstrikes. The shutdown leaves a huge gap. Qatar is the second-biggest LNG exporter in the world behind the U.S., accounting for about 20% of global supply, according to energy consulting firm Kpler. Shares of Cheniere and Venture Global, the two biggest U.S. producers, have surged about 7% and nearly 24%, respectively, this week after Qatar’s production went offline. The U.S. exported about 108 million metric tons of LNG last year. U.S. LNG cannot replace lost supply from Qatar, but buyers who really need the gas and are willing to pay a high enough price will get it, an analyst said. It is unclear how long the shutdown in Qatar will last. Production can only restart when the Strait of Hormuz is open to traffic and the LNG can be loaded onto ships.
Iran conflict disrupts global shipping as tankers are stranded, damaged
Shipping through the strait between Iran and Oman, which carries around one-fifth of oil consumed globally as well as large quantities of gas, has ground to a near halt after vessels in the area were hit as Iran retaliated to U.S. and Israeli strikes. An official from the European Union’s naval mission Aspides said on Saturday that vessels have been receiving VHF transmission from Iran’s Revolutionary Guards saying “no ship is allowed to pass the Strait of Hormuz”. The disruption and fears of prolonged closure have caused oil and European natural gas prices to jump, with Brent crude futures up more than 8% as the conflict triggered multiple oil and gas shutdowns in the Middle East. At least 150 vessels including oil and liquefied natural gas tankers had dropped anchor in the Strait of Hormuz and surrounding waters, shipping data showed on Sunday. Shipping advisories also cited increased electronic interference affecting navigation and tracking systems across the wider area, heightening the risk of accidents. Meanwhile, costs of shipping oil from the Middle East to Asia – already at six-year highs – are set to rise further as the widening Iran conflict is deterring shipowners from sending vessels to the region, market sources and analysts said.
Russia and Iran Slash Prices to China as Oil Piles Up at Sea
Russian and Iranian oil producers are offering deepening discounts as they compete for the same limited group of Chinese buyers after India retreated from purchases. So far, it looks like Iran is taking a hit as Russia muscles in on the market. Deliveries of Russian oil to Chinese ports rose to 2.09 million barrels a day in the first 18 days of February, vessel-tracking data compiled by Bloomberg show. By contrast, Iran has exported about 1.2 million barrels a day to China so far this year, down around 12% from the year-earlier period, according to Kpler. Russia’s Urals grade is selling at around $12 a barrel below ICE Brent, according to traders familiar with such deals, compared with a $10 discount last month. Iranian Light is going for as much as $11 less than the global benchmark, an increase from the $8 to $9 deviation in December. The independent Chinese refiners, known as teapots, have historically acted as the oil market’s pressure valve, absorbing barrels shunned by others. But their capacity is finite; with China unable to fully soak up the displaced crude, unsold oil is piling up in Asian waters and Russia and Iran are running out of options. The Kremlin has already been forced to curb output, depriving it of funds for its war in Ukraine. Iran, meanwhile, is trying to ship as much oil as it can as it girds itself for a potential attack by the US.
Nebras Energy Acquires Engie S.A.’s Stakes in Qatar Power and Ras Girtas Power
Nebras Energy has completed the acquisition of ENGIE’s stakes in two major power assets in Qatar, taking full ownership of Qatar Power and Ras Girtas Power as part of a strategic move to strengthen domestic energy infrastructure. The transaction positions Nebras Energy to enhance operational control and streamline decision-making across generation and distribution assets that are critical to meeting Qatar’s growing electricity demand. Company officials said the deal will support long-term investment in capacity expansion, efficiency improvements, and potential integration of cleaner energy sources in line with national energy goals. Industry analysts noted that full ownership of these power plants could enable more agile planning and financing, helping Qatar manage peak consumption and support economic growth. The acquisition also reflects broader regional trends toward consolidating energy assets under national or national-linked entities to drive strategic energy security and infrastructure development.
Saudi Arabia & Iran Boost Oil Exports amid Rising Mideast Tensions
Saudi Arabia and Iran increased their oil export volumes this week as both producers responded to shifting market conditions amid rising tensions in the Middle East. Industry sources said Saudi Aramco and the National Iranian Oil Company moved additional cargoes to key global markets to maintain supply stability as geopolitical risk premiums remained elevated. The export boost helped temper some volatility in crude benchmarks, even as traders continued to monitor regional developments that could affect shipments through critical chokepoints such as the Strait of Hormuz. Analysts noted that the coordinated increase in exports may help offset potential supply disruptions and support demand expectations, particularly in Asia and Europe.
Korea & UAE Seal $65 Bil. Partnership in Defense, Nuclear Energy, High-Tech
South Korea and the United Arab Emirates sealed a $65 billion strategic partnership that includes significant cooperation in nuclear energy development alongside defense and high-tech sectors. Under the agreement, both countries will expand collaboration on peaceful nuclear power projects, including exploration of new technologies and potential joint investment in future facilities. Korean firms are expected to play a larger role in UAE nuclear infrastructure, leveraging existing expertise from decades of involvement in the Barakah nuclear plant and new opportunities tied to advanced reactor technologies. Observers said the energy component of the deal could accelerate technology transfer and help both nations meet long-term low-carbon power goals as they diversify energy mixes beyond hydrocarbons.
KBR Awarded Transformational Oil Development Project in Iraq
Energy engineering firm KBR won a major award to lead a transformational oilfield development project in Iraq’s Rumaila oil complex, a key asset in the country’s crude production infrastructure. The contract covers front-end engineering and design work that will support expansion and optimization efforts, reflecting Baghdad’s push to increase output and modernize facilities at one of the world’s largest oilfields. Industry officials said the project aims to improve long-term production efficiency and reservoir recovery, which could strengthen Iraq’s export capacity and bolster its contributions to global crude supply. The award also highlights continuing opportunities for international energy service companies in Middle East upstream projects, even as global markets navigate price volatility and shifting investment priorities. Observers noted that successful execution of Rumaila’s development plans could have downstream effects on regional energy investment and broader OPEC production dynamics.
Combined Group Contracting wins $252mln Kuwait Oil Company deals
Combined Group Contracting won $252 million in new contracts from Kuwait Oil Company to support major oilfield infrastructure and development work across key production areas. The agreements call for engineering, procurement, and construction services that aim to enhance operational efficiency and extend the lifespan of existing facilities as Kuwait works to maintain and grow its crude output. Company officials said the scope of work will include upgrades to oilfield utilities and supporting systems, reinforcing Kuwait’s focus on modernizing energy infrastructure while attracting regional contractors. The contracts reflect continued investment in Gulf upstream assets even as global markets face volatility and shifting demand forecasts. Energy analysts noted that this award could help solidify Combined Group’s role as a regional energy services partner and support Kuwait’s efforts to sustain production and export capacity in a competitive landscape.
Saudi Aramco Secures First Condensate Deals From $100 Billion Jafurah Project
Saudi Aramco secured its first condensate supply agreements from the massive Jafurah gas and condensate project, marking a key commercial milestone in the development of what is expected to be one of the Kingdom’s largest unconventional energy hubs. The deals will see Aramco deliver condensate feedstock to regional petrochemical partners, helping support downstream processing and strengthening integration between Saudi gas production and chemical output. Company officials said early commercial offtake validates Jafurah’s economic model and underlines growing global interest in the project’s long-term potential to supply both domestic and export markets. Analysts noted that securing condensate contracts will help accelerate further phases of development and investment at Jafurah, which is central to Saudi Arabia’s strategy to diversify beyond crude oil and expand its position in natural gas and chemicals. The progress demonstrates Riyadh’s continued focus on unlocking non-oil energy resources while enhancing value capture across the hydrocarbon value chain.
Chevron, Iraq Agree to Exclusive Talks over West Qurna 2 Oilfield
Chevron and Basra Oil Co. have entered exclusive talks to exchange data as part of negotiations over the West Qurna-2 oilfield in southern Iraq, marking a key step in efforts to unlock development and increase production at one of the country’s largest crude assets. The discussions focus on sharing geological and reservoir information to support a potential new production sharing agreement and improve operational planning for the field, which has long been central to Iraq’s export capacity. Industry analysts said the move could accelerate investment and technical upgrades in West Qurna-2, where output has lagged behind targets in recent years due to technical challenges and infrastructure constraints. The talks also underscore Chevron’s continued interest in maintaining a strong foothold in Iraq’s upstream sector amid a competitive regional landscape for foreign energy companies. Market observers will be watching closely for a formal deal that could influence future crude supply trajectories from Iraq, OPEC’s second-largest producer.
Oil Hovers Near Six-Month High with Nuclear Talks and US Tariffs in Focus
Oil prices slid sharply as markets reacted to a surprise U.S. tariff hike that heightened concerns about global economic growth and reduced demand expectations for crude. Traders cited the tariff move as a key driver of selling pressure, with both Brent and West Texas Intermediate benchmarks falling as investors reassessed the outlook for energy consumption and industrial activity. The sell-off came despite ongoing geopolitical tensions in the Middle East that have supported prices in recent sessions, underscoring how economic sentiment can influence oil markets even amid supply-related risks. Analysts noted that continued uncertainty around trade policy and growth prospects could keep downward pressure on prices in the near term unless stronger demand indicators emerge. The price drop highlights the delicate balance between geopolitical risk premiums and broader macroeconomic forces shaping global energy markets.
Turkey & Saudi Arabia Sign Major Solar Power Deal
Turkey and Saudi Arabia signed a major solar power cooperation agreement aimed at accelerating renewable energy development and expanding clean energy trade between the two countries. Under the deal, Saudi companies will collaborate with Turkish partners on large-scale solar projects, technology transfer, and investment in sustainable power infrastructure, reflecting both nations’ commitments to diversify energy portfolios away from fossil fuels. The agreement is expected to support capacity growth, reduce carbon emissions, and enhance energy security in the region by leveraging Saudi capital and Turkey’s strategic geographic position for solar generation.
Oil rises to six-month high on concern over potential US-Iran conflict
Oil prices rose around 2% on Thursday to their highest level in six months, as traders worried about escalating tensions between the United States and Iran, which have stepped up military activity in the oil-producing Middle East. Brent futures rose $1.25, or 1.8%, to $71.60 a barrel by 1:29 p.m. EST (1829 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.22, or 1.9%, to $66.41. Oil prices got a boost from “geopolitical tensions and the worry that the U.S. is going to strike (Iran) in the near future,” said Andrew Lipow, president of Lipow Oil Associates. Oil prices could surge further if talks collapse, analysts say. Military action carries economic and political risks for Trump, threatening to reignite inflation. A major attack on Iran could push oil prices to near $90 per barrel, Jorge León, a senior vice president and the head of geopolitical analysis at Rystad Energy, an independent research firm, wrote to clients earlier this month. Others see more dire consequences. “It is our understanding that senior officials from the region had warned the White House that a war with Iran in the current environment could send prices to triple-digit levels,” Helima Croft, the head of global commodity strategy at RBC Capital Markets, wrote to investors on Wednesday. On the supply side, U.S. crude stocks eased by 9 million barrels, as refining utilization and exports climbed. That was contrary to expectations in a Reuters poll that crude stocks would rise by 2.1 million barrels in the week to February 13. Gasoline and distillate inventories also fell last week, thanks to higher consumer demand. Separately, crude oil exports from Saudi Arabia, the world’s largest oil exporter, fell to 6.988 million barrels per day, their lowest level since September, data from the Joint Organizations Data Initiative showed on Thursday.
$216mln EV battery materials project advances in Oman
Indian specialty chemicals manufacturer GFCL EV Products Limited has announced the incorporation of its wholly-owned Omani subsidiary, GFCL EV (SFZ) LLC, which plans to set up the Sultanate’s first advanced battery materials project for electric vehicle (EV) and energy storage applications. The initial investment in the facility, which will be located in Salalah Free Zone in Dhofar Governorate, is estimated at $216 million. The Salalah venture is envisaged as a state-of-the-art greenfield project specializing in the production of chemicals for lithium-ion battery (Li B) cells used in EVs and stationary battery energy storage systems (BESS). A presence in Oman positions GFCL EV to leverage regional trade routes and industrial clusters in the Middle East, while the India base anchors domestic production and aligns with initiatives such as clean energy growth and import substitution.
Iran’s FM in Geneva for nuclear talks with Oman, IAEA
Energy continues to be a key point of contention within the U.S. – Iran diplomatic talks. Last week, U.S. President Trump and Israeli Prime Minister Netanyahu “agreed that the US would work to reduce Iran’s oil exports to China.” China accounts for more than 80 percent of Iran’s oil exports, so any reduction in that trade would significantly lower Iran’s oil revenue. Iranian Foreign Minister Abbas Araghchi landed in Geneva today for the second round of indirect nuclear negotiations with the United States, with preparatory meetings planned with Omani mediators and International Atomic Energy Agency chief Rafael Grossi. Iranian Foreign Minister Deputy Director for Economic Diplomacy Hamid Ghanbari said on Sunday that “common interests in the oil and gas fields, joint fields, mining investments, and even aircraft purchases are included in the negotiations.” Iran’s Atomic Chief stated today that the country may agree to dilute its most highly enriched uranium in exchange for the lifting of sanctions as an example of Iran’s flexibility.
Saudi Oil Exports to China Set to Soar as the Kingdom Slashes Prices
Demand for Saudi crude in China is rising after Saudi Aramco cut official selling prices for Asia to their lowest level relative to regional benchmarks in more than five years. The company reduced the March official selling price for its flagship Arab Light crude to parity with the Oman/ Dubai benchmark, down $0.30 per barrel from a $0.30 premium in February, marking the fourth consecutive monthly price cut. The move reflects Riyadh’s effort to defend market share in Asia’s largest oil market amid oversupply concerns and continued price competition from discounted Russian crude.
Iraq’s Weekly Oil Exports to US Hit 249,000 Barrels
Iraq’s crude oil exports to the United States declined to 249,000 barrels per day last week, down 76,000 barrels per day from 325,000 barrels per day the previous week, according to U.S. Energy Information Administration data. Despite the decline, overall U.S. crude imports increased to approximately 5.88 million barrels per day, with Canada remaining the largest supplier, followed by Saudi Arabia, Mexico, and Venezuela. The shift highlights continued volatility in Iraq’s export flows to the U.S. amid broader fluctuations in global crude trade and supplier competition.
Petronas signs agreement for Block 18 O&G exploration in Oman
PC Oman Ventures, a wholly owned subsidiary of Petronas, signed a concession agreement with the Government of the Sultanate of Oman and OQ Exploration and Production Batinah Offshore (OQEP) to explore oil and gas (O&G) resources in Block 18. Block 18, which covers more than 21,000km² in north-east Oman, consists of offshore areas ranging from shallow to ultra-deep water. The arrangement builds on a memorandum of understanding signed between Petronas and OQEP in October 2025. Petronas has operated in Oman since 2018 and currently holds a stake in Block 61. The partnership intends to combine Petronas’ offshore exploration experience with OQEP’s regional knowledge. The companies aim to develop the area’s hydrocarbon resources and strengthen their long-term collaboration in Oman.
Kazakhstan Invites Kuwait for Fourth Oil Refinery Construction
Talks between Kazakhstan and Kuwait focused on expanding cooperation in hydrocarbon processing and higher value-added energy production, in line with Kazakhstan’s national priorities. The Kazakh side encouraged Kuwaiti participation in oil refining projects, including consideration of a fourth refinery, while Kuwait’s Oil Minister Tariq Al-Roumi expressed interest in exploring investment opportunities in Kazakhstan this year. The two sides also discussed collaboration in refining, petrochemicals, and broader oil and gas investment strategies, and Kuwait was invited to attend the 30th Kazakhstan International Oil and Gas Exhibition in September 2026.
UAE Aims to Become a Major SAF Production Hub
The United Arab Emirates aims to position itself as a global hub for sustainable aviation fuel (SAF), complementing its role as home to Dubai International Airport, the world’s busiest aviation hub. Under its published SAF Roadmap, the UAE targets production of 700 million liters annually by 2030, increasing to 10–12 billion liters per year by 2050. Industry stakeholders are now assessing how the country can scale SAF output despite limited domestic biomass feedstock and low-cost conventional jet fuel production.
Venezuela oil sales top $1 billion, funds won’t go to Qatar account anymore, Energy secretary says
The Trump administration has taken control of Venezuela’s oil sales after capturing former President Nicolás Maduro in a military raid last month. Venezuelan oil revenue will no longer be deposited in a bank account in Qatar, U.S. Energy Secretary Chris Wright told NBC News in an interview this week. The U.S. originally deposited the initial $500 million of oil sales in the Qatar account before transferring the funds back to Venezuela. Democrats in Congress have questioned the transparency and legality of the arrangement, with Sen. Chuck Schumer, (D-N.Y.), and Sen. Adam Schiff, (D-Calif.), introducing legislation last Thursday that directed the Government Accountability Office to conduct an independent audit of the Qatar account. Wright told NBC News that revenue from Venezuelan oil sales now tops $1 billion, and that the U.S. deposited the initial sales in Qatar because the funds face the risk of Venezuela’s creditors attempting to claim them. The U.S. faces the added complication that it does not officially recognize the Venezuelan government led by interim President Delcy Rodríguez.
Active Energy Group – RDIA Approval in the Kingdom of Saudi Arabia
Active Energy Group PLC has received formal approval from Saudi Arabia’s Research, Development and Innovation Authority (RDIA), marking a significant milestone in its Middle East expansion strategy. The approval enables the company to move forward with establishing a locally incorporated operating entity in the Kingdom and supports its plans to deploy a next-generation AI and high-performance computing modular data center platform. AEG intends to form a Saudi subsidiary to develop and operate its energy-optimized digital infrastructure model in alignment with Saudi Arabia’s Vision 2030 objectives.
Eni, QatarEnergy Secure Offshore Block O1 in Libya’s 2025 Licensing Round
Eni and QatarEnergy have been awarded Libya’s offshore exploration License O1 under the National Oil Corporation’s 2025 bid round, expanding their upstream footprint in the country. The 29,000 square kilometer block lies in the offshore Sirte Basin and is considered highly prospective, with undeveloped discoveries and limited seismic coverage. Eni will operate the license with a 60 percent stake, while QatarEnergy holds 40 percent. The five-year exploration phase will include seismic surveys followed by drilling, with the concession agreement expected to be signed in Tripoli before the end of February.
Iraq plans to increase fuel oil exports by more than one million bpd
Amid economic decisions aimed at boosting non-oil revenues and controlling public spending, Iraq is preparing to maximize its oil revenues by increasing fuel oil exports to more than 1 million barrels per day in 2026. Iraqi Prime Minister Mohammed Shia al-Sudani chaired a cabinet meeting on Tuesday to discuss increasing income and diversifying exports. This is part of a government attempt to boost the national economy while preserving the stability of local markets. The cabinet endorsed the Ministerial Council for the Economy’s suggestion to boost petroleum products, including exporting a minimum of 75 percent of the fuel oil produced during the refining process, aiming for exports of approximately 1.1 million barrels per day this year. Additionally, it includes exporting refined petroleum products based on available surplus. This move reflects a significant shift in fuel oil export management, particularly given that Iraq is one of the region’s largest producers of high-sulfur fuel oil due to its refining methods and domestic consumption patterns.
Qatar Pushes Start of Its Massive LNG Expansion to End of 2026
QatarEnergy is pushing the start of its multibillion-dollar liquified natural gas expansion project to as late as the end of the year, a move that’s likely to keep global markets tighter for longer. The company recently stated that production from the North Field East facility will begin only in the fourth quarter, a slight delay from earlier plans for the third quarter. Insider reports suggest the project could even slip into 2027. North Field East is the first phase of Qatar’s massive expansion, which will almost double its export capacity to 142 million tons by 2030. The expansion project is part of a record wave of new supply set to flood the market through the rest of the decade. However, project delays around the world — coupled with Europe’s move to replace Russian gas with LNG — keep pushing back the emergence of a glut.
United Solar Starts Polysilicon Production in Oman
Solar manufacturer United Solar has launched a polysilicon manufacturing facility in Oman, adding 100,000 metric tons of annual production capacity. Located in the Sohar Free Zone, United said the project is the Middle East’s largest polysilicon manufacturing facility. Once fully ramped up, it is expected to support the production of the equivalent of 40GW of solar modules annually. The milestone follows the closure of a massive debt financing package in mid-January totaling over $900 million, split between a $480 million facility led by the International Finance Corporation (IFC) and over $400 million from local commercial banks. The project’s largest shareholder, Future Fund Oman, has increased its stake to approximately $260 million. “The project is not only a key part of the Middle East PV value chain, but also a new connection point linking PV supply chains across Europe, Africa and Asia,” according to China-based Shuangliang Hydrogen, which said it supplied four green power intelligent hydrogen production systems to the facility.
Kuwait Oil Sector Inches Open
Kuwait is cautiously expanding foreign participation in its tightly controlled energy sector as it targets a one-third increase in output to 4 million barrels per day within a decade. Prime Minister Sheikh Ahmad Al-Abdullah Al-Sabah said Kuwait Petroleum Corp. will invite international partners to help develop three recent offshore discoveries and is considering a potential $7 billion lease-and-leaseback deal for its crude pipeline network. The opening remains limited, with foreign firms expected to receive service contracts rather than equity stakes in upstream assets. This week, Kuwait signed an exploration studies agreement with TotalEnergies and awarded a five-year, $1.5 billion services contract to SLB.
OPEC+ Decision Signals Stable Fuel Prices for Consumers
Oil markets remain finely balanced after OPEC+ decided to keep production unchanged for March, extending its pause on planned output increases. The move reflects the alliance’s effort to support prices without triggering inflationary pressure in major importing economies as demand recovery remains fragile and geopolitical tensions persist. Eight key producers including Saudi Arabia, the UAE, Russia, Kazakhstan, Kuwait, Iraq, Algeria, and Oman backed the decision, signaling a cautious approach amid supply disruptions and concerns about potential oversupply later in 2026. Brent crude is trading near $70 per barrel, while U.S. West Texas Intermediate hovers around $65, underscoring a market that is tight but wary of future demand weakness. OPEC+ is set to meet again on March 1, with investors watching for guidance on production policy beyond the first quarter.
New Refineries in Iraq Start Full-Capacity Operations
Iraq’s Oil Ministry announced that newly developed refineries are now operating at full capacity, boosting domestic production of refined petroleum products. Deputy Minister Adnan Mohammed Hammoud said the projects aim to increase self-sufficiency in gasoline, kerosene, and gas oil through modern distillation, hydro-treatment, and gasoline upgrading units. Recently inaugurated facilities include the Salah al-Din Refinery-3 and North Refinery-2 with a combined capacity of 140,000 barrels per day, a 35,000 bpd Fluid Catalytic Cracking unit at Basra Refinery, and an 11,000 bpd hydro-treatment and gasoline upgrading unit in Kirkuk.
Saudi Arabia Announces New Investments in Syria
Saudi Arabia and Syria signed a series of strategic agreements in Damascus as Riyadh expands its economic footprint in postwar reconstruction, with potential implications for energy and infrastructure development. Syrian state media reported that, “under the patronage of President Ahmed al-Sharaa, the ceremony to announce the signing of ‘strategic contracts’ between Syria and Saudi Arabia started Saturday at the People’s Palace in Damascus.” While the agreements formally cover aviation, telecommunications, infrastructure services, and real estate, they follow broader Gulf investment activity that includes offshore oil and gas exploration initiatives in Syria involving regional partners. The Saudi delegation, led by Investment Minister Khalid al-Falih, underscores Riyadh’s effort to position itself as a central actor in Syria’s reconstruction and future energy-linked infrastructure development, as regional competition for influence intensifies.
US Announces New Sanctions on Iranian Oil Network Amid Nuclear Talks
The United States imposed new sanctions targeting a network involved in transporting Iranian oil, the State Department announced Friday. The measures designate 15 entities, 14 vessels, and two individuals linked to what Washington describes as Tehran’s “shadow fleet,” a covert shipping network used to circumvent existing sanctions. According to U.S. officials, revenue generated through these operations supports militant groups and contributes to regional instability. The sanctions were announced as U.S. and Iranian officials met in Oman for mediated talks aimed at easing tensions over Tehran’s nuclear program, reflecting parallel tracks of diplomatic engagement and economic pressure amid broader regional concerns over escalation.
Saudi Arabia Cuts Flagship Oil Price to Asia for Fourth Straight Month
Saudi Arabia cut its crude prices for Asian buyers for a fourth straight month, reflecting concerns that global supply may outpace demand. Saudi Aramco set the March official selling price for Arab Light to Asia at parity with the Oman/Dubai benchmark, down from a $0.30/bbl premium in February. Heavier grades to Asia were reduced by $0.40/bbl, while lighter grades rose by $0.20/bbl. Aramco also lowered prices across all grades sold to the U.S., Northwest Europe, and the Mediterranean.
Saudi Arabia’s $2 Billion Solar Plan Lifts Turkish Energy Stocks
Saudi Arabia announced an investment of $2 billion to build solar power plants in Turkey, in the first stage of a broader renewable-energy deal between the countries. Turkish energy stocks rose on the news in response. Saudi companies will initially develop solar projects capable of generating 2,000 megawatts in Turkey’s Sivas and Karaman provinces, followed by 3,000MW of additional wind and solar capacity to be finalized later, according to an intergovernmental agreement signed in Riyadh on Tuesday. Saudi utility ACWA Power CO. will build the solar plants, with Turkey buying back the electricity for the next 25 years at record-low prices for renewable power.
OPEC+ Keeps Oil Output Steady Amid Turmoil Among Members
OPEC+ kept oil output unchanged on January 4th after a quick meeting that avoided discussion of the political crises affecting several of the producer group’s members. Sunday’s meeting of eight members of OPEC+, which pumps about half the world’s oil, came after oil prices fell more than 18% in 2025 — their steepest yearly drop since 2020 — amid growing oversupply concerns. Tensions between Saudi Arabia and the UAE flared last month over a decade-long conflict in Yemen, when a UAE-aligned group seized territory from the Saudi-backed government. The crisis triggered the biggest split in decades between the former close allies. The eight members agreed in November to pause output hikes for January, February and March due to relatively low demand in the northern hemisphere winter. Sunday’s brief online meeting affirmed that policy and did not discuss Venezuela, one OPEC+ delegate said.
Maneuvering Around Iraq’s West Qurna-2 Intensifies
Iraq’s state-owned Basrah Oil Co. (BOC) has subcontracted management of the 480,000 barrel per day West Qurna-2 project to a consortium of Italian engineering firm Bonatti and Hilal al-Basrah. The reason given by BOC to project leader Lukoil, in a letter dated Feb. 2 and seen by Energy Intelligence, was to mitigate the impacts of the force majeure declared by the US-sanctioned Russian firm back in November. The letter handed Bonatti and Hilal al-Basrah management of West Qurna-2 “for a period of six months, renewable for another six months.” Lukoil currently gets a $1.15 per barrel remuneration fee for West Qurna-2, the lowest of all Iraq’s major oil projects. The move follows Lukoil’s announcement late last week that it has provisionally agreed to sell its international assets to US private equity group Carlyle, pending approval from Washington.
China’s Shanghai SUS Environment to build clean energy facilities in Iraq
China’s state-owned Shanghai SUS Environment Co. announced plans on Tuesday to develop clean energy facilities in the Iraqi provinces of Baghdad, Basra, and Nineveh. Ahmed al-Amin, the company’s regional director, told the Iraqi News Agency that the Baghdad project will process about 5,000 tons of waste per day to generate 110 megawatts of electricity, which will be connected to the national grid. He added that the project is expected to be ready for implementation by mid-2026. Shanghai SUS Environment was reportedly awarded a $497 million contract to build Iraq’s first waste-to-energy facility. The initiative forms part of the Iraqi government’s efforts to reduce reliance on fossil fuels and expand renewable energy capacity.
Kuwait to Open Up Key Oil Fields, Pipelines to Foreigners
Kuwait is planning to open up some of its oil fields to overseas firms and lease part of its pipeline network, a significant move by the OPEC member as it looks to position itself as a key investment destination in the Middle East. Kuwait Petroleum Corp. is pursuing a plan to invite international oil companies to assist its production arm, Kuwait Oil Co., in the development of offshore fields, Prime Minister Sheikh Ahmed Al-Abdullah Al-Sabah said at a conference in Kuwait. The deal is likely to be in the next few months and will be the largest single foreign direct investment project to date. Kuwait’s plans echo those of Saudi Arabia and the United Arab Emirates. The two Gulf nations have been progressively opening up their countries, using their crucial energy sector to boost foreign direct investments and raise finances for vast spending plans.
$700 Million GCC-Oman Power Grid Interconnection Project to Enhance Energy Security, Economic Growth
The Gulf Cooperation Council Interconnection Authority announced plans to link the GCC grid with the Sultanate of Oman’s network, marking a major step in regional energy integration and infrastructure development. The project includes two 400-kilovolt transmission lines totaling about 530 kilometers, linking the Al Sila substation in the UAE to the Ibri substation in Oman. The project is expected to enhance network reliability, strengthen emergency support capabilities, support renewable energy integration and deliver significant economic savings, thereby improving electricity exchange efficiency between Oman and the GCC states.
QatarEnergy opens LNG2026 as global leaders gather to shape the future of energy
QatarEnergy kicked off the 21st International Conference & Exhibition on Liquefied Natural Gas (LNG2026) in Qatar, the home of LNG. The four-day event brings together industry leaders, policymakers, and experts from over 80 countries to discuss market trends, innovation, and the future of global energy. Some of Tokyo’s largest LNG buyers, including Tokyo Gas Co., skipped the conference due to security concerns in the region, citing the escalating tensions between the U.S. and Iran. At the conference, Saad Al-Kaabi, the QatarEnergy President/CEO and Minister of State for Energy Affairs, outlined QatarEnergy’s production targets, including an increase in LNG output from 77 to 120 million tonnes annually, with 104 million tonnes from the North Field. Al-Kaabi also outlined how growing electricity demand from AI and data centres, together with rising fuel use in Asia and European gas needs could turn an expected global liquefied natural gas supply glut into a shortage by 2030.
Oman to Build 400-Kilometer Green Hydrogen Pipeline Network
The Sultanate of Oman is moving forward with plans to construct a 400-kilometer pipeline network designed to transport green hydrogen from production sites to industrial hubs and export terminals, government officials confirmed this week. Part of Oman’s broader strategy to to become a global leader in renewable energy, the pipeline network will provide essential links between production zones in Al Duqum, Salah and Oman’s major ports. OQ Gas Networks (OQGN) has been tapped to lead the development of the network. The pipeline project arrives as Oman aggressively expands its green energy portfolio as the nation attempts to reach net-zero emissions by 2050.
Saudi Arabia May Set Light Crude Price at Discount for First Time Since 2020
Saudi Arabia, the world’s biggest oil exporter, is expected to set the March price for its flagship Arab Light crude for Asian buyers at a discount for the first time since December 2020 amid ample supplies, trade sources said this week. The March official selling price for flagship Arab Light crude may decline by 50-85 cents a barrel to a discount of 20-55 cents below the average of Oman/Dubai quotes. Global oil supply has increased faster than demand mostly because producer group OPEC+, began boosting output in April 2025 after years of cuts.
Oil Demand to Hold Above 100 Million BPD Through 2040, Says ADNOC CEO
The head of Abu Dhabi National Oil Company (ADNOC) said global oil demand will remain above 100 million barrels per day through 2040, while demand for both liquefied natural gas (LNG) and electricity will grow by 50% or more. Managing Director and CEO Sultan Ahmed Al Jaber told the India Energy Week conference on Tuesday that electricity demand will be driven by the need to power cooling systems as well as AI infrastructure and data centres. In January, India signed a $3 billion deal to buy LNG from the United Arab Emirates, making it the UAE’s top customer. The agreement will have ADNOC Gas supply 0.5 million metric tons of LNG annually to India’s Hindustan Petroleum Corp. over a 10-year period starting in 2028.
Iraq approves plan to build oil university
Approved by the Ministry of Planning, Iraq will create a university for oil and gas. This university will help support the innovation of the country’s energy sector, training new and skilled workers for years to come. The Southern Basra province will be home to the university after completion.
UAE Utility withdraws from Yemen and transfers solar power plants to government
Abu Dhabi-based Global South Utilities (GSU) has completed the handover of two solar power plants in Yemen to the country’s Public Electricity Corporation after Yemeni authorities requested the withdrawal of all Emirati companies from the country, the company said in a statement. The United Arab Emirates pulled its remaining military forces out of Yemen at the end of last month after Saudi Arabia backed a call for UAE forces to leave within 24 hours, deepening a rift between the two Gulf powers and oil producers. GSU planned to establish a $1 billion energy project portfolio in Yemen, with a combined capacity exceeding 1,000 MW, along with plans for sustainable transmission and distribution infrastructure.
Oman signs power deals with Qatar’s Nebras and Korea Western Power worth $2.6 billion
Oman’s Nama Power and Water Procurement signed agreements worth an overall $2.6 billion with a consortium led by Qatar’s Nebras Energy and one led by Korea Western Power to develop power generation projects. The agreements are power purchase deals for combined-cycle gas turbine power projects in Misfah and Duqm. The projects include the Misfah Power Plant with a total capacity of 1,700 MW and the Duqum Power Plant with a total capacity of 877 MW, both under 20-year agreements. The combined-cycle gas projects will use advanced technology to improve fuel efficiency and cut emissions, and are expected to support grid stability and economic growth in Oman.
Iraq launches four projects at Bazargan oil field
Iraq’s Oil Ministry has kicked up projects at the Bazargan oil field in the Mysan province. The projects consist of an administrative and residential complex for the Missan Oil Fields project, a training and technology institute, a smart operation management centre, and the initial phase of a 10-megawatt solar power plant for powering oilfield operations.
Iraq seeks alternative oil Export routes amid Hormuz risks
The Iraqi government is working on alternative plans to export crude oil in case the Strait of Hormuz is closed due to rising tensions between Iran and the United States. Iraq is ensuring that the country will have safe exports that would allow its oil to continue to be exported if tensions cause the Strait of Hormuz to be off-limits.
UAE’s ADNOC weighs Venezuela gas investment
Abu Dhabi state oil firm ADNOC is weighing entering Venezuela’s energy industry and could seek a partnership with another international producer to participate in the nation’s gas projects, Bloomberg News reported on Thursday, citing people familiar with the matter. Bloomberg states ADNOC’s interest was preliminary and would depend on clear legal and financial structures for investment, adding any approach in Venezuela would require coordination with the U.S. and be made through XRG. ADNOC has advanced an ambitious overseas expansion strategy, largely through its investment arm XRG, which aims to rank among the world’s top three chemical producers and the top five natural gas players by 2050.
Iraq and Italy eye stronger cooperation
After visiting Ramadi, Ambassador Niccolo Fontana remarked on Italy’s motivations for improving their cooperation on energy projects in the future. He said, “From infrastructure to the health, agriculture and energy sectors, Italy stands ready to strengthen its longstanding friendship with Iraq towards a brighter future.”
Iraq Accelerates Solar Expansion With 120 New Sites To Ease Summer Power Shortages
Iraq’s government is preparing for the summer power demand by creating more than 120 sites for solar farms. In order to avoid the blackouts that often happen due to their weak power grid, they hope to shift toward renewable energy, reduce dependence on imports, and to improve the stability of the grid. Most of these grids will be in vast desert areas that experience the strongest sunlight. The large-scale expansion is also promoting the use of smaller solar units in residential areas.
Iraq removes Lukoil as major oilfield’s operator
After a plan was created to continue work at the West Qurna-2 oilfield, the Iraqi government agreed to appoint Basra Oil as the overseer of the oilfield. This comes after the US placed sanctions on Russian oil, forcing the government to nationalize the operations of Russia oil company LUKOIL for 12 months. This move will allow for the workers at the field to continue to receive their salaries while honoring contracts
Iraq’s IDC drills and reclaims oil wells in 2025
Coinciding with the country’s ongoing production plans for future oilfields, the Iraqi Drilling Company drilled 62 new oil wells and reclaimed 175 old wells. This improvement is part of a 5 year plan to boost the country’s oil and gas production.
ACWA Power, Bapco Energies to build 2.8GW solar-plus-storage project in Saudi Arabia
Saudi developer ACWA Power and Bahraini state-owned energy company Bapco Energies have signed a joint development agreement to build a 2.8 GW solar plant in Saudi Arabia, co-located with a battery energy storage system (BESS). According to ACWA Power, the project will be developed in “several phases,” with the electricity generated to be transmitted to Bapco Energies. The companies did not provide further details on the project’s technical specifications or construction timeline but confirmed it will be located in the Eastern Province of Saudi Arabia.
Abu Dhabi’s ADNOC in deal talks over oil refinery at center of US sanctions
United Arab Emirates state energy company ADNOC has emerged as the frontrunner to acquire Russia’s controlling stake in Serbia’s sole oil refinery, as Belgrade grows increasingly frustrated with Moscow’s delays under U.S. sanctions. ADNOC, or Abu Dhabi National Oil Company, is the main contender to buy the stake in the Serbian Oil Industry (NIS), according to four people familiar with the proposed deal who spoke to the Financial Times. While ADNOC is the favorite, NIS—the operator of the Pančevo refinery and the country’s main crude importer—is continuing discussions with other potential bidders, including Hungarian national oil group MOL, two of the sources said. The deal value remains unclear, but NIS lists assets of $4.7 billion in its latest 2024 filing, approximately $2.6 billion of which corresponds to the Russian owners’ stake.
Toshiba ESS tests hybrid wind-solar project with storage in Saudi Arabia
Toshiba ESS, a unit of Japanese industrial conglomerate Toshiba, has launched a pilot project to test a hybrid wind-solar power plant linked to battery storage in Saudi Arabia. Developed with support from Japan’s New Energy and Industrial Technology Development Organization (NEDO) and Saudi Electricity Co. (SEC), the project is scheduled to run until May 2028. The project includes a small ground-mounted solar plant, a battery, and an energy management system (EMS) integrated with a wind power plant operated by SEC on the outskirts of Riyadh. The storage system will use two types of batteries: power-oriented batteries, which offer high cycle life and smooth fluctuations in renewable output, and energy-oriented batteries, which provide large energy capacity to shift power peaks.
US Backs Iraq Plan to Move Lukoil Oil Field to American Firm
The U.S. government is supporting Iraq’s plan to transfer Lukoil PJSC’s stake in a major oil field to an American company, just days before a sanctions waiver on the Russian firm is set to expire. Last week, Iraq’s Oil Ministry said it is approaching U.S. companies to take over the majority holding in West Qurna 2, which produces roughly 10% of the country’s crude oil. Sources familiar with the matter said last month that the Trump administration preferred Lukoil’s global assets to be acquired by a U.S. entity.
UAE aims to boost LNG exports as global demand outpaces supply, minister says
The United Arab Emirates plans not only to meet domestic demand for liquefied natural gas (LNG) but also to expand its exports, Energy Minister Suhail al-Mazrouei said on Monday. Speaking on the sidelines of Abu Dhabi Financial Week, Mazrouei noted that he agrees with Qatar’s energy minister that global demand for natural gas is outpacing investment in production projects. “We intend not only to satisfy our local demand, but we are also growing our LNG exports. And I agree with His Excellency, the Minister of Qatar, that demand is going to far exceed the projects currently under development,” Mazrouei said. Qatar Energy Minister Saad al-Kaabi said on Saturday that global gas demand would remain strong, citing rising energy needs driven by artificial intelligence, and projected that LNG demand could reach 600-700 million tons per year by 2035. The international investment arm of the UAE’s Abu Dhabi National Oil Company, XRG, announced in June its goal to develop a gas and LNG business with a capacity of 20-25 million metric tons annually by 2035.
Iraq restores West Qurna 2 output after brief outage
Iraq has restored production at Lukoil’s West Qurna 2 oilfield, one of the world’s largest, after a leak on an export pipeline temporarily reduced output, two Iraqi energy officials told Reuters on Monday. Last month, Lukoil declared force majeure at West Qurna 2 after sanctions were imposed on it and Rosneft as part of former President Trump’s efforts related to the Ukraine conflict. The field produces around 460,000 barrels per day, representing roughly 0.5% of global oil supply and 9% of Iraq’s total output, the second-largest producer in OPEC after Saudi Arabia. Full operations are expected to resume in the coming hours as oil wells are brought back online, one of the sources said.
Qatar hopeful EU will resolve corporate concerns over sustainability laws by year-end
Qatar’s Energy Minister Saad al-Kaabi said on Saturday that he is hopeful the European Union will address companies’ concerns over its sustainability laws by the end of December. Qatar has expressed frustration with the EU’s Corporate Sustainability Due Diligence Directive (CSDDD) and has even threatened to halt gas supplies. The dispute centers on the directive’s potential to fine violators up to 5% of their total global revenue. The minister has repeatedly stated that Qatar will not meet net-zero emissions targets.
ADNOC Among Firms in Talks With Germany to Buy SEFE Trading Arm
Germany has begun preliminary discussions with potential investors — including Abu Dhabi National Oil Co. (ADNOC) — over a possible sale of the trading unit of SEFE, as Berlin considers options for the future of the nationalized energy company. SEFE, formerly the European trading and supply arm of Gazprom PJSC, has retained a large trading team and has been expanding its LNG business through recent deals with Turkey and Argentina. The unit’s profile could appeal to Middle Eastern companies seeking deeper entry into global gas markets. Separating the trading business from SEFE’s more strategic assets, such as gas storage facilities in Germany, could also help facilitate a potential deal.
Oman’s Abraj Energy wins $280m drilling contract
State-run Petroleum Development Oman (PDO) has awarded Abraj Energy Services, an Omani company, an oil-drilling contract valued at $280 million, Abraj said in a disclosure to the local bourse. The six-year contract covers the supply of four land drilling rigs for onshore Block 6 in the north of the country. “Two of the rigs will start drilling in the first quarter of 2026 and the other two in the second quarter,” the company said. The award follows PDO’s June contract granting Abraj six land drilling rigs for the 130-sq-km Block 6 in the Ghaba Basin.
OQAE targets FID on 2 GW of renewables by year-end
OQ Alternative Energy (OQAE), the clean-energy investment arm of OQ Group, expects to reach final investment decisions (FID) on new renewable-energy projects totaling around 2 gigawatts before the end of the year, as part of a broader portfolio aimed at supporting Oman’s decarbonization goals. The planned capacity—mainly solar PV—builds on three renewable projects that recently entered the construction phase within Petroleum Development Oman’s (PDO) Block 6 concession.
Iran boosts gas exports to Turkey despite deepening domestic shortages
Newly released data from Turkey’s Energy Market Regulatory Authority (EMRA), part of the Ministry of Energy, show that Iran supplied more than 5.5 billion cubic meters of natural gas to Turkey in the first nine months of 2025—a 17% increase from the same period last year and 45% higher than in 2023. Under pressure from extensive Western and international sanctions, Tehran appears to be seeking additional hard-currency revenue abroad even as it contends with acute gas shortages at home. A confidential Oil Ministry document obtained by Iran International in mid-2025 indicated that Iran’s fuel oil (mazut) consumption rose by nearly 50% last year.
South Korea’s credit agency commits $2 billion to ADNOC
South Korea’s export credit agency has committed $2 billion in financing to the state-owned Abu Dhabi National Oil Company (ADNOC), Business Korea reported, citing a statement from Korea Trade Insurance Corp. (K-Sure). K-Sure said the funding package is intended to strengthen the competitiveness of Korean companies in project bidding and support their efforts to secure contracts in the UAE. The initiative follows a cooperation agreement signed between K-Sure and ADNOC during President Lee Jae Myung’s state visit to the UAE last month. The UAE is South Korea’s third-largest crude oil supplier, after Saudi Arabia and the United States, with Korean imports reaching $12 billion in 2024, according to the report.
Aramco’s Jafurah gas plant begins output, Saudi finance ministry says
The first phase of oil giant Aramco’s Jafurah gas plant has been completed and production has begun at a capacity of 450 million cubic feet per day, the Saudi finance ministry said on Tuesday. Jafurah is considered the largest potential shale gas project outside the United States and is expected to reach sustainable production of 2 billion cubic feet per day by 2030. In its 2026 budget statement, the ministry listed the milestone as an achievement reached in 2025. Gas from Jafurah will be used for domestic power generation, freeing up crude currently burned for electricity and allowing more oil to be exported. Aramco has said its unconventional gas programme, at peak production, is expected to generate electricity equivalent to displacing 500,000 barrels per day of oil.
Oman’s OQGN signs $100m gas pipeline deal
Oman’s state-controlled OQ Gas Networks (OQGN) has signed a $100 million deal to acquire a gas pipeline system that will supply domestic manufacturing, the company said in a bourse filing. OQGN signed the asset transfer agreement with the Ministry of Energy and Minerals for the 65-km pipeline located in Block 61. The block, in central Oman’s Khazzan and Ghazeer fields, produces 1.6 billion cubic feet of gas per day. BP holds a 40% stake in Block 61, while OQ Exploration & Production and Malaysia’s Petronas each hold 30%.
Saudi Arabia reaches financial close on 15 GW of wind and solar projects
Saudi Arabia’s ACWA Power said on Thursday it had reached financial close on seven renewable energy projects—five solar plants and two wind farms—being developed with Water and Electricity Holding Company (Badeel) and Saudi Aramco Power Company (SAPCO). The projects, with a combined capacity of 15 gigawatts, represent a total investment of 31 billion riyals ($8.2 billion), ACWA Power said in a statement. They are expected to begin operations between the second half of 2027 and the first half of 2028. The plants form part of the Kingdom’s National Renewable Energy Program and will be jointly owned by ACWA Power, Badeel, and SAPCO. The Saudi Power Procurement Company (SPPC) will act as the procurer and off-taker. Power purchase agreements with SPPC were signed in July 2025. Saudi Arabia aims to install 40 GW of solar and 16 GW of wind capacity by 2030 as it accelerates plans to diversify its energy mix.
OPEC+ members to undergo annual oil capacity audit under new plan
OPEC+ members will undergo an annual assessment of their oil production capacity starting next year for use in 2027, OPEC+ sources said, to ensure that the group sets output quotas that are more closely aligned with each country’s real capacity. This follows an agreement reached on Sunday which marks progress in resolving what has been a thorny issue for OPEC+ for years, and is expected to boost the credibility of its future production deals with investors and oil market participants.
Exxon in talks with Iraq about buying Lukoil stake in giant West Qurna 2 oil field
Exxon Mobil has approached the Iraqi oil ministry to express its interest in buying Russian firm Lukoil’s majority stake in the giant West Qurna 2 oilfield, five Iraqi official sources with direct knowledge of the matter told Reuters. Lukoil is trying to sell its international assets after the U.S. imposed sanctions on the company, and Exxon’s move would mark a major expansion of the U.S. major’s return to Iraq as Moscow tries to offload key energy assets. Banking sources put West Qurna 2’s market value at around $1.6 billion based on its production and reserves of over 8 billion barrels.
Oman and Botswana agree on 3 GW renewable energy deal
Oman and Botswana have agreed to develop up to 3 GW of solar, wind and battery-storage projects in Botswana under a deal between O-Green, Oman’s state-backed clean-energy platform, and Botswana’s Ministry of Minerals and Energy. Oman’s state-owned energy company OQ and Botswana Oil also signed an accord to explore investment opportunities in energy infrastructure and storage solutions in Botswana. A separate agreement between OQ Trading and Botswana Oil will examine supply opportunities for energy products and assess a framework for supply, assembly and long-term marketing in regional markets.
New OPEC+ production mechanism will help stabilize markets, Saudi energy minister says
Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday that a new OPEC+ mechanism for assessing members’ maximum output capacity will help stabilize markets and reward producers that invest in expanding supply. On Sunday, OPEC+ approved the mechanism, which will determine members’ maximum production capacity for setting output baselines from 2027, OPEC said. Prince Abdulaziz called the system “fair and transparent” and said it offers “the most detailed, technical and transparent approach” for managing the market and setting future production levels. “Yesterday was probably one of the most successful days in my personal career, and I am very grateful for the support of our friends in Russia,” he added during the launch of a Saudi-Russian business forum in Riyadh.
Iraq Invites U.S. Companies to Take Over Major Oil Field as Lukoil Faces Sanctions
Iraq’s Oil Ministry said Monday it has formally invited several major U.S. energy companies to submit bids to operate the West Qurna 2 oil field—one of the world’s largest—following years of management by Russia’s Lukoil, which is now under U.S. sanctions. The ministry said it had taken “all necessary measures to directly and exclusively invite several major American oil companies… to submit bids” to run the giant field in southern Iraq. An oil ministry official told AFP that “the winner takes over as operator instead of Lukoil.” Officials said shifting management to a U.S. company would serve “mutual interests, strengthen global market stability, and maintain Iraq’s oil production,” which remains vital to the country’s economy.
Iran seizes Eswatini-flagged vessel for smuggling fuel
Iran has seized an Eswatini-flagged vessel carrying 350,000 liters of smuggled gasoil, the semi-official Tasnim news agency reported. “We seized a vessel carrying smuggled fuel in the form of gasoil and flying Swaziland’s (Eswatini’s) flag. It was brought to the coast of Bushehr following a judicial order and its cargo will be unloaded,” a Revolutionary Guards navy commander said. The commander added that the vessel’s 13 crew members were from India and from one neighboring country. Iran, which has some of the world’s lowest fuel prices due to heavy subsidies and the sharp depreciation of its national currency, has been battling rampant fuel smuggling by land to neighboring states and by sea to Gulf Arab countries.
Rocket attack shuts down Iraq’s Khor Mor gas field, bringing power cuts
A rocket attack hit a storage tank at Iraq’s Khor Mor gas field, one of the largest in the Kurdistan region, shutting production and causing power cuts, joint field operator Dana Gas said on Thursday. There was no immediate claim of responsibility, and authorities did not say who was behind the attack, which caused no casualties and occurred late on Wednesday. The gas field supplies fuel for regional power generation, and the incident did not affect oil production or exports.
OPEC+ expected to hold oil output policy steady for Q1
OPEC+ is likely to leave oil output levels unchanged at its meetings on Sunday and agree on a mechanism to assess members’ maximum production capacity, two delegates from the group and a source familiar with the talks told Reuters. The eight OPEC+ countries that have been gradually raising output in 2025 are expected to keep their policy of pausing hikes in the first quarter of 2026 unchanged, the delegates said. The full OPEC+ group is also expected to approve the capacity-assessment mechanism at a separate meeting on Sunday, the sources said, all speaking on condition of anonymity.
Abu Dhabi’s GSU to launch $1 billion energy projects in Yemen
The United Arab Emirates on Wednesday announced it will launch energy projects worth $1 billion in Yemen to support the rebuilding of its energy sectors, which will be implemented by Abu Dhabi firm Global South Utilities (GSU). The agreement will see the company implement a portfolio including projects in solar and wind energy alongside the development of distribution networks in the country, GSU said in a statement. “This one-billion-dollar portfolio expands an energy system capable of supporting a larger economy and a more active market in Yemen,” said GSU CEO Ali Alshimmari.
Iraq steps in to pay salaries to maintain Lukoil’s output
The Iraqi government has arranged the payment of delayed salaries for local staff at the Lukoil-operated West Qurna-2 oilfield, to ensure production continues despite U.S. sanctions on the Russian company, three Iraqi energy officials said. Any cut in production or exports from the field would have implications for the world oil market, as Qurna-2 accounts for about 0.5% of world supply and around 9% of the total oil output in Iraq, OPEC’s second-largest producer after Saudi Arabia. The U.S. sanctions announced on October 22 made it difficult for Lukoil to transfer funds to Iraq, forcing the government to intervene and facilitate payment. Previously, Lukoil paid Iraqi staff at the field via monthly bank transfers.
Masdar-led group inks EPC deal for Oman’s first solar-storage project
A group headed by Masdar has selected China Power Engineering Consulting Group International Engineering Co (CPECC) to lead the engineering, procurement and construction (EPC) of Oman’s first utility-scale solar and battery storage facility. The Ibri III project envisages the installation of 500 MW of solar capacity, backed by a 100-MWh battery energy storage system (BESS). Once switched on, it will generate enough clean electricity to power around 33,000 homes annually while eliminating more than 500,000 tonnes of carbon dioxide emissions per year.
Aramco Is Said to Pick Citi for Oil Storage Terminals Stake Sale
Saudi Aramco has selected Citigroup Inc. to help arrange a potential multibillion-dollar stake sale in its oil export and storage terminals business, according to people familiar with the matter. The U.S. investment bank was chosen in recent days following a pitching process that drew proposals from several other Wall Street lenders, the people said, asking not to be identified because the information is private.
Saudi Aramco Weighs Raising Billions of Dollars From Its Biggest Disposals Yet
Saudi Aramco is considering raising billions of dollars through the sale of a range of assets, according to people familiar with the matter, in what could become the company’s most significant disposals to date. The firm is weighing the sale of a stake in its oil export and storage terminals, the people said, requesting anonymity because the information is private. Aramco has asked banks to pitch for roles on feasibility studies for the potential transactions, which could generate more than $10 billion.
Iraq, South Korea discuss developing electricity sector
Iraqi Electricity Minister Ziyad Ali Fadel met South Korean Ambassador to Iraq Lee Jun-il on Monday to discuss prospects for cooperation in the power sector, the Electricity Ministry said. Fadel highlighted the ministry’s interest in drawing on South Korea’s experience in power generation, transmission and distribution. The talks covered power plant construction, network expansion, and the adoption of modern technologies for operation and control systems.
Iraq generates $7 billion in revenue from oil sales in October
Iraq’s State Organization for Marketing of Oil (SOMO) reported that the country’s crude oil exports, including condensates, reached 110.92 million barrels in October, generating more than $7.03 billion in revenue. Exports from the central and southern fields totaled 104.81 million barrels, while shipments from the Kurdistan Region via Turkey’s Ceyhan port amounted to 5.83 million barrels. Iraq also exported 272,077 barrels to Jordan. October’s exports were up eight million barrels from the 102 million barrels recorded in September, according to SOMO.
Oman awards $640m power supply contracts
Oman Electricity Transmission Company has awarded $640 million in power contracts to supply electricity to eight new towns under construction, it said in a statement. The state-owned utility did not disclose the companies selected to build and expand grid stations and transmission lines. Omani authorities have unveiled several new town projects this year, including seven community developments launched in October to provide 12,000 homes.
Abu Dhabi’s ADNOC plans $150 billion in capital investments between 2026-2030
Abu Dhabi state oil company ADNOC plans to invest $150 billion between 2026 and 2030 to maintain existing operations, drive growth and meet rising global energy demand, it said on Monday. At a board meeting, directors welcomed an increase in the company’s proven oil reserves to 120 billion stock tank barrels (stb), up from 113 billion stb, and natural gas reserves to 297 trillion standard cubic feet (scf), compared with 290 trillion scf previously, the company said. ADNOC has been bringing in global partners to its unconventional exploration concessions to accelerate development, support the UAE’s gas self-sufficiency goals and meet growing international demand. Abu Dhabi’s unconventional resources—those requiring advanced extraction techniques—are estimated at 160 tcf of gas and 22 billion stb of oil, according to the statement. The company also said the enterprise value of its international investment arm, XRG, had risen to $151 billion from about $80 billion since its launch in November last year.
L&T lands $140m Kuwait substation project contract
Kuwait’s Public Authority for Housing Welfare (PAHW) said it has awarded a KD43 million ($140 million) contract to India’s Larsen & Toubro (L&T) to build 132/11kV substations for the South Sabah Al Ahmad residential development. The deal covers the supply, installation, implementation and maintenance of 10 main transformer stations in the project’s N2, N4 and N6 areas.
Iraq close to adding 15,000 MW to national grid
Iraq’s Electricity Ministry said on Monday it has intensified work to complete several projects that will add 15,000 megawatts to the national grid as the country seeks to curb recurring power outages. Ministry spokesperson Ahmed Musa told the state-run Al-Sabah newspaper that the ministry is pushing to finish stalled projects, with a number of ongoing schemes set to come online successively to boost generation capacity.
Italy’s Prometheus wins fire-protection deal in Iraq
Italian company Prometheus will provide its ProFlex passive fire-protection systems for the New Nassiriya Depot, a major crude-storage and transit project aimed at improving Iraq’s oil infrastructure. The deal strengthens Prometheus’ Middle East footprint and integrates its technology with Iraq’s storage capacity and crude-handling operations. ProFlex protects oil and gas equipment against jet-fire exposure, enabling continuous operations and reducing inspection and maintenance downtime.
Bahrain runs 3 MW solar tender
Bahrain’s Ministry of Electricity and Water Affairs is running a tender for the development of a 3-MW grid-tied solar power plant. Tender documents state that the plant will be built for the country’s General Sports Authority under a CAPEX model. The selected developer will be responsible for the supply, design, engineering, construction, installation, testing and commissioning of the facility, with work expected to be completed within ten months. The contractor will then enter into a five-year operations and maintenance contract.
ADNOC’s Covestro takeover gets final regulatory approval in Germany
Abu Dhabi state oil firm ADNOC and Germany’s Covestro have received the final outstanding regulatory approval from the German economy ministry for their $16.9 billion takeover deal, the chemicals company said on Friday. Covestro said all closing conditions for the takeover by ADNOC had been fulfilled and that the transaction was expected to close in the coming days. It added that, upon closing, the company would launch a $1.35 billion capital increase to support strategic investment and the further execution of its sustainability programme.
Abu Dhabi’s IHC interested in Lukoil’s foreign assets
Abu Dhabi conglomerate International Holding Company (IHC) has informed the U.S. Treasury that it is interested in acquiring Lukoil’s foreign assets, the company said in response to a Reuters inquiry. IHC joins a growing list of potential bidders for the Russian oil group’s international portfolio, including oil majors Exxon Mobil and Chevron and U.S. private equity firm Carlyle. Lukoil’s overseas assets were put up for sale after Washington imposed sanctions on the company. Prospective bidders have until Dec. 13 to engage with Lukoil, and any transaction will require U.S. approval. Asked whether it had notified the U.S. Treasury of its interest, IHC said: “Yes, we have expressed interest in Lukoil’s foreign assets.” The company declined to comment further.
Midad Energy in talks to invest in Libya’s oil industry
Saudi Arabia’s Midad Energy has become the latest international company to hold talks about investing in Libya’s oil sector. Midad’s chairman Abdulelah Al Aiban visited Tripoli on Wednesday for a meeting with the oil minister, Khalifa Abdul Sadiq, the Libyan state news agency reported. The provisional authorities in conflict-torn Libya are seeking to rehabilitate its hydrocarbon industry and increase crude output capacity to 1.6 million barrels per day, from about 1.4 million. Libya, an OPEC member, has the largest proven oil reserves in Africa.
HKN Energy, Iraq finalize technical terms for Hamrin oil field development
HKN Energy has reached a key milestone in the development of Iraq’s Hamrin oil field after finalizing technical terms with the Ministry of Oil (MOO), advancing the project toward a full field development contract. HKN plans to deploy U.S. technical expertise, equipment, and investment once a full contract is signed, with the objective of rapidly bringing new barrels online. The Texas-based company holds the largest energy investments of any privately held firm operating in Iraq and has been expanding its footprint across the country’s upstream sector.
Aramco signs preliminary US deals worth more than $30 billion
Saudi Aramco said on Wednesday it had signed 17 preliminary deals with U.S. companies with a potential overall value of more than $30 billion, during a visit to Washington by the Saudi Crown Prince. The projects span liquefied natural gas, financial services, advanced materials manufacturing and procurement of materials and services, it said in a statement. Saudi and U.S. officials touted billions in new investments and growing financial ties between the two countries on Wednesday, coinciding with a visit to the White House by Saudi Arabia’s de-facto leader Crown Prince Mohammed bin Salman.
Arabian Drilling renews 4 rig contracts with Saudi Aramco at $533 million
Arabian Drilling has secured four rig contract renewals worth more than $533 million, adding 30 committed rig years to its active backlog, the company said in a press release. The renewals lift the group’s total backlog to $3.2 billion through the end of 2025, the highest in its 61-year history. With these agreements, Arabian Drilling has completed all planned rig contract extensions for 2025. Two of the renewed contracts cover rigs that were previously set to expire in 2026. Three of the four contracts relate to recently announced resumptions, while one is currently active. The contracts—signed with Saudi Aramco—carry tenors ranging from 5 to 20 years. Their financial impact is expected to begin upon deployment in the first quarter of 2026. Arabian Drilling and Aramco had earlier agreed to expand four rigs in a deal valued at $347 million.
China refiner Yanchang buys crude from UAE, Kazakhstan, instead of Russia, trade sources say
China’s Yanchang Petroleum has bought 3 million barrels of crude from the United Arab Emirates and Kazakhstan for January delivery, several trade sources said, after halting Russian oil purchases over concerns about Western sanctions. The state-owned refiner purchased 2 million barrels of Abu Dhabi’s Murban crude from Mercuria and 1 million barrels of CPC Blend from Vitol, the sources said on Tuesday. Pricing details were not immediately available. Yanchang last week issued a tender seeking non-Russian crude for delivery between December and mid-February. The refiner, backed by the Shaanxi provincial government and located in the landlocked north, has a processing capacity of 348,000 barrels per day. It follows other Chinese state-owned majors, including Sinopec, which suspended Russian crude purchases in October after new Western sanctions targeting leading Russian oil producers.
Kuwait’s state oil firm KPC signs $4.9 billion loan deal with local banks
Kuwait Petroleum Corporation (KPC) said on Tuesday it has signed a 1.5 billion dinar ($4.89 billion) syndicated loan arranged by National Bank of Kuwait and Kuwait Finance House. The facility is the largest syndicated loan ever denominated in Kuwaiti dinars, the state oil company said. The loan comprises two tranches: an 825 million dinar conventional facility and a 675 million dinar Islamic tranche. KPC said the financing will support its long-term strategy, which targets raising oil production capacity to 4 million barrels per day by 2035. Kuwait pumped 2.55 million bpd in October, according to OPEC’s November oil market report. KPC CEO Sheikh Nawaf Saud Al-Sabah the loan will help fund the strategy and forms part of the company’s efforts to diversify its funding sources.
Oman and China start work on $1 billion clean energy projects
Oman has begun construction of three clean-energy projects as part of its drive to cut carbon emissions, the government said. The projects, with a combined annual production capacity of 8 gigawatts, are being developed in two of the sultanate’s free trade zones at a total cost of about $1 billion. Three Chinese companies are involved: Templewater and JA Solar are building facilities in the Sohar free trade zone, while Shanghai Electric Group is developing another project in Duqm in central Oman. Production is scheduled to begin in the first quarter of 2027.
Reliance buys 1 million barrels of crude from Kuwait’s KPC, trade sources say
India’s Reliance has bought 1 million barrels of heavy crude from Kuwait Petroleum Corp (KPC) through a tender, four trade sources said. KPC last week issued a tender to sell crude that the Al-Zour refinery cannot process due to unplanned maintenance following a fire. The cargoes — 500,000 barrels of Kuwait Heavy Crude for loading Dec. 6 & 7 and an equal volume of Eocene crude for loading Dec. 8 & 9 — were awarded to Reliance, the sources said. Pricing details were not immediately available. Reliance halted purchases of Russian oil last month after U.S. sanctions were imposed on producers Rosneft and Lukoil. The Indian refiner has since bought at least 12 million barrels of spot crude from the Middle East and the Americas, Reuters has reported.
Iraq exports 4.5M oil barrels to US in October
Iraq’s crude oil exports to the United States climbed above 4 million barrels in October, according to the US Energy Information Administration (EIA). The country shipped 4.495 million barrels to the US last month, up from 4.2 million barrels in September. Weekly flows fluctuated sharply, averaging 40,000 barrels per day in the first week of October, 255,000 bpd in the second, 92,000 bpd in the third, and 195,000 bpd in the final week.
Shadow Fleet Tankers Cluster at Duqm
Six sanctioned Russia-trading tankers are signaling that they are berthed at the Oman port of Duqm, amid an escalation in deceptive shipping practices in the area as key buyers in India and China pause or reassess oil purchases. The tankers, all part of Russia’s sanctions-evading shadow fleet, are broadcasting Automatic Identification System (AIS) signals placing them at berths in Duqm, with five arriving between October 27 and November 11.
Samsung C&T secures $1.3 billion contract for carbon facility in Qatar
Samsung C&T has received a letter of award from QatarEnergy LNG for the engineering, procurement and construction of a major carbon compression and transport facility in Qatar. The contract is valued at about KRW 1.9 trillion ($1.3 billion). The project, to be built in Ras Laffan Industrial City about 80 km north of Doha, will capture and compress CO₂ from nearby LNG liquefaction plants, dehydrate it, and transport it via 20 km of underground pipelines to a depleted gas reservoir for permanent geological storage. Completion is slated for 2030. Once operational, the facility will process up to 4.1 million tonnes of CO₂ per year, making it one of the Middle East’s largest carbon management projects and a key element of Qatar’s energy-transition plans, Samsung C&T said.
Iran confirms it seized tanker in Strait of Hormuz
Iran’s Islamic Revolutionary Guard Corps (IRGC) has confirmed that it seized a tanker on Friday morning in the Strait of Hormuz. The Talara, sailing under the flag of the Marshall Islands, was travelling from the United Arab Emirates (UAE) to Singapore. The IRGC said the vessel was found to be “in violation of the law by carrying unauthorised cargo,” but did not provide further details. Reports suggest it was carrying high-sulphur gasoil. Iran has periodically seized tankers and cargo ships travelling in and around the Persian Gulf, a key global shipping route for oil and liquefied natural gas.
Saudi Aramco to sign US LNG agreements during crown prince’s visit to Washington
Saudi Aramco will sign two U.S. liquefied natural gas agreements with Woodside Energy and Commonwealth LNG during Crown Prince Mohammed bin Salman’s visit to Washington next week, sources told Reuters. Aramco is expanding into LNG as U.S. export capacity is set to nearly double in the next four years. It already has supply deals with U.S. developers, including NextDecade’s Rio Grande LNG. The company is targeting 20 million tonnes per annum (mtpa) of LNG capacity, with 4.5 mtpa under development. Aramco is expected to secure up to 2 mtpa from Commonwealth’s proposed Cameron, Louisiana plant, three sources said. Four sources said a deal with Woodside includes an equity stake in its $17.5 billion Louisiana project and an offtake agreement for up to 2 mtpa.
ADNOC’s Covestro deal gets conditional European Commission greenlight
The European Commission on Friday gave Abu Dhabi state oil firm ADNOC conditional approval for its €14.7 billion ($17 billion) takeover of German chemicals group Covestro. Brussels said the clearance depends on ADNOC meeting commitments, including changes to its articles of association and sharing certain Covestro sustainability-related patents with other market players. The deal—ADNOC’s largest acquisition and among the biggest Gulf takeovers of an EU company—had raised EU concerns over potential state subsidies.
Masdar signs agreement for battery energy storage project in Uzbekistan
Masdar, the UAE’s state-owned renewables firm, has signed a battery storage services agreement with Uzbekistan’s state-owned JSC Uzenergosotish to develop the country’s largest standalone battery energy storage system (BESS). The deal follows Masdar’s December 2023 agreement with Uzbekistan’s energy and investment ministries to build up to 575 MW of BESS capacity nationwide.
UAE’s Dana Gas says signed deal to assess redeveloping Syria gas fields
Sharjah-based Dana Gas, listed on the Abu Dhabi Securities Exchange, has signed a Memorandum of Understanding (MoU) with the Syrian Petroleum Company to conduct a comprehensive technical assessment of several gas fields in central Syria, including Abu Rabah, one of the country’s largest discoveries. Dana Gas said it will propose a development plan to its Syrian counterparts if the evaluation proves successful. The move aims to support the Syrian government’s goal of boosting national gas production to fuel power generation and aid energy recovery, the company added, noting it is the first developer to sign such an agreement.
Saudi Arabia, Iraq, Kuwait increase supplies to India in December
Middle Eastern producers Saudi Arabia, Iraq and Kuwait will raise crude oil supplies to India in December as refiners seek alternatives to Russian barrels, sources at four Indian refiners said on Tuesday. The shift follows reduced Russian imports amid tighter Western sanctions, allowing OPEC producers to regain market share in the world’s third-largest oil consumer. Indian refiners have received full allocations from the two largest OPEC suppliers, the sources said, with at least one refiner set to receive higher volumes from Iraq.
OQ Alternative Energy Launches New Phase in Oman’s Renewable Energy Journey
OQ Alternative Energy (OQAE), a subsidiary of OQ, has received the first batch of wind turbines for the Riyah 1 and Riyah 2 wind farms. Developed in partnership with TotalEnergies, the two projects will feature 36 turbines with a combined capacity of 200 MW. The milestone marks a key step in Oman’s transition to clean energy and supports the goals of Vision 2040 and the country’s Net Zero target by 2050. Once operational, the projects are expected to save millions of cubic meters of natural gas annually and cut carbon emissions by around 740,000 tonnes per year.
Firms sign deal for Dhofar II Wind Farm development in Oman
Nama Power and Water Procurement Company has signed an agreement with a consortium including Sembcorp and OQ Alternative Energy to develop the Dhofar Wind Power Farm project (Phase II) in Oman. The project will cover the design, construction, ownership, operation, and maintenance of the wind farm, ONA reported. Salim Al Aufi, Minister of Energy and Minerals, said the $111 million investment reflects partners’ confidence in Oman’s investment climate and highlights the growing role of the country’s renewable energy sector. He added the project will cut carbon dioxide emissions by around 158,000 tonnes annually and supply clean electricity to more than 18,000 homes.
AEO, OPEC chiefs discuss boosting cooperation, strategic alignment
Secretary General of the Arab Energy Organization (AEO), Jamal Al-Loghani, met with OPEC Secretary General Haitham Al-Ghais on Sunday to explore ways to enhance cooperation between the two organizations. AEO, formerly known as the Organization of Arab Petroleum Exporting Countries (OAPEC), said Al-Loghani also discussed with Al-Ghais prospects for increasing joint initiatives in line with AEO’s new strategic direction, aimed at modernizing its activities and adapting to global energy transitions.
Iran Increases Floating Oil Storage Amid Difficulty in Deliveries to China
Data from commodity analytics firm Kpler show that over the past two months, Iran has delivered an average of less than 1.2 million barrels per day (bpd) of oil to China, down from 1.44 million bpd during the first eight months of 2025. Despite the decline in shipments to China, Iran has significantly increased oil and condensate loadings from its Persian Gulf export terminals in the past two months, reaching 1.95 million bpd — the highest level since August 2018. Between late August and early November, Iranian floating oil reserves more than doubled, surpassing 36 million barrels. Analysts say the surge points to a substantial gap between oil loaded at Persian Gulf terminals and the volume discharged at Chinese ports.
Lukoil declares force majeure in Iraq over US sanctions
Lukoil has declared force majeure at its Iraqi oil field, sources told Reuters on Monday, as Bulgaria moved to seize its Burgas refinery, with the Russian company’s international operations buckling under U.S. sanctions. The force majeure at the West Qurna-2 field in Iraq marks the most significant fallout yet from sanctions imposed on Russian oil majors Lukoil and Rosneft. Four sources familiar with the matter said Lukoil sent a letter to Iraq’s oil ministry last Tuesday, citing force majeure conditions that prevented it from continuing normal operations at West Qurna-2.
Kuwait turns to battery storage to ease power crisis
Kuwait is working on a battery storage project with a discharge capacity of up to 1.5 gigawatts and total energy storage of 4GWh to 6GWh, in a bid to ease chronic power shortages, a senior electricity ministry official said on Monday. Kuwait has been grappling with severe electricity shortages driven by rapid population growth, urban expansion, rising temperatures and delays in plant maintenance.
Egypt’s Enppi set to win $350m contract in Oman
Egypt’s state-owned engineering company Enppi is close to securing its first contract in Oman — an expansion of oil facilities in the Budur region — according to a media report. The $350 million contract will be awarded by OQ Exploration and Production (OQEP), Asharq Business reported, citing an unnamed Egyptian government official. Enppi will handle engineering design, procurement, construction, and commissioning, the source said. The project is expected to be completed within 26 months of the signing date.
ADIPEC 2025 delivers $46bn in deals; sets bold agenda for future energy
ADIPEC 2025, the world’s largest energy event, concluded on Thursday after another record-breaking edition, generating $46 billion through 35,000 cross-sector deals.The event drew a record 239,709 attendees, up 17% from 2024, setting the agenda for the future of global energy. It also delivered substantial benefits to Abu Dhabi’s economy, contributing an estimated $400 million, particularly in the hospitality, tourism, and transport sectors.
UAE’s oil trading arm plans rapid global expansion, Bloomberg reports
Abu Dhabi state oil firm ADNOC’s trading unit plans to boost the volume it handles by two-thirds over the next few years as part of its international expansion, Bloomberg News reported on Friday, citing its CEO. ADNOC has accelerated its global expansion in recent years to diversify revenue for the Gulf state, including building up trading operations since 2018. The state-owned Abu Dhabi National Oil Company sees trading as a way to capture more value from the sale of fuels produced in the emirate and abroad, Ahmed bin Thalith, chief executive officer of ADNOC Global Trading, told Bloomberg in an interview published on Friday.
Qatar’s UCC signs final concession for 1 GW solar project in Syria
The Syrian Ministry of Energy has finalized concession agreements with a consortium led by Qatar’s UCC Holding to develop and operate 1,000 MW of solar power projects across Syria, part of a broader 5,000-MW energy package that also includes gas-fired plants. The solar projects cover four sites — Widian Al-Rabee, Deir Ezzor, Aleppo, and Homs — with capacities between 200 MW and 300 MW each. Under the concession framework, the UCC-led group will build, operate, and manage the plants, supplying electricity to the national grid under terms agreed with the Syrian Electricity Company.
New e-methanol project and bunkering hub weighed in Oman
IF Global, a leading international producer of carbon-neutral e-fuels, is leading a consortium of global and local partners to explore the development of an e-methanol project and a bunkering hub in Salalah, in southern Oman. A Memorandum of Understanding (MoU) was signed between the consortium and Oman’s Ministry of Transport, Communications and Information Technology in Spain earlier this week. The signing took place during the state visit of His Majesty Sultan Haitham bin Tarik to Spain.
ADNOC Drilling buys 80% of Omani oil company
ADNOC Drilling has acquired an 80 percent stake in Oman’s MB Petroleum Services as it pursues further acquisitions in the sultanate. The Abu Dhabi company paid $204 million for the stake, MB Petroleum chairman Mohammed Al Barwani told AGBI. The acquisition will add 21 rigs — 13 in Oman, four in Kuwait, and four in Bahrain — to ADNOC Drilling’s portfolio. Established in 1982, MB Petroleum holds oil drilling contracts in concessions operated by Oman’s state-run OQ, Petroleum Development Oman, and Shell.
ADNOC’s Covestro deal set for EU nod in coming weeks, sources say
Abu Dhabi state oil firm ADNOC is expected to secure EU approval for its $17 billion bid for German chemicals company Covestro in the coming weeks, people with direct knowledge of the matter said. The European Commission, the EU’s competition regulator, restarted its review of the deal on October 24 after pausing the process on September 3 while awaiting requested information. The Commission is likely to clear the deal this month, the people said, although the timing could still change.
Saudi Arabia cuts December oil prices for Asia as OPEC+ boosts output
Saudi Arabia, the world’s top oil exporter, has sharply reduced the prices of its crude oil for Asian buyers in December, responding to a well-supplied market as OPEC+ producers ramp up production. State oil giant Saudi Aramco set its December official selling price at $1 per barrel above the Oman/Dubai average, marking the first price reduction since October after keeping rates unchanged in November. The December prices for other grades — Arab Medium and Arab Heavy — fell by $1.40 each to five cents and 10 cents a barrel, while the price of Arab Extra Light dropped by $1.20 to $1.30 a barrel.
UAE’s Masdar to invest in Austria’s largest hydrogen project
The United Arab Emirates’ state-owned energy company Masdar will invest in Austria’s largest hydrogen project, operated by oil and gas firm OMV. The 140-megawatt electrolysis plant, scheduled to be operational by the end of 2027, will produce up to 23,000 tonnes of green hydrogen and is set to become the largest of its kind in Austria and one of the five largest in Europe. Masdar will hold a 49% stake in the planned plant in Bruck an der Leitha, while OMV will retain a 51% stake and operational control. The deal marks a further step in strengthening economic ties between Austria and the United Arab Emirates, whose state-owned oil company ADNOC already holds a 24.9% stake in partially state-owned OMV, making it the company’s second-largest shareholder.
Oman, Spain ink MoUs for green methanol, LNG
Oman and Spain have signed several memoranda of understanding (MoUs), including agreements in the fields of green methanol and liquefied natural gas (LNG). Oman LNG Company signed an MoU with Spain’s Naturgy to explore a potential long-term LNG sale and purchase agreement that could include the supply of up to one million tonnes annually for 10 years starting in 2030, the Oman News Agency (ONA) reported. Under the MoU, the two companies will also consider a joint investment in building an LNG carrier in cooperation with Asyad for maritime transport.
ADNOC, Shell sign 15-year LNG supply deal for Ruwais project
Abu Dhabi National Oil Company (ADNOC) has signed a 15-year sales and purchase agreement (SPA) with a Shell subsidiary for the supply of liquefied natural gas (LNG) from the Ruwais LNG project in Abu Dhabi. Under the agreement, Shell International Trading Middle East, a wholly owned subsidiary of Shell, will procure up to one million tonnes per annum (mtpa) of LNG from the project. The SPA marks ADNOC’s first long-term LNG supply contract with Shell and the eighth long-term offtake agreement for the Ruwais project. With this deal, ADNOC now has long-term contracts in place for more than 8 mtpa of the Ruwais project’s planned total capacity of 9.6 mtpa.
Iraq cancels Lukoil oil cargoes loading amid sanctions
Iraq’s state firm SOMO cancelled cargoes from Lukoil’s equity production at the West Qurna-2 field, the sources said. The cargoes had been meant to load on November 11, 18 and 26. Lukoil and SOMO were not immediately available for comment. Russia’s second-largest oil company, Lukoil, was sanctioned by the United States and the United Kingdom in recent weeks, complicating its operations. The U.S. Treasury Department issued a licence giving companies until November 21 to wind down any transactions with Lukoil and top producer Rosneft.
Iraq halts fuel imports after achieving self-sufficiency
Iraq has stopped importing gasoline, gas oil, and kerosene after achieving self-sufficiency in these fuels, according to an order from Prime Minister Mohammed Shia al-Sudani on Tuesday. The directive came after the Ministry of Oil reported that domestic production now exceeds consumption needs, the state news agency said.
KBR Awarded Detailed Engineering Contract for Qatar’s High-Value Offshore Project
KBR announced it has been awarded a contract for detailed engineering services for the Bul Hanine oil and gas field in Qatar. Under the terms of the contract, KBR will provide detailed design and engineering services for QatarEnergy’s Bul Hanine EPIC project, situated approximately 120 kilometers east of Doha. Bul Hanine is one of Qatar’s significant offshore oilfields and a vital contributor to the country’s production portfolio. This initiative by QatarEnergy aims to extend the field’s production life, increase its capacity, and integrate advanced technologies to maximize recovery.
Saudi Aramco’s third-quarter profit slips on lower crude prices
Saudi Aramco, the world’s top oil exporter, reported a 2.3% fall in quarterly profits, citing a drop in crude and product prices, although its performance did improve from the previous quarter as oil production rose. Saudi Arabia has been pumping more crude as OPEC+ unwinds voluntary production cuts following several years of cutting back to support the market. In October, crude oil futures fell for a third consecutive month, dropping more than 2% and hitting a five-month low, on fears of a supply glut and U.S. tariff concerns.
YPF, Eni sign agreement with ADNOC’s XRG to develop Argentina LNG project
Argentina’s YPF and Italy’s Eni have reached an agreement with the Abu Dhabi National Oil Company’s investment arm, XRG, for it to join a liquefied natural gas (LNG) project linked to Argentina’s Vaca Muerta field, YPF said on Tuesday. In a statement released during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), YPF CEO Horacio Marin said XRG’s incorporation “strengthens a key initiative for the energy future of the country”, and will allow Argentina to turn into a “world-class” exporter of LNG.
Oman signs gas supply deal with domestic manufacturers
Oman’s state-owned Integrated Gas Company (IGC) has signed an $8.8 billion agreement to supply domestic manufacturers, a move analysts say will strengthen the Gulf country’s bid to become a leading exporter of non-oil products. IGC will supply 14 manufacturing industries in the country with a total of 27 million cubic metres per day of gas for the next 10 years starting in January 2026, its chairman said.
OQEP signs gas agreements to boost Oman energy integration
OQ Exploration and Production (OQEP) has announced the signing of a natural gas sales agreement (NGSA) with Integrated Gas Company (IGC) for Block 65, alongside a natural gas transportation agreement for the Marsa liquified natural gas (LNG) project. Under the NGSA, OQEP and Occidental Oman Block 65 LLC will supply their respective shares of natural gas produced from Block 65 to IGC. OQEP holds a 49% stake in the field, which will be sold under the terms of the agreement.
Envision Energy and ACWA Power Establish Framework agreement for Cooperation to Build a Global Clean Energy Ecosystem
Envision Energy announced a seven-year framework agreement with ACWA Power to collaborate on renewable energy projects in Saudi Arabia, Uzbekistan, and Central and Eastern Asian regions. Under the deal, Envision and its joint venture partner will establish local production capabilities for key wind turbine generator components, along with service infrastructure, in alignment with Saudi Arabia’s Vision 2030.
Qatar threatens to cut LNG supply to Europe over incoming regulation
Qatar will not send LNG to Europe unless the European Union changes its Corporate Sustainability Due Diligence Directive (CSDDD), which is due to come into force next year.
Flared gas recovery surge in southern Iraq
Iraq’s South Gas Company (SGC) announced on Sunday a considerable rise in flared gas recovery in Iraq’s southern provinces, hitting 1.75 billion standard cubic feet per day. Previously, flared gas recovery had ranged between 300 and 350 million standard cubic feet per day.
ADNOC, Masdar, XRG and Microsoft to Advance AI for Energy and Energy for AI
ADNOC, Masdar, XRG, and Microsoft today announced a strategic agreement to accelerate artificial intelligence (AI) deployment across ADNOC’s value chain and deliver energy solutions for Microsoft’s global AI and data center growth. As part of the agreement, ADNOC and Microsoft will co-develop and deploy AI agents to drive autonomous operations and unlock greater efficiency. Moreover, Microsoft will provide advanced AI tools and upskilling programs, while both companies will explore a joint innovation ecosystem to create transformative solutions for the energy sector.
Oman, Japan’s NYK to strengthen Duqm’s connectivity with global energy chains
A Memorandum of Understanding (MoU) signed between Japanese shipping giant Nippon Yusen Kabushiki Kaisha (NYK Line) and the Port of Duqm Company (PODC) earlier this week will help strengthen Duqm’s position as a key node in evolving global logistics and energy chains. Under the MoU, the two sides will collaborate on the development and connectivity of the Port of Duqm. The agreement covers future-oriented domains, including green steel supply chains, the transportation of green hydrogen and ammonia, and finished-vehicle logistics within the Middle East region.
Oman LNG and Baker Hughes renew two-decade partnership
Oman LNG announced the renewal of its long-term service agreement with Baker Hughes, extending a partnership that has lasted nearly two decades. Under the renewed agreement, Baker Hughes will continue to ensure the readiness and reliability of critical rotating equipment in Oman LNG’s three liquefied natural gas production trains, contributing to the safe, efficient, and highly dependable continuation of operations. A key feature of this new phase is the establishment of the Cordant-powered iCenter, aimed at localizing digital expertise and enabling future innovation.
Abu Dhabi’s Taqa exits Indian coal plant as part of clean energy push
Abu Dhabi National Energy Company (Taqa) has sold its 100% stake in an Indian coal power plant as part of its shift toward cleaner energy, the company said on Thursday. Taqa divested its holding in Taqa Neyveli Power Company, which operates a 250-megawatt lignite-fired plant in Tamil Nadu, to Hyderabad-based Meil Energy for 9.26 billion rupees ($104.4 million). Lignite, the lowest grade of coal, produces more emissions than higher-grade coals because it requires more energy to generate power.
Iraq approves solar projects in Kirkuk to expand renewable energy
The administration of Kirkuk in northern Iraq has approved several sites for new solar power plants as part of the government’s plan to expand renewable energy and reduce reliance on fossil fuels, Governor Rakan Taha said on Wednesday. Speaking at the Kirkuk International Solar Energy Exhibition, Taha said the plants will help ease pressure on the national grid and cut power outages during peak summer demand. He added that the local government will provide administrative and technical support to ensure swift implementation in coordination with the Ministry of Electricity and investors.
Oman’s Nama PWP issues tender for renewable energy advisory services
Oman’s Nama Power and Water Procurement Company (PWP), the country’s sole off-taker of electricity and water projects, has issued a tender for financial and commercial consultancy services for renewable energy Independent Power Projects (IPPs). PWP said it is inviting proposals to appoint a consultant to advise on projects scheduled for development in 2029, including support for procurement processes. Tender documents are available for purchase until November 2, 2025.
About 20% of energy companies using agentic AI, ADNOC-Microsoft report finds
One in five energy companies is now using agentic artificial intelligence (AI) to automate complex decision-making, according to a new report. The Powering Possible report, released Thursday by Abu Dhabi National Oil Company and Microsoft, found that cases of AI deployment in the sector are rising, with about 88% of executives saying AI has a very positive effect on energy and describing their relationship with the technology as “symbiotic.”
ADNOC-Covestro Deal Expected to Close in Q4 Amid EU Review
Regulatory approvals for ADNOC’s takeover of the chemicals company are progressing as expected, and the deal remains on track to close in the fourth quarter, the company said. The European Commission has been reviewing the transaction, its largest acquisition to date and one of the biggest EU takeovers by a Gulf state, amid concerns that ADNOC may be using state subsidies.
Saudi Arabia’s ACWA Power signs $10 billion clean energy deals
Saudi Arabia’s ACWA Power has secured $10 billion in clean energy deals as it expands its renewables portfolio, the Public Investment Fund-backed (PIF) company said on the sidelines of the Future Investment Initiative conference in Riyadh on Wednesday. The agreements, covering partnerships, storage, research and technology, will be implemented in the Gulf, Africa, Central Asia and China. The largest deal, worth $6 billion, involves ACWA Power, Badeel and Saudi Aramco to develop projects aimed at meeting 70% of Saudi Arabia’s renewable energy targets by 2030. Badeel, formerly Water and Electricity Holding Company, is also backed by the PIF.
Saudi Aramco awards multi-billion-dollar unconventional gas contract to NESR
Saudi Aramco has awarded a multi-billion-dollar unconventional gas contract to US-listed oilfield services company National Energy Services Reunited Corp. (NESR), covering completion services for the Jafurah field and other unconventional gas projects across Saudi Arabia over five years. The deal marks a major new phase in Aramco’s unconventional gas program, a key part of the Kingdom’s Vision 2030 energy diversification strategy.
Saudi Arabia awards 4.5 GW of solar and wind capacity in latest auction
Saudi Arabia has awarded 4.5 gigawatts (GW) of new solar and wind capacity under the sixth round of its National Renewable Energy Programme (NREP), the government said. The round includes five projects—one wind and four solar—with total investments estimated at around $2.4 billion. The awarded projects are: Masdar’s 1.4 GW Najran solar project in the Najran region; the 600 MW Ad Darb and 600 MW Samtah solar projects in Jazan province; the 400 MW Sufun solar project in Hail province; and the 1.5 GW Dawadmi wind project.
TotalEnergies, AEW to develop 400MW As Sufun solar project in Saudi Arabia
A consortium led by TotalEnergies and Aljomaih Energy and Water (AEW) has won a contract from the Saudi Power Procurement Company (SPPC) to develop, build, and operate a 400-megawatt (MW) solar photovoltaic (PV) plant in As Sufun, Hail province, Saudi Arabia. Electricity from the project will be sold to SPPC under a 25-year power purchase agreement (PPA). The plant is expected to begin operations in 2027. AEW Acting CEO Adnan Buhuligah said the project reflects the company’s commitment to expanding renewable energy investments in Saudi Arabia and supports Vision 2030 goals by supplying clean power to more than 68,000 homes.
Kuwait Oil Company to spend $3.9 billion on exploration by 2030, deputy CEO says
Kuwait Oil Company (KOC) plans to spend 1.2 billion dinars ($3.92 billion) on its exploration drilling program through 2030, a senior executive told Reuters. The investment is part of a 9.8-billion-dinar budget—the company’s largest ever—allocated for drilling and maintaining up to 6,193 wells by the end of the decade, Deputy CEO for Exploration and Drilling Khaled Al-Mulla said. The plan underscores the OPEC producer’s push to raise oil production capacity to 4 million barrels per day by 2035 and maintain that level until 2040, up from the current 3.2 million bpd announced last month.
Iranian oil discounts to China widen on sanctions, quota shortage
Discounts on Iranian oil sold to China have widened to their largest margins in more than a year, as tightening sanctions on both Russia and Iran curb purchases by independent Chinese refiners already constrained by limited crude import quotas, trade sources said on Wednesday. The sanctions have also prompted some buyers in China and India—the two biggest importers of Russian oil—to temporarily halt purchases, driving a sharp drop in Russian crude prices and adding unsold Russian cargoes to an already ample supply of Iranian oil, the sources added.
Odfjell Technology secures five-year contract in Kuwait’s oil sector
Odfjell Technology has secured a five-year contract to provide fishing services for drilling and workover operations with a major oil and gas company in Kuwait, marking a further expansion of its well services portfolio in the Middle East. The contract, which includes an optional one-year extension, is expected to start in the first quarter of 2026. Under the agreement, Odfjell Technology will supply specialized fishing tools and engineering support for drilling and workover campaigns across the operator’s onshore and offshore fields.
Aramco closes Jafurah midstream deal with international consortium led by Global Infrastructure Partners
Aramco announced the completion of an $11 billion lease and leaseback investment agreement for its Jafurah gas processing facilities with a consortium of international investors led by funds managed by Global Infrastructure Partners (GIP), a subsidiary of BlackRock. The transaction, first announced in August 2025, sees Jafurah Midstream Gas Company (JMGC)—a newly established Aramco subsidiary—secure development and usage rights for the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility, leasing them back to Aramco under a 20-year agreement. JMGC will collect a tariff from Aramco, while granting Aramco the exclusive right to process and treat raw gas from Jafurah. The agreement imposes no restrictions on Aramco’s production volumes, and Aramco maintains a 51% ownership stake in JMGC, with the remaining 49% held by the GIP-led investor group.
Aramco CEO says oil demand strong, market watching Russia sanctions
The CEO of Saudi state oil giant Aramco said on Tuesday crude oil demand was strong even before sanctions were imposed on major Russian oil firms Rosneft and Lukoil and that Chinese demand was still healthy. “Right now we have to wait and see what will happen with the sanctions,” Amin Nasser said on a panel at the Future Investment Initiative conference when asked about oil prices. “But we definitely know that the demand is strong even before these sanctions were imposed on Rosneft and Lukoil.”
China’s COOEC wins $4 billion EPC contract for Qatar’s Bul Hanine Field
China Offshore Oil Engineering Company (COOEC), a subsidiary of CNOOC, has secured an EPC contract worth up to $4 billion for QatarEnergy’s Bul Hanine offshore oil field. The project, the largest Chinese offshore oil and gas engineering contract in the Middle East, involves designing, procuring, constructing, transporting, installing, and commissioning over 60 offshore facilities and 40 subsea pipelines and cables. Located about 100 kilometers east of Qatar’s coast in water up to 40 meters deep, the project will process over 130,000 tons of steel and is scheduled for completion by mid-2031.
The UAE starts building 5.2 GW solar and 19 GWh storage project in Abu Dhabi
The United Arab Emirates has broken ground on a solar+storage project in Abu Dhabi that will be capable of delivering 1 GW of continuous baseload power. Developed by Masdar and the Emirates Water and Electricity Company (EWEC), the project will combine a 5.2 GW solar PV plant with a 19 GWh battery energy storage system (BESS), according to the company’s statement. Scheduled for completion in 2027, the initiative supports EWEC’s goal to increase Abu Dhabi’s solar power generation capacity to 18 GW by 2035 and to meet 60% of the Emirate’s total power demand from renewable and clean energy sources by 2035.
Iraq signs agreement for floating natural gas platform with Excelerate Energy
Iraq has signed a $450 million investment deal with Excelerate Energy to build the Gulf country’s first floating storage regasification unit, as Baghdad seeks to attract more U.S. investment to its energy sector. The unit, capable of receiving, storing and regasifying liquefied natural gas, will be based at the port of Khor al-Zubair, with gas piped for integration into Iraq’s power grid, two Iraqi energy officials with knowledge of the agreement said.
Saudi Aramco to take minority stake in PIF-owned AI firm HUMAIN
Saudi Arabia’s Public Investment Fund (PIF) and Aramco said on Tuesday that they signed a non-binding term sheet for the oil giant to acquire a minority stake in HUMAIN, an artificial intelligence company majority-owned by PIF. The deal aims to combine the two entities’ AI assets and expertise under HUMAIN to accelerate its global growth and strengthen Saudi Arabia’s position as a leading AI hub, Aramco said in a statement.
OTTCO and Royal Vopak sign strategic agreement to establish a joint venture in the special economic zone at Duqm
Oman Tank Terminal Company (OTTCO), a subsidiary of the OQ Group, and Dutch engineering specialist Royal Vopak have entered into a shareholder agreement to establish a new company in the Special Economic Zone at Duqm. Under the new partnership, OTTCO will hold a 51% share and Vopak 49%, with the new company set to develop and operate world-class energy storage and terminal infrastructure at Duqm. These facilities will support both traditional energy flows and the evolving demands of the global energy transition towards more integrated and sustainable ecosystems.
Iraq achieves over $48 billion in 9 months from oil exports
The State Organization for Marketing of Oil (SOMO) revealed on Monday that Iraq’s oil exports in the first nine months of 2025 surpassed 900 million barrels, leading to profits of more than $48 billion. SOMO reported that oil shipments from the oil fields in central and southern Iraq via Basra ports amounted to 900,564,077 barrels. In addition, exports from the Qayyarah field in Kirkuk were approximately 7,099,154 barrels.
Iraq launches first electric car factory
Kirkuk province on Monday laid the foundation for the Orok factory, set to produce electric, gasoline, and diesel vehicles. The factory’s management signed preliminary agreements with major car manufacturers from the United States, Germany, and Turkey to transfer technology and strengthen local industrial capabilities. According to Taha, the project is expected to create thousands of jobs in Kirkuk and reduce reliance on imports by promoting domestic vehicle production. Construction will take 180 days under a two-shift schedule, with production scheduled to start within a year.
Iraq Negotiates Higher OPEC Oil Production Quota
Iraq is in talks with OPEC to reassess its production quota in light of its available production capacity of 5.5 million barrels per day (bpd), Reuters quoted Abdul Ghani as saying at an oil conference today. Iraq’s current quota stands at 4.4 million bpd, and the country remains committed to it despite its larger production capacity, the minister said. Despite the 4.4-million-bpd quota, Iraq currently produces lower volumes and is not boosting production as much as it would have been entitled to in the OPEC deal, if it had complied with its quota in the past few years.
UAE: Masdar begins work on ‘world-largest’ solar-plus-storage project with 19GWh BESS
The Emirati state-owned renewables developer Masdar has begun construction on a giant solar-plus-storage project in Abu Dhabi. The roughly $5.9 billion project combines 5.2GW of solar PV with a 19GWh battery energy storage system (BESS), which Masdar claimed was the “largest and most technologically advanced system of its kind in the world.” The project is expected online in 2027. Developed alongside the Emirates Water and Electric Company (EWEC), the project will be capable of delivering 1GW of baseload energy around the clock, Masdar said.
Baker Hughes, Aramco to Expand Integrated Coiled Tubing Drilling Operations Across Saudi Arabia
Baker Hughes (BKR) won a multi-year award from Aramco to expand integrated underbalanced coiled tubing drilling (UBCTD) operations across Saudi Arabia’s natural gas fields. The order was booked in Q3 2025 and will expand Baker Hughes’ UBCTD fleet from 4 to 10 units for re-entry and greenfield projects. Services include coiled tubing drilling units, underbalanced drilling, operational management, well construction and geosciences, using CoilTrak™ BHA and GaffneyCline™ advisory. Work under the expanded agreement is scheduled to commence in 2026.
Nextracker forms JV in Saudi Arabia, raises FY guidance
US solar tracker manufacturer Nextracker and Saudi-based energy company Abunayyan Holding have formed a joint venture (JV) in Saudi Arabia. Through Nextracker Arabia, the new JV will locally manufacture and supply solar trackers and control systems for utility-scale solar and distributed projects across the country and the Middle East and North Africa (MENA) region.
UAE breaks ground on $6 billion solar and battery storage project
The United Arab Emirates (UAE) has initiated construction of a $5.99 billion renewable energy project, featuring a 5.2GW solar photovoltaic (PV) power plant with 19 gigawatt-hour (GWh) advanced battery storage system. The foundation stone for the initiative was laid in the presence of Sheikh Theyab bin Mohammed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Development and Martyrs’ Affairs. Developed by Masdar in partnership with Emirates Water and Electricity Company (EWEC), the project aims to deliver 1GW of clean, continuous baseload power at a competitive tariff.
Kirkuk exports reach 250,000 bpd
Iraq’s North Oil Company can export 250,000 barrels of crude per day (bpd) from its current production of 325,000 bpd, sources told Shafaq News on Friday. The sources revealed that efforts are underway to upgrade transport networks, storage sites, and loading facilities, along with routine well and pipeline maintenance to ensure uninterrupted operations.
OPEC ready to raise oil output if required after US sanctions on Russia, Kuwaiti minister says
OPEC is ready to raise production by further rolling back its oil output cuts, if required, to address market shortfalls after the United States imposed new sanctions on Russian oil majors, Kuwait’s oil minister said on Thursday. “I expect that any decision to impose sanctions will certainly have a positive impact on prices,” Kuwaiti Minister Tariq Al-Roumi said in response to a Reuters question. Al-Roumi added that he expects a shift in demand towards the Gulf and the Middle East as a result of the sanctions. “We are seeing signs now,” he said.
Oman: Work begins on PDO’s Rawafid renewable energy projects
Construction has begun on three renewable energy projects being developed for Petroleum Development Oman (PDO) by a partnership between OQ Alternative Energy (part of the OQ Group) and France-based TotalEnergies Renewables. Collectively known as the Rawafid Projects, the developments include the 234 MW Riyah-1 and Riyah-2 wind farms and the 105 MWAC North Solar plant. Under long-term Power Purchase Agreements (PPAs), the OQAE–TotalEnergies partnership—with OQAE holding a 51% stake and TotalEnergies 49%—will supply renewable energy to PDO.
Iraq reviews developing two oilfields with Halliburton
Basim Khudair, Deputy Minister of Oil for Upstream Affairs, chaired a meeting on Monday with officials from Halliburton, a large US-based oil service company, to examine options to collaborate and accelerate the development of the Bin Umar and Sindbad oilfields. Khudair reaffirmed during the meeting the Ministry of Oil’s commitment to carrying out development activities in compliance with international standards for the oil and gas industry, according to a statement released by the Oil Ministry. The Iraqi official underlined that this strategy helps to achieve the ministry’s goals for developing oil and gas fields and increasing output. He also highlighted the importance of transferring experience and new technologies, as well as educating Iraqi staff to improve technical and administrative efficiency.
Tender for first solar plant issued in Bahrain
A tender for Bahrain’s first solar power plant has been launched by the Electricity and Water Authority (EWA). EWA president Kamal Ahmed said the 150 megawatts (MW) solar plant, to be built in co-operation with the private sector, will be located near Bilaj Al Jazayer. “The solar plant is expected to provide electricity for around 6,300 homes and cut carbon emissions by more than 100,000 tons annually,” he said.
Iraq and General Electric sign deal for 3 GW gas-fired power plant
Iraq’s Ministry of Electricity has signed an agreement to construct the 3 GW Al-Faw gas-fired CCGT power plant in Basra. The contract was concluded between the Southern Power Production General Company and Advanced Technology Systems Company, both Iraqi entities, with the project to be directly implemented by U.S.-based General Electric. The investment is set to span 25 years, according to the Minister of Electricity. The project will operate under a “Take and Pay” model, in which the government pays only for the electricity it receives. The combined-cycle power plant will feature four gas turbines and two steam units. The Minister emphasized the strategic location of Al-Faw—close to the Grand Faw Port and connected to the new Wafra–Faw interconnection line with Kuwait, positioning Basra as a future regional energy hub.
Oman’s Hydrom partners with local firm to advance green hydrogen ambitions
In a key move to support its national green hydrogen strategy, Oman’s state-owned energy transition company, Hydrom, has signed an agreement with the local firm Ankaa Space & Technologies. The partnership will focus on gathering precise data relating to wind-based energy, a critical step for planning large-scale renewable energy projects, reports Energies Media. This collaboration is central to Oman’s goal of becoming a leading regional producer and exporter of green hydrogen.
Iraq successfully captures over 80% of associated gas
Iraq’s Ministry of Oil announced on Friday (October 18, 2025), a significant milestone in its gas utilization strategy, confirming that over 80% of associated gas is now being collected and converted into useful products. The Ministry is working towards eliminating routine gas flaring in three major southern fields by 2028. Khalid Al-Battayneh, the Director General of the Basra Gas Company (BGC), confirmed that the remaining gas being flared is low-pressure gas, and the company has projects underway to capture it. “Our plan extends to 2028, by which time gas will be fully collected, ending routine flaring in these three fields,” he stated.
India’s Megha Engineering gets $225.5 million contract in Kuwait
Indian multi-sector infrastructure firm Megha Engineering & Infrastructures has won a contract worth $225.5 million from Kuwait Oil Company (KOC), it stated Friday. The contract includes the construction, operation, and management of a new gas sweetening and sulphur recovery facility at Kuwait oilfields. The contract will be completed in 790 days, followed by five years of operation and maintenance, MEIL said in a statement. The facility is expected to treat sour gas and process it at about 120 million standard cubic feet per day.
Qatar warns EU sustainability law could end its LNG exports to Europe
Qatar’s Minister of Energy, Saad al-Kaabi, said on 16 October that Doha would be unable to continue supplying liquefied natural gas (LNG) to Europe if the EU fails to revise its corporate sustainability rules. Kaabi warned that the Corporate Sustainability Due Diligence Directive, adopted in 2024, poses a “significant risk” to state-owned QatarEnergy—one of the world’s largest LNG exporters. The regulation requires major companies operating within the bloc to identify and address human rights and environmental violations in their supply chains or face fines.
Dana Gas, Crescent complete KM250 expansion project in Iraq
Dana Gas and Crescent Petroleum have commenced commercial gas sales from the KM250 expansion project at the Khor Mor facility in the Kurdistan Region of Iraq (KRI). The project, completed eight months ahead of schedule, adds 250 million cubic feet per day (mcf/d) of processing capacity, increasing Khor Mor’s output to 750mcf/d. This expansion aims to address Iraq’s growing power demand by providing additional volumes of natural gas. The project is also expected to support power generation and industrial growth across the KRI, in line with the Kurdistan Regional Government’s Runaki initiative.
ADNOC set to win EU nod for $17 billion Covestro deal with remedy tweaks
Abu Dhabi state oil firm ADNOC is set to secure EU approval for its $17 billion bid for German chemicals company Covestro, with EU regulators likely to seek tweaks to remedies provided earlier this month, sources with direct knowledge of the matter said. The European Commission is examining the deal, ADNOC’s biggest acquisition yet, and one of the largest foreign takeovers of an EU company by a Gulf state, over concerns that ADNOC may be using state subsidies to acquire the chemicals company. ADNOC reiterated previous comments about offering a package of robust and proportionate remedies to the Commission. The firm stated further that it was confident this would lead to the timely clearance of the deal.
Algeria signs $5.4 billion oil and gas deal with Saudi firm Midad Energy
Algeria’s state-owned energy company Sonatrach said on Monday that it had signed a contract valued at approximately $5.4 billion with Saudi Arabia’s Midad Energy for oil and gas exploration and development in Algeria’s Illizi Basin. The production-sharing contract spans 30 years with an option to extend for an additional 10 years and includes a seven-year exploration period. Midad Energy North Africa will fully fund the investment, including $288 million allocated to exploration. The Illizi South perimeter lies about 100 km (62 miles) south of the Algerian town of In Amenas, near the Libyan border. By the end of the contractual period, overall production is estimated to reach around 993 million barrels of oil equivalent, including 125 billion cubic meters of natural gas, Saudi state news agency SPA reported later on Monday.
ADNOC delegation holds energy talks with Iraq’s Ministry of Oil
A delegation from the United Arab Emirates, led by officials from the Abu Dhabi National Oil Company (ADNOC), has met with Iraq’s Ministry of Oil to discuss cooperation in the energy sector. The talks reportedly focused on potential collaboration in upstream oil exploration, refining, and infrastructure development. The meetings underscore ADNOC’s efforts to expand its regional partnerships and Iraq’s plans to attract investment in its oil and gas industry. No official statements have yet been issued by either ADNOC or the Iraqi Ministry of Oil regarding the discussions.
Jordan’s NPC, Kuwait Drilling Company sign $174mln deal to explore, develop Risha gas field
The National Petroleum Company (NPC) and the Kuwait Drilling Company signed a strategic agreement to drill 80 new wells in the Risha gas field, at a total cost of $174 million, under a turnkey system over four years. The project is financed by NPC through revenues from gas sales, alongside JD87 million in government support, as part of the company’s strategy to increase production and expand the contribution of domestic gas to the national energy mix.
China Energy Engineering Corp Secures $2.745 Billion in Saudi EPC Contracts
China Energy Engineering Corporation Limited announced that its subsidiaries have entered into three significant EPC contracts for new energy projects in Saudi Arabia, totaling approximately USD 2.745 billion. These projects, part of Saudi Arabia’s PIF initiatives, include wind and photovoltaic power projects, reflecting the company’s strategic focus on expanding its renewable energy portfolio and strengthening its position in the international energy market.
Seismic oil and gas exploration begins in Feyli Ilam
Iran launched seismic surveying operations to explore oil and gas reserves in the Chardavel mountain range in Ilam province, near the Iraqi border, according to the National Iranian Oil Company (NIOC). Mohiuddin Jafari, NOIC’s Director of Exploration, described the effort as the first phase of a broader project aimed at identifying potential hydrocarbon-bearing geological formations in the region. The project covers an area of approximately 1,500 square kilometers within Ilam province, indicating that engineers are carrying out around 2,000 seismic detonations at each operational point to gather accurate subsurface data.
China and Iran Seal Oil-for-Infrastructure Deal to Bypass U.S. Sanctions
China has formalized a barter-style framework with Iran in which crude oil is exchanged for infrastructure projects (from rail lines and ports to industrial works) rather than cash. The new structure secures long-term supply while insulating both sides from dollar clearing and direct sanctions exposure. This arrangement does not fall outside U.S. sanctions law. It remains a purchase of Iranian crude under Executive Order 13846, regardless of how payment is made. Whether settled in goods, services, or construction contracts, it qualifies as a “significant transaction” for Iranian petroleum, leaving traders, contractors, and shipping firms exposed to secondary sanctions.
Port of Salalah inks bio-fuel storage hub deal, broadening Oman’s clean-energy exports
The Port of Salalah has signed a strategic lease agreement with Horizon Energy Salalah to establish a Bio-Fuel Storage Hub, marking a new milestone in Oman’s renewable-energy logistics and reinforcing Salalah’s role on the main East–West shipping lane. The facility will expand regional capacity for storing and distributing renewable fuels and underpins the Sultanate’s push to supply cleaner bunker options for global shipping. The port said the project advances Oman Vision 2040 goals and complements ongoing efforts to position Salalah as a diversified green-energy gateway. The bio-fuel hub follows the award of two new green-hydrogen blocks in Dhofar to international consortia. Taken together, the projects establish Salalah as Oman’s second hub for green-molecule exports, complementing Duqm, which anchors exports from six awarded projects in Al Wusta Governorate.
Hydrom and H2Global partner to boost Oman’s hydrogen development
Hydrom, an entity orchestrating Oman’s national interest in green hydrogen, and H2Global Foundation, a non-profit organization seeking to create a global market for clean hydrogen and other low-emission fuels, have signed a memorandum of understanding (MoU) to explore how H2Global’s mechanism can support Oman’s national hydrogen strategy. Oman aims to become a “leading global exporter” of renewable hydrogen and its derivatives by 2030, leveraging the country’s solar and wind resources to produce competitively priced clean energy. H2Global, on the other hand, seeks to facilitate the “efficient and transparent” trade of clean fuels, helping to accelerate the energy transition.
ADNOC begins shale drilling in joint block with EOG Resources
Reports have emerged that the Abu Dhabi National Oil Company (ADNOC), has begun shale drilling in a joint block with American energy giant EOG Resources. Resources. The state-owned energy utility serves the region as a dependable source of energy generation and, at a recent event, outlined the operations taking place in not only the UAE but also in Bahrain.
US sanctions dozens of individuals, entities, vessels tied to Iran’s oil and gas exports
The US Treasury Department has stated that sanctions have been imposed on more than 50 individuals, entities and vessels involved in facilitating Iran’s petroleum and liquefied petroleum gas (LPG) exports, in a move aimed at curbing Tehran’s energy revenues. The latest measures mark the fourth round of sanctions under President Donald Trump’s administration targeting China-based refineries that continue to buy Iranian oil, the Treasury said.
Aramco completes acquisition of additional stake in Petro Rabigh
Saudi Aramco announced on Thursday that it has completed the acquisition of a 22.5% stake in its refining and petrochemicals joint venture, Petro Rabigh, from Japan’s Sumitomo Chemical for $701.8 million, part of a turnaround plan for the loss-making venture. The agreement raises Aramco’s stake in Petro Rabigh to about 60% and is part of a drive to improve performance at the joint venture, which has posted significant losses in recent years amid a challenging global market for petrochemicals. The deal reduces Sumitomo’s stake to 15%.
GE Vernova starts constructing 24,000-megawatt power plants in Iraq
Iraq’s Minister of Electricity, Ziyad Ali Fadel, announced Wednesday the launch of practical steps with General Electric (GE) to build high-efficiency power plants with a total capacity of 24,000 megawatts. In April, GE Vernova and the Ministry signed a memorandum of understanding (MoU) outlining proposals for combined-cycle gas-fired plants of similar capacity. Backed by potential foreign financing, the MoU represents the largest and most comprehensive power agreement in Iraq’s history. It includes the construction of new facilities to expand generation and the maintenance and upgrade of existing infrastructure.
Iraq, Exxon sign agreement to help develop Majnoon oilfield
Exxon Mobil has signed an agreement with Iraq to help develop the country’s large Majnoon oilfield and expand its southern oil export infrastructure, marking the company’s return to Iraq two years after its departure. Iraqi Prime Minister Mohammed Shia al-Sudani announced the deal on Wednesday but shared few details. According to four sources familiar with the matter, the agreement includes a profit-sharing arrangement covering both crude oil and refined products, along with plans to upgrade export facilities in southern Iraq. Additionally, Iraq’s state oil company SOMO is expected to sign a separate agreement with Exxon to secure oil storage capacity in Asian markets, the sources said.
Iran adds 10 trillion cubic feet of gas to its reserves
A new discovery in the Pazan gas field in southern Iran has been made, revealing 10 trillion cubic feet of natural gas, Oil Minister Mohsen Paknejad said on Monday, according to his ministry’s news outlet Shana. “This field has 10 trillion cubic feet of gas, and if we consider a 70% recovery rate we can reach 7 trillion cubic feet,” Paknejad said, adding that the new reserves could help cover Iran’s existing imbalances in the coming years. Paknejad added the new find was made after a pause of 8 years in exploration activities at the field and estimated it will take 40 months before extraction can begin.
Saudi Arabia’s PIF wealth fund plans dual-tranche green bond sale
Saudi Arabia’s sovereign wealth fund has hired banks to manage the sale of its first euro-denominated green bond, according to a document from one of the arranging banks seen by Reuters. The Public Investment Fund and other state-linked firms are increasingly turning to the dollar and euro bond markets to fill funding gaps and sustain Saudi Arabia’s multibillion-dollar megaprojects while aiming for net-zero carbon emissions by 2060. The PIF has mandated Crédit Agricole CIB, JP Morgan and Societe Generale to organise investor calls starting on Monday, the document showed.
Kuwait Said to Tap JPM for Up to $7B Pipeline Deal
Kuwait Petroleum Corporation (KPC) is hiring JPMorgan Chase & Co. to help lease part of its pipeline network, according to people familiar with the matter. KPC aims to raise as much as $7 billion through the deal which would help bankroll the company’s vast investment plan, Bloomberg previously reported. Centerview Partners LLC is already working with the state-backed firm as independent financial adviser, people familiar with the matter have said. Both KPC and JPMorgan declined to comment.
Private equity giant KKR expands Middle East footprint with ADNOC gas pipeline investment
Global private-equity giant KKR has expanded its partnership with the Abu Dhabi National Oil Company (ADNOC) by acquiring a minority stake in ADNOC Gas Pipeline Assets. The ADNOC subsidiary operates 38 gas pipelines and two export terminals in the United Arab Emirates. KKR did not disclose the value of the deal to CNBC. The partnership follows ADNOC’s 2019 oil pipelines deal with KKR and BlackRock, which opened the door to foreign direct investment across the region. “This investment reflects KKR’s commitment to expand partnerships and investment across the Middle East,” said David Petraeus, partner at KKR and chairman of the KKR Global Institute and KKR Middle East.
Iraq moves ahead with BP deal to revive Kirkuk oilfields
Iraq has enacted a contract with BP to redevelop oilfields in the northern Kirkuk region, with an initial production goal of approximately 328,000 barrels per day, according to the oil ministry. The deal, finalized earlier this year, brings BP together with Iraq’s North Oil Company and North Gas Company to modernize output at the Baba and Avana domes of the Kirkuk field and to boost production at the Jambour, Bai Hassan and Khabbaz sites. BP plans to invest as much as $25 billion over the course of the project. The investment is a key part of Baghdad’s strategy to expand crude production capacity above 6 million barrels per day by the end of the decade.
Solar Could Help Iraq Boost Oil Exports by 250,000 Bpd
Iraq could increase its crude oil exports by roughly 250,000 barrels daily as it saves this amount from local consumption with the help of several solar power projects. Zawya reported the news, citing a government official, who said that “Iraq consumes nearly a quarter million barrels per day of crude oil for energy use, switching to renewable energy will save this quantity.”
Iraq advances LNG terminal and plans oil production increase to 5.5 mb/d
Excelerate Energy has announced it received an official Award Letter from the Government of Iraq to develop an integrated floating LNG import terminal. The proposed facility will enable LNG imports to support domestic power generation and contribute to stabilizing the national electricity grid. The Award Letter represents an initial step in the project’s development. Progress remains contingent on the successful negotiation and execution of binding commercial agreements. Meanwhile, Iraq’s Oil Minister stated that the country aims to increase daily oil production from 4.4 million barrels to 5.5 million barrels by the end of 2025, underscoring the role of 28 U.S. companies currently operating in Iraq’s oil sector.
Algeria and Kuwait’s Metro Holding Company Discuss Renewable Energy and Green Hydrogen Cooperation
Algeria’s Minister of Energy, Mohamed Arkab, received Sheikh Mishal Al-Jarrah Al-Sabah, Chairman of Kuwait’s Metro Holding Company, to discuss potential cooperation between Algeria and the Kuwaiti firm, particularly in renewable energy and green hydrogen development. Metro proposed a project aimed at harnessing Algeria’s significant solar and wind resources to produce and export green hydrogen. The initiative emphasizes technology transfer and localizing industrial capabilities—especially in electrolyzer manufacturing—while also focusing on developing national expertise and enhancing local content. Minister Arkab highlighted Algeria’s strategic geographic location, abundant renewable energy resources, and advanced infrastructure as key advantages positioning the country to become a leading regional hub for green hydrogen production and export to Europe.
Arab World Sees $351 Billion Investment in Renewable Energy, Generating 83,000 Jobs
The Arab World attracted 360 foreign-backed renewable energy projects between January 2003 and December 2024, with investments surpassing $351 billion and creating over 83,000 jobs, according to a new report by the Arab Investment and Export Credit Guarantee Corporation. The UAE led the region in renewable energy investment over the past two decades, attracting 57 projects worth $88.5 billion, equivalent to a quarter of total investment, and creating over 16,000 jobs. Along with the UAE, four other countries —Egypt, Morocco, Mauritania, and Jordan—accounted for 248 projects, or 69% of the total, with a combined investment of $291 billion. These projects alone generated nearly 68,000 jobs, representing 82% of employment in the sector.
MidOcean, backed by EIG and Aramco, buys into Petronas stake in LNG Canada
Liquefied natural gas company MidOcean, backed by EIG and Saudi Aramco, has agreed to buy a fifth of the Petronas venture that holds a 25% stake in Shell-led LNG Canada, MidOcean said on Tuesday. The deal also includes a fifth of Malaysian state energy group Petronas’s Canadian upstream assets in the Montney shale gas region that feeds into LNG Canada. MidOcean declined to comment on the price of the transaction, but a person familiar with the situation put it at slightly more than $3 billion.
China’s SoleFiori Announces 6 GW HJT Factory In Saudi Arabia
Chinese solar PV company SoleFiori, a subsidiary of Hongjun New Energy, has revealed plans to establish a 6 GW high-efficiency heterojunction (HJT) solar module manufacturing facility in Saudi Arabia. The agreement was signed at the recent Beijing-Saudi Arabia Advanced Manufacturing Fair, organized by the Saudi Arabian Ministry of Industry and Mineral Resources and the Federation of Saudi Chambers of Commerce in Beijing. The Saudi Arabian factory will mark the company’s first attempt to expand its manufacturing footprint outside of China as part of its internationalization strategy, it stated.
Iraq’s Kurdistan Oil Flows to Türkiye Running at 150,000-160,000 bpd
Oil flows from Iraq’s Kurdistan region to Türkiye’s Ceyhan port are running at 150,000-160,000 barrels per day after their resumption on September 27, two industry sources told Reuters. Iraq’s Oil Ministry Undersecretary Bassem Mohamed earlier said that the resumption of Kurdish oil flows will help raise the country’s exports to nearly 3.6 million bpd in the coming days. Iraq’s production and export levels will remain within its OPEC quota of 4.2 million bpd, he added.
Iraqi government installs solar systems in 307 schools and 25 health centers
Iraq’s Government Communication Team announced Monday (September 29, 2025) significant progress in its renewable energy initiative, confirming the installation of solar power systems in 307 schools and 25 health centers across government buildings. This effort is designed to reduce pressure on the national electricity grid. As part of this initiative, companies have begun installing high-capacity solar systems in these public buildings. Furthermore, a crucial project for manufacturing solar power systems is soon expected to open in Karbalaa Governorate, which will supply electricity to the national grid in Karbalaa and parts of Babylon.
China’s Shanghai Electric to build 10,000-megawatt power plants in Iraq
Iraq’s Ministry of Electricity signed a deal with China’s Shanghai Electric to build several large thermal power plants, demonstrating the Iraqi government’s commitment to addressing the electricity sector’s chronic challenges. The plants will rely on locally produced fuel with a capacity of up to 10,000 megawatts. The spokesperson for the Electricity Ministry, Ahmed Musa, explained that the initiative focuses on using local fuel to run the power facilities, confirming that the ministry has already begun the executive processes to advance the project. Iraqi Prime Minister Mohammed Shia al-Sudani said in August that Iraq’s electrical grid would gain an additional 60,000 megawatts after the major projects are finished.
Kuwait plans 14 GW in new power projects by 2031
Kuwait will add 14.05 GW of power generation capacity by 2031, the electricity minister said Saturday, as the country aims to meet rising demand and ensure supply security. Projects include the 2.7 GW Al-Zour North Phases 2 & 3, signed in August with a consortium led by Saudi Arabia’s ACWA Power and Gulf Investment Corp., at a cost of over $3.27 billion, financed by local and international banks. Also included are the 1.6 GW Shagaya Phases 1 & 2 (renewables), to be built under a PPP model; Phases 3 & 4 will add 3 GW through cooperation with China. The program features the 1.8 GW Khairan Phase 1 (power + desalination), also under PPP, with bidding having opened in September to pre-qualified consortiums. Parts of the 7.2 GW Nuwaiseeb project will also be built, with some capacity completed post-2031.
Yemen Commissions 53 MW Solar Plant in Shabwa, Boosting Electricity Access for Rural Communities
Yemen has commissioned a 53 MW Solar Plant in Shabwa, boosting electricity access for rural communities. Covering roughly 600,000 square meters near Ataq, the facility will supply clean and stable electricity to more than 330,000 rural homes. The project marks the second UAE-backed renewable energy initiative in southern Yemen, where the Southern Transitional Council (STC) holds power. The first such project was the 120 MW al-Buraiqah solar plant in Aden, which powers over 70,000 households. Authorities say similar plants are planned in Taiz and Socotra.
Putin’s $25 Billion Nuclear Deal With Iran
Iran has signed a $25 billion agreement with Russia’s state nuclear corporation, Rosatom, to construct four nuclear power plants, the state-run news agency IRNA reported Friday. The $25 billion USD agreement represents one of Iran’s largest nuclear projects to date and significantly expands cooperation with Russia in both large-scale and small-scale reactor technology. The facilities will be Generation III reactors built on a 500-hectare site in Iran’s southern Hormozgan province. Once completed, they are expected to produce 5,000 megawatts of electricity.
OPEC+ Misses 25% of Output Hike Targets, Supporting Brent Prices Near $69
OPEC+ has only delivered approximately three-quarters of the production hikes it targeted since April, with actual output falling nearly 500,000 barrels per day (bpd) short of agreed levels, according to data reviewed by Reuters. The shortfall, equivalent to 0.5% of global oil demand, has tightened market conditions and supported crude prices close to $69 per barrel. Between April and August OPEC+ only delivered 75% of the planned 1.92 million bpd increase. Production levels fell short as some members compensated for past overproduction through “compensation cuts,” while others faced structural capacity constraints. Saudi Arabia was responsible for more than half of the cumulative production increase, adding 747,000 bpd between March and August. Other members, including Algeria, Kazakhstan, Oman and Russia, are already producing close to capacity, limiting their ability to raise supply further.
Norway’s DNO will not ship oil via reopened Iraq-Turkey pipeline
Norway’s DNO has no immediate plans to ship oil through the Iraq-Turkey pipeline that is about to restart after a two-year suspension, the company stated on Friday, and will continue to sell directly to Iraq’s semi-autonomous region of Kurdistan. DNO, the largest international oil producer in the KRG, did not sign the deal because it wanted more clarity on how outstanding debts would be paid.
India asks US to allow purchase of Iranian oil to offset Russian imports, Bloomberg reports
Indian officials reiterated to Trump administration officials this week their position that New Delhi may curb Russian oil imports if trade is offset through the purchase of sanctioned Iranian and Venezuelan oil. Sources familiar with the talks told Bloomberg that Indian officials suggested the trade-off in a meeting with U.S. officials, as countries participate in the 80th UN General Assembly in New York.
Tenaris delivers THera® storage system for Oman’s first green hydrogen refueling station
Tenaris has completed the delivery of its hydrogen storage system for Oman’s first green hydrogen refueling station, developed by Hydrogen Systems, a Saudi Arabia-based leader in hydrogen technologies across the Middle East. The new facility, located near Muscat International Airport, will support a fleet of hydrogen-fueled taxis operated by Mwasalat, the Sultanate’s national transport company. Featuring nine THera® storage vessels (eight rated at 1034 bar and one at 550 bar), the station is designed to produce up to 130 kilograms of green hydrogen per day, enabling daily operations for 15 zero-emission vehicles. In addition to hydrogen fueling, the site will offer EV fast-charging and conventional fueling, serving as a multi-energy hub aligned with Oman’s sustainability agenda.
Oman advances wind turbine manufacturing with Duqm project
CID Gulf LLC, an Omani-Moroccan engineering consultancy firm, has secured a landmark contract to provide design consultancy services for Oman’s first wind turbine manufacturing project at the Special Economic Zone at Duqm (SEZAD). The client, Mawarid Turbines, is a subsidiary of Oman’s integrated energy group, OQ. Phase 1 of the Duqm facility will be developed on a 550,000 m² site with an estimated investment of around RO 70 million. The plant will have a projected annual manufacturing capacity of 1,100 MW, producing two turbine models of 6.25 MW and 9.6 MW each. Technology will be licensed from Shanghai Electric Group, a leading Chinese clean energy equipment manufacturer. Phase 1 of Mawarid Turbines is scheduled to come online by late 2026 or early 2027, supporting Oman’s broader Vision 2040 strategy and Net Zero by 2050 ambitions.
China signs $2.5 billion seawater contract to sustain Iraq’s oil output
China Petroleum Pipeline Engineering (CPPE) has secured a $2.5 billion contract to design and build a massive seawater distribution system across southern Iraq. The agreement with Iraq’s Basra Oil Company covers a 950-kilometer network that will deliver treated seawater to multiple oil fields, with Australian consultancy ILF tasked with supervising the works. The project will center on a treatment plant capable of handling five million barrels of treated seawater per day, with future phases allowing the volume to increase to seven or even eight million barrels per day.
Qatar Taps Samsung to Build 2 GW Solar Plant
QatarEnergy has contracted Samsung C&T Corp to construct the 2,000-megawatt (MW) Dukhan solar power plant, which would more than double Qatar’s solar generation capacity. The state-owned global energy major expects the two-phase project to start up 1,000 MW by 2028. The second phase is expected to be completed mid-2029, QatarEnergy said in a press release. Regarding the plan, QatarEnergy president and chief executive Saad Sherida Al-Kaabi, who is also Qatar’s energy minister, said: “When completed, the Dukhan solar power plant along with Al-Kharsaah, Mesaieed, Ras Laffan solar power plants will help reduce carbon dioxide emissions by about 4.7 million tons annually, while contributing up to 30 percent of Qatar’s total peak electricity demand.”
UAE’s Dragon Oil signs Iraq oil MoUs
UAE-based Dragon Oil, a subsidiary of the state-owned Emirates National Oil Company (ENOC), has signed a series of strategic memoranda of understanding (MoUs) with several companies active in Iraq’s oil sector. The agreements include one with China’s Anton Oilfield Services, a leading provider of oilfield services, and another with Nohadh Al-Benaa for General Trading & Oilfield Contracting Services. The partnerships are designed to strengthen cooperation, support Iraq’s energy sector, and expand infrastructure at oilfields where Dragon Oil operates
Iraq and Turkey Agree to Restart Kurdistan’s Oil Exports
Turkey and Iraq have agreed to resume oil exports from Iraq’s semi-autonomous region of Kurdistan via a pipeline to the Turkish coast, Deputy Speaker of the Iraqi Parliament, Shakhwan Abdullah, said this weekend. Oil exports from Kurdistan have been halted for two and a half years, after they were shut in March 2023 due to a dispute over who should authorize the Kurdish exports. These agreements pave the way to restoring the oil exports from Kurdistan and bringing roughly 230,000 barrels per day (bpd) to the market initially.
Oman Signs Agreement for Ibri III Solar Power Project to Boost Renewable Energy Transition with Abu Dhabi’s Masdar
The Sultanate of Oman has signed an agreement for the development of the Ibri III Solar Power Project, a major step in the country’s transition towards renewable energy. Covering nearly 10 million square meters, the project will have a generation capacity of 500 MW along with a 100 MWh battery energy storage system (BESS). With an investment of around $298 million USD, the project is expected to cut carbon dioxide emissions by approximately 505,000 tonnes annually and add up to 4% renewable energy to Oman’s total electricity generation mix. The initiative is aligned with Oman Vision 2040 and supports the nation’s goal of achieving Net Zero by 2050.
ADNOC-led consortium pulls $18.7 billion bid for Australia’s Santos
Abu Dhabi National Oil Company (ADNOC) has withdrawn the $18.7 billion offer it led to buy Australian gas producer Santos after months of wrangling over valuation and terms. The move on Wednesday may slow down ADNOC’s aggressive overseas expansion as the firm looks to invest in its booming domestic oil income. ADNOC’s overseas unit XRG, which led a consortium with Abu Dhabi Development Holding Co. and private-equity firm Carlyle as partners, said Wednesday that it wouldn’t proceed with the offer, citing terms demanded by Santos’s board. Meanwhile, Santos said the ADNOC-led consortium refused to agree to a fair sharing of risk, including taking responsibility for securing regulatory approvals and committing to domestic gas development and supply.
Saudi Arabia seeks bidders for 5.3 GW of solar and wind capacity
The Saudi Power Procurement Company has issued a Request for Qualification (RFQ) for the seventh round of solar and wind projects under the National Renewable Energy Program (NREP), overseen by the Saudi Ministry of Energy. This round aims to add a total of 5.3 GW of renewable energy capacity to the national grid. On the solar side, the round includes four photovoltaic independent power producer (IPP) projects: the 1.4 GW Tabrjal project; the Mawqaq and Tathleeth projects, each with a capacity of 600 MW; and the 500 MW South Al-Ula project. These projects are located in the Al-Jouf, Hail, Aseer, and Madinah regions, respectively. In addition, two wind IPP projects are planned in the Madinah region: the 1.3 GW Bilghah project and the 900 MW Shagran project.
Oman: Salalah Free Zone signs $488m deal for electric battery project
The Public Authority for Special Economic Zones and Free Zones (OPAZ), together with the Salalah Free Zone, has overseen the signing of an agreement for an advanced battery chemical materials project. The project represents an investment of over $488 million USD and will be implemented in phases over four to six years, with the first phase alone being valued at over $189 million. Covering approximately 370,000 sqm, the project focuses on producing lithium iron phosphate, ammonium phosphate, iron salts, and carbon materials used in batteries for electric vehicles, energy storage, and modern electronic technologies.
Qatar Energy signs Dukhan Solar Power Plant Construction Contract with Samsung
QatarEnergy has signed an agreement with Samsung C&T’s Engineering & Construction Group for the construction of a world-scale solar power plant in Dukhan, approximately 80 kilometers west of Doha. The Dukhan solar power plant—one of the largest in the world—will be developed in two phases, reaching a total electricity generation capacity of 2,000 megawatts (MW) by mid-2029. Once completed, it will double Qatar’s solar power production capacity, significantly contributing to the country’s renewable energy goals, according to Qatar News Agency (QNA). The Dukhan solar power plant will begin the first phase of production by dispatching 1,000 MW of power to the Kahramaa grid towards the end of 2028.
Iraq: TotalEnergies Launches the Construction of the Final Two Major Projects of the GGIP
The two last major contracts of the Gas Growth Integrated Project (GGIP) have been launched. This includes the increase of Ratawi field’s full field development to 210,000 barrels per day (bpd) without routine flaring and the development of the Common Seawater Supply Project (CSSP) with a 5 Mbpd capacity to help preserve the country’s freshwater resources. These contracts are led by TotalEnergies (45%, operator) alongside its partners Basra Oil Company (30%), and QatarEnergy (25%).
Kuwait Said to Mull Pipeline Deal to Raise Billions
Kuwait Petroleum Corp. is considering leasing part of its pipeline network to help fund a $65 billion investment plan that covers everything from upstream to petrochemicals. Centerview Partners LLC is advising the state-backed firm on the deal. KPC is aiming to raise $5 billion to $7 billion through the deal, for which the firm is weighing the leasing of 13 pipelines over 25 years.
Stargate Hydrogen Partners with Saudi Arabia’s RDIA to Boost Hydrogen Innovation
Stargate Hydrogen, an Estonia-based deep-tech and green hydrogen technologies manufacturer, has signed a memorandum of understanding (MoU) with the Research, Development, and Innovation Authority (RDIA) of Saudi Arabia to boost hydrogen innovation. The key areas of cooperation are: (1) the launching of Stargate Hydrogen KSA, a new regional headquarters for Stargate Hydrogen in Riyadh; (2) the localizing of Stargate Hydrogen’s proprietary technologies for deployment in the country; (3) the building of partnerships with Saudi academic institutions, such as KAUST, to generate intellectual property within the country, and; (4) the collaborating with Saudi manufacturers to develop local production capacity for electrolyzer technologies
Iran in Talks with Chinese Firms to Expand Solar, Energy Storage Projects
Iran is negotiating with several Chinese companies to develop solar power plants and battery energy storage systems (BESS) as part of efforts to boost renewable capacity. Talks were held with two major Chinese companies active in solar energy.
Armenia and Iran Discuss Expanding Oil Trade and Developing Gas Supply Infrastructure
Armenia’s Minister of Economy, Gevorg Papoyan, met with Iran’s Deputy Minister of Oil, Mohammad Sadegh Azimifar. They discussed “the importance of further developing the close economic partnership established between Armenia and Iran.” Topics included the expansion of trade in oil and petroleum products, the development of infrastructure for the supply of liquefied and natural gas, joint investments in the energy sector, and the effective use of regional transport and logistics hubs such as the North–South corridor and the Crossroads of Peace initiative.
Saudi Arabia to Supply Syria with 1.65 million Barrels of Oil to Aid Civil War Recovery
Saudi Arabia has stated that it will supply Syria with 1.65 million barrels of crude oil as Damascus struggles to rebuild the country’s economy and infrastructure after their nearly 14-year-long civil war. The state-run Saudi Press Agency announced that the CEO of the Saudi Fund for Development, Sultan Al-Marshad, and Syria’s Minister of Energy Mohammad al-Bashir had signed a memorandum of understanding.
Oman: Al Duqm and Adam Identified as Promising Wind Power Sites
New findings from a pre-feasability study exploring the potential of a 100-MW wind power project in the Wilayats of al-Duqm and Adam have found that both locations are strategically beneficial sites for renewable energy development that are in line with Oman Vision 2040 and Net-Zero 2050 goals. The study was conducted using tools such as RETScreen, the Global Wind Atlas, and GIS mapping. It provided a comparative analysis that underscored Al Duqm’s particularly strong wind resources and greater suitability for large-scale projects, while Adam, though less resource-intensive, also demonstrated potential for distributed renewable projects.
Oman and the Netherlands Launch a Strategic Partnership to Boost Renewable Energy Development
Five Elements Environmental Services, an Oman-based consultancy firm, has announced a strategic collaboration with the Netherlands’ Pondera Consult to support investors in renewable energy and green hydrogen projects in Oman. This collaboration will offer advanced technical, engineering, environmental, social, and climate risk assessments. Director of Five Elements, Kris Vallancey, stated “This collaboration is about combining in-depth knowledge of Oman with international technical expertise.”
Saudi Arabia Launches First Floating Storage Unit for Marine Fuel
The Saudi Ports Authority (Mawani) and Minerva Saudi Arabia have launched the first floating storage unit (FSU) for marine fuel at Jeddah Islamic Port, with a capacity of 113,000 cubic metres. This is a major step toward the development of the Saudi maritime sector and enhancing its operational and logistical capabilities. A Saudi Press Agency stated that the aim of the project is to strengthen the Kingdom’s maritime economy, aligning with the objectives of the National Transport and Logistics Strategy under Saudi Vision 2030. The FSU is equipped to store three main types of marine fuel: very low sulfur fuel oil (VLSFO), high sulfur fuel oil (HSFO), and marine gas oil (MGO).
ADNOC Close to Finalizing EU Remedies for Covestro Deal
Abu Dhabi state oil giant ADNOC is readying remedies to address an EU subsidy investigation into its 14.7 billion euro (17.2 billion USD) bid for Germany’s Covestro, which will likely see it convert a proposed 1.2 billion euro capital hike to a shareholder loan. The deal is ADNOC’s biggest acquisition to date and is one of the largest foreign takeovers of an EU company by a Gulf state.
Aramco Boosts Borrowing As Lower Oil Prices Hit Saudi Arabia
Saudi Aramco is reported to be offering dollar-denominated Islamic bonds, the so-called sukuk, in five and ten-year issuances in what would be the Saudi oil firm’s second debt issue this year and Saudi Arabia’s third in one week. This is the third such debt issuance in one week.
BlackRock Gets US$10 billion Financing for Aramco Deal: Sources
A group led by BlackRock’s Global Infrastructure Partners (GIP) unit has arranged a roughly financing 10 billion USD package for its planned investment in Saudi Aramco natural gas infrastructure. The majority of the financing is a seven-year loan facility, which could later be refinanced in the bond market; it also includes a 19-year loan facility. The funding was arranged by a group of banks including major Japanese and Wall Street lenders. The loans will support the GIP consortium’s investment in the midstream infrastructure assets at Aramco’s giant Jafurah gas project.
Iran to Begin Russian Gas Imports in Few Months
Iran’s Ambassador to Moscow Kazem Jalali announced that the first stage of gas imports from Russia to Iran will start in the upcoming months, the Tasnim news agency reported on Monday. Jalali announced that “Russian energy officials will visit Tehran next week to finalize talks on Russian gas imports.”
Oman and Iraq Strengthen Energy Ties with New MoUs
Oman and Iraq have signed two key Memoranda of Understanding (MoUs) to boost their cooperation in energy storage and crude marketing, marking a significant step in their bilateral relations. The first MoU focuses on developing a crude oil storage project at Ras Markaz in Duqm, with an initial capacity of 10 million barrels, expandable in the future. The second MoU allows OQ Trading to market Iraqi crude internationally, leveraging both parties’ expertise to boost value creation, broaden market access, and strengthen knowledge exchange.
Saudi Arabia to Cut Oil Prices for Asia as OPEC+ Sticks with Output Hike
Saudi Arabia is slashing crude prices again, this time across all grades headed to Asia, and it’s happening quite fast. Saudi Aramco, the kingdom’s state oil company, just dropped the price of its flagship Arab Light crude by $1 per barrel for October shipments, according to a latest pricing sheet. That’s a lot steeper than expected, as Bloomberg’s survey shows that refiners and traders were only betting on a 50-cent cut, not a full dollar. The new price premium sits at $2.20 per barrel above the regional benchmark, which is low, especially compared to what buyers were bracing for. This price slash comes as OPEC+ locked in a decision to ramp up supply through September 2026, starting with 137,000 more barrels daily starting in October 2025.
OPEC+ to boost supply in October to regain market share
OPEC+ jolted oil markets over the weekend by announcing a production increase of 137,000 barrels per day (b/d) starting in October. The group has been gradually ramping up output since April, following years of production cuts aimed at stabilizing the market. However, the latest decision — announced on Sunday, September 7 — caught many off guard, as concerns about a potential oversupply continue to mount. The move signals that the eight OPEC+ members have begun unwinding the second tranche of production cuts, totaling approximately 1.65 million b/d — more than a year ahead of schedule. Since April, OPEC+ has already fully reversed its initial 2.5 million b/d of cuts, which represented roughly 2.4% of global oil demand.
Iraq’s Prime Minister orders investigation into allegations oil from Iran was mixed with domestic crude
Iraq’s Prime Minister Mohammed Shia Al Sudani has ordered a “high-level” investigative committee to look into “suspicions of corruption” in the mixing and smuggling of crude oil and petroleum products. Al-Sudani stated, “we have emphasised that there will be no leniency in this matter,” and that Iraq’s State Oil Marketing Organization (SOMO) “is not involved in the activities covered by the sanctions and is committed to all laws and regulations.” Finally, al-Sudani explained that the sanctions are related to specific companies and vessels, not Iraqi ports and exports.
Taqa consortium secures $4 billion funding for two Saudi power plants
A consortium led by Abu Dhabi National Energy Company (TAQA) has secured $4 billion in financing for two new power plants in Saudi Arabia, supporting the kingdom’s efforts to meet growing energy demand. The consortium—which includes TAQA, Japan’s largest power generation company JERA, and Saudi Arabia’s Al-Bawani Capital—has reached financial close for the development of the Rihab El-Awal Power Company and Nawras Power Company, TAQA announced on Wednesday. The financing follows the signing of two 25-year power purchase agreements. The Greenfield Combined Cycle Gas Turbine (CCGT) plants will provide approximately 3.6 gigawatts of electricity generation capacity.
Kuwait invites bids for 1.8 GW power and water project
Kuwait has opened bids for the first phase of the 1.8 gigawatt power, Al Khairan power and water project, which aims to help alleviate the Gulf nation’s power shortages. Pre-qualified international consortia were invited to submit bids for the Al Khairan Phase 1 Independent Water and Power Producer project, which will also produce 125 million imperial gallons of water a day, the Kuwait Authority for Partnership Projects said.
Saudi Aramco, Iraq’s SOMO halt crude sales to Indian refiner Nayara
Saudi Aramco and Iraq’s state oil company SOMO have stopped selling crude oil to India’s Nayara Energy in the aftermath of sanctions imposed in July by the European Union on the Russian-backed refiner, three sources familiar with the matter said. Nayara typically receives around 2 million barrels of Iraqi crude and 1 million barrels of Saudi crude each month, but did not receive shipments from either of the two suppliers during August, shipping data from Kpler and LSEG showed. The halting of supply from the two Gulf exporters means Nayara, majority-owned by Russian entities including oil major Rosneft, relied entirely on Russia for its crude oil imports in August, according to sources and LSEG shipping data.
Congo signs new energy deal with Qatar as African countries double down on oil discoveries
QatarEnergy received an exploration license for the Republic of Congo’s Nzombo offshore block. Under the Production Sharing Contract signed with the Congolese government, QatarEnergy will own 35% of the block. Qatar Minister of State for Energy Affairs, Saad Sherida al-Kaabi said “We are pleased to be awarded this promising offshore block in the Republic of Congo, and to work alongside our valued partners and the Congolese Government.”
Kuwait launches major oil lake remediation project with Chinese firm Jereh
Kuwait has kicked off a major environmental cleanup effort as the first unit of an oil lake crude recovery project, led by China’s Jereh Group, completed its trial run Wednesday. The project falls under the Kuwait Environmental Remediation Program (KERP), which aims to tackle oil pollution and environmental damage left by the 1990-1991 Gulf War, when around 700 oil wells were set ablaze, creating vast oil lakes and contaminating large swathes of soil. Valued at about 14 million U.S. dollars, the contract tasks Jereh with delivering an integrated solution and supplying core equipment for the cleanup effort.
Masdar and partners reach financial close for 2 GW Al Sadawi solar project in Saudi Arabia
UAE-based renewable energy company Masdar, in partnership with China’s GD Power and Korea Electric Power Corporation (KEPCO), has reached financial close on the 2 GW Al Sadawi solar PV project in Saudi Arabia. The project is part of the National Renewable Energy Program (NREP), led by the Kingdom’s Ministry of Energy. Estimated at US$1.1 billion, the project is backed by financing from eight major regional and international lenders. The plant is expected to begin early power generation at full capacity in early 2027, with commercial operations launching later that year. This milestone advances Saudi Arabia’s clean energy goals and reinforces global partnerships in the renewable sector.
Aramco signs $11 billion Jafurah midstream deal with international consortium led by Global Infrastructure Partners
Aramco has signed an $11 billion lease and leaseback deal involving its Jafurah gas processing facilities with a consortium of international investors, led by funds managed by Global Infrastructure Partners (GIP), a part of BlackRock. Jafurah is the largest non-associated gas development in the Kingdom of Saudi Arabia, estimated to contain 229 trillion standard cubic feet of raw gas and 75 billion Stock Tank Barrels of condensate. Aramco will maintain a 51% majority stake in Jafurah, with the remaining 49% held by investors led by GIP.
ACWA Power signs $4bn Kuwait IWPP deal
ACWA Power signed an agreement with the Gulf Investment Corporation, the Kuwait Authority for Partnership Projects, and the Ministry of Electricity, Water and Renewable Energy to develop the the Az-Zour North Phase 2 & 3 Independent Water and Power Project in Kuwait. The project is valued at over $4 billion and is set to provide 2,700 megawatts of power generation capacity and 120 million imperial gallons per day of desalinated water.
Kuwait signs $3B deal with Saudi renewable giant
Kuwait signed a $3.27 billion deal with Saudi’s ACWA Power for the expansion of the Al-Zour North power plant, which will deliver 2.7 GW of power and 120 million gallons of water daily. The project is expected to be complete in three years.
EWA Launches Bahrain’s First Solar Power Plant
Bahrain’s Electricity and Water Authority (EWA) announced the commencement of Bahrain’s first solar power plant for electricity generation, expected to produce up to 150 megawatts.
Chinese Company Signs Contract to Build Six Hydrogen Refueling Stations Across Saudi Arabia
Chinese hydrogen company Sincetrue has signed a contract with a Saudi Arabian investment firm Moaj to build six hydrogen refueling stations across Saudi Arabia. Three of the six stations will include an integrated green hydrogen production plant.
Iraq Resumes Oil Exports through Turkish Ceyhan Pipeline
Iraqi Minister of Oil Hayan Abdul Ghani confirmed that oil exports will resume via the Turkish Ceyhan Pipeline imminently, with plans of an initial phase that will export 80,000 barrels per day.
Saudi Aramco Reports 22% Drop In Second-Quarter Profit
Saudi Arabia’s oil company Aramco reported a 22% drop in second-quarter profits. The company state its intentions to cut costs and divest assets as the price of crude oil drops.
China’s Sungrow To Build Oman’s First Specialist Hydrogen Plant
Chinese company Sungrow Hydrogen signed an agreement with Oman’s United Engineering Services to build the country’s first plant specializing in green energy equipment. The site will be located in the town of Duqm.
ADNOC Drilling plans oil rig deal in Kuwait, Oman
The UAE’s ADNOC Drilling co. is planning to buy a company operating oil and gas rigs in Kuwait and Oman—targeting the acquisition for late 2025 or early 2026.
Chinese CPEC Secures $2.5 Billion Seawater Pipeline Project in Iraq
China Petroleum Engineering Corporation (CPEC) signed a $2.5 billion contract to build a seawater pipeline in Iraq. It is estimated that the project will take 54 months to complete.
Saudi Arabia’s Ajyal To Build Petrochemical Complex In Iraq
The Iraqi Minister of Industry and Minerals spoke with Saudi Arabia’s Ajyal Group about a deal to construct a petrochemical complex in Iraq. It would be based in Basra.
Omna: Abraj wins PDO contracts for 6 land drilling rigs in Block 6
Abraj Energy Services, Oman’s leading oil and gas services provider, on Tuesday announced the signing of significant contracts with Petroleum Development Oman (PDO) to provide six state-of-the-art land drilling rigs for operations in Block 6, one of the sultanate’s most strategic energy assets. The rigs are scheduled to commence operations in stages starting from Q4 2026. This milestone agreement marks a major expansion of Abraj’s long-standing partnership with PDO and reflects the company’s trusted capabilities in delivering safe, efficient, and high-quality drilling solutions.
Saudi Arabia boosts its green hydrogen leadership with mega-plant in Yanbu
The consortium formed by Técnicas Reunidas and Sinopec has been selected by ACWA Power to develop the design for a new green hydrogen plant in Yanbu, Saudi Arabia, which will double the capacity of the emblematic NEOM project. The complex will have an electrolysis capacity of 4 GW and will have the potential to produce up to 400,000 tons of green hydrogen per year. green hydrogen. This feedstock will be transformed into green ammonia to facilitate its export to international markets, reinforcing the kingdom’s plans to consolidate its position as a key player in the global energy transition.
SOHAR Port and Freezone Signs MoU to Develop Natural Hydrogen Value Chain in Oman
SOHAR Port and Freezone has signed a Memorandum of Understanding (MoU) with Switzerland’s HYNAT SA company, aiming to develop an integrated natural hydrogen value chain in the Sultanate of Oman. This partnership marks a significant step towards establishing a comprehensive hydrogen ecosystem within SOHAR Port and Freezone, with a particular focus on natural hydrogen as an emerging and promising low-carbon energy source.
Saudi Arabia and Syria sign energy deal
Saudi Arabia and Syria have signed a memorandum of understanding (MoU) to enhance cooperation in the energy sector, following a meeting between Saudi Minister of Energy Prince Abdulaziz bin Salman and Syrian Minister of Energy Mohammad Al-Bashir in Riyadh on 27 July. The agreement aims to foster bilateral collaboration in areas such as petroleum supply, electricity generation, renewable energy, energy efficiency, and investment opportunities.
Saudi Arabia’s second green hydrogen and ammonia plant will be nearly twice the size of 2.2GW Neom project
Saudi Arabia’s second large-scale green hydrogen and ammonia hub will be nearly twice the size of the 2.2GW Neom complex currently under construction, Hydrogen Insight has learned. The project’s developer, ACWA Power, had announced earlier this month that it had signed a joint development agreement with German energy firm EnBW to build the Yanbu Green Hydrogen Hub by 2030.
Aramco dishes out awards for $5 billion offshore megaproject
Saudi Aramco, the world’s largest oil company, has handed out four major contarcts for its Zuluf oilfield increment project, with the deals touted to be worth a total of about $5 billion. The Zuluf expansion project is part of Aramco’s long term agreement (LTA) framework and is crucial to its ambition to maintain its 12 million barrels per day production capacity.
KSA Energy Ministry launches new programme for startups
The Saudi Arabia Ministry of Energy has launched the Taqatech Accelerator programme in collaboration with The Garage as part of its efforts to drive innovation in the energy sector, promote economic growth, enhance environmental sustainability, and create job opportunities.
Oman LNG boosts market position with record output, new contracts
Oman LNG achieved its highest-ever production in 2024, while maintaining exceptional safety standards and a plant efficiency rate of 98.23%, reflecting its unwavering commitment to operational excellence and sustainable performance. Hamad bin Mohammed al-Naamani, CEO of Oman LNG, confirmed that the company is preparing for a new phase of expansion with the commencement of long-term sales contracts this year, encompassing volumes from both Oman LNG and Qalhat LNG.
Saudi Aramco wants a Google spinoff to turn its waste into wealth
The world’s biggest oil company is betting on a Google spinoff to profit from pollution. Saudi Aramco, which pumps more crude than any rival, has partnered with SandboxAQ, a $5.6 billion artificial-intelligence company spun out of Google’s parent firm, Alphabet, in 2022. Aramco’s goal is to transform its carbon emissions into profitable products using AI.
PowerChina To Build $4 Billion Seawater Desalination Plant In Iraq
PowerChina has secured a $4 billion deal to construct a major seawater desalination plant in Iraq’s Basra region. The initiative includes the development of a 300 megawatt power plant to provide electricity to the desalination plant.
Iraq, Schlumberger Sign Deal To Develop Akkas Gas Field
The Iraqi Ministry of Oil has signed a deal with oilfield services firm Schlumberger to develop the Akkas gas field in the Anbar province. The field’s output is expected to reach 100 million cubic feet of gas per day within a year, eventually reaching 400 million cubic feet of gas per day within the next four to five years.
Kuwait to start work on new gas field in Egypt
Kufpec Egypt, a subsidiary of Kuwait Foreign Petroleum Exploration Company (Kufpec), and Shell Egypt have announced a final investment decision to develop gas exploration at the Mina West gas field in Egypt.
Kuwait engages firms for new Dorra gas processing plant
Kuwait Gulf Oil Company (KGOC), a subsidiary of state energy conglomerate Kuwait Petroleum Corporation (KPC), has set in motion a project to develop an onshore gas processing plant that will receive gas feedstock from the Dorra offshore gas field located in the Saudi-Kuwait Neutral Zone. KGOC has started an early engagement process with contractors for the main engineering, procurement and construction (EPC) tendering exercise for the Dorra onshore gas processing facility, which is to be located in Kuwait, according to sources.
ACWA enters key deals to export green hydrogen, renewables to Europe
ACWA Power has signed agreements and memoranda of understanding (MoUs) with several international partners, aimed at creating a green hydrogen and renewable energy export value chain between Saudi Arabia and Europe. The agreements were signed in the presence of Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud. The signing of these agreements and MoUs comes as part of Saudi Arabia’s role in enhancing global logistics connectivity and its leadership in the India-Middle East-Europe Economic Corridor (IMEC) project, driven by its strategic geographical location that connects East and West, said a statement.
Saudi Arabia Signs 15 GW Renewable Energy Deals in One Week
Saudi Arabia has signed a raft of contracts for renewable‑energy projects totaling 15 gigawatts (GW) – among the world’s most keenly priced – accelerating its push under Vision 2030 to cut reliance on oil and become a clean‑power heavyweight. The deals, sealed last week, are expected to turbo‑charge the kingdom’s green‑energy sector, attracting further investment and innovation while creating jobs in manufacturing, logistics and research.
KUFPEC announces final investment decision with Shell Egypt to develop gas exploration at Mina West field
A subsidiary of Kuwait Foreign Petroleum Exploration Company (KUFPEC) announced on Tuesday a final investment decision with Shell Egypt to develop gas exploration at Egypt’s Mina West field, Kuwaiti state news agency reported. The field is located in the North East El-Amriya block in the Mediterranean Sea.
Saudi Arabia expands renewable exports to Europe
Saudi Arabia has strengthened its position as a future clean energy supplier to Europe through a series of agreements signed in Riyadh, aimed at establishing export corridors for renewable energy and green hydrogen. The agreements were signed by ACWA Power in the presence of Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz Al Saud during a dedicated workshop on renewable energy and green hydrogen exports. The event brought together senior government officials from Saudi Arabia, Greece, France, and Germany, alongside executives from leading international companies.
Acwa signs Senegal renewable desalination project deals
Acwa Power has signed key project agreements with the Government of Senegal for the Grande-Côte seawater desalination project. The project, powered by renewable energy, is set to secure up to 400,000 m³ of potable water per day for Dakar and its surrounding areas. With a total investment of approximately $800 million, the Grande-Côte Project represents the largest desalination initiative ever undertaken in West Africa.
Turkey wants new arrangement with Iraq over suspended oil pipeline
Turkey still wants to revive an oil pipeline with Iraq that has been shut for two years due to a dispute, a senior Turkish official told Reuters on Monday, even as Ankara announced the end of a decades-old agreement covering the pipeline.
The 1.6 million barrels per day Kirkuk-Ceyhan pipeline has been offline since 2023 after an arbitration court ruled Ankara should pay $1.5 billion in damages for unauthorised Iraqi exports between 2014 and 2018. Turkey is appealing the ruling.
Sepco3 awards EPC contract for 700MW Yanbu Wind project
Shandong Electric Power Construction Corporation No. 3 (Sepco3), a subsidiary of China Electric Power Construction Corporation has awarded the EPC contract for the 700MW Yanbu Wind Energy Project. The agreement for Yanbu (YAN) wind power project was signed with a consortium led by Japan’s Marubeni Corporation under the National Renewable Energy Program (NREP). Located in Madinah Province, the Round 4 YAN wind power project has a unit capacity of 700MW.
Iraq achieves leap in gas, renewable energy investment, says official
Iraq has made a significant leap in gas utilization and renewable energy investment, according to the head of the National Team for Renewable Energy Projects in the Prime Minister’s Office. Naseer Karim Qassem announced on Sunday (July 20, 2025) that solar energy projects have already commenced in the parking areas of eight ministries. Qassem told the Iraqi News Agency (INA) that Iraq’s energy sector has seen qualitative developments recently, including expanded investment in gas and renewable energy and enhanced infrastructure. He noted that the rate of flared gas utilization has increased to 68 percent, up from 57 percent previously, while dry gas production has risen to 1,700 million standard cubic feet per day. This has boosted refining capacity and advanced gas and oil transmission networks, connecting them to power stations.
OQAE, Naqaa to develop wind power projects in Oman
OQ Alternative Energy (OQAE) has signed an agreement with Naqaa Sustainable Energy to jointly develop a series of wind power projects across the Wilayats of Duqm, Mahout, and Sadah, located in the Dhofar and Al Wusta governorates of Oman, with a total capacity of 1,100MW. The projects will utilise locally manufactured wind turbines from Mawarid Turbine, which is expected to be established in Duqm following a memorandum of cooperation previously signed between OQ and Mawarid Turbine, reported ONA.
ADNOC’s Kinetic Battery Charger to Boost UAE Net Zero Goal
ADNOC and Revterra launch a kinetic battery pilot at Masdar City, accelerating EV infrastructure and supporting the UAE’s net zero 2050 goals
Aramco Secures $10 Billion BlackRock-Led Investment for Jafurah Gas Pipeline Network
A BlackRock-led consortium is set to inject $10 billion into the vital pipeline infrastructure of Saudi Aramco’s Jafurah gas project. This significant financial commitment highlights the central role of pipelines in expanding Saudi Arabia’s natural gas production and its strategic shift towards a more diversified energy mix.
Sharjah free zones team up with Adnoc to unlock investor opportunities
In a significant move to enhance investor access to the UAE’s vital energy sector, Sharjah’s two major free zones have joined forces with the Abu Dhabi National Oil Company (Adnoc). The initiative, marked by a high-level workshop held by Hamriyah Free Zone Authority (HFZA) and Sharjah Airport International Free Zone (Saif Zone) in collaboration with Adnoc, aims to streamline investor integration into the national oil and gas value chain and open the doors for businesses in the free zones to directly participate in strategic energy projects.
Several Oilfields in Kurdistan Halt Production After Drone Attacks
Several oilfields operated by foreign companies in Iraq’s semi-autonomous region of Kurdistan have halted production in the past few hours following attacks with explosive-laden drones on infrastructure at the fields. A drone attack forced the suspension of production at the Sarsang oilfield, operated by a U.S. privately held firm, HKN Energy. The attack took place hours before HKN Energy signed a preliminary agreement with the Iraqi oil ministry to develop another oilfield.
Fast Cables joins UAE’s energy giant vendor network
Fast Cables Limited has achieved a significant milestone by becoming the ‘first cable manufacturer in Pakistan’ to be certified as an approved vendor by the Abu Dhabi National Energy Company (TAQA), a major international energy company. The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday. “Fast Cables Limited is pleased to announce that it has been certified as an approved vendor by the Abu Dhabi National Energy Company (TAQA),” read the notice. TAQA is a UAE-based diversified utilities and energy company, which is engaged in power and water generation, transmission and distribution, and sustainable water solutions assets.
Al Ghais calls for $18.2trn investment in O&G
The oil and gas sector needs $18.2 trillion in investments by 2050 to meet future demand, according to Haitham Al Ghais, Opec Secretary General. He stated that oil and gas are essential pillars for a stable and secure energy future, and that the world must invest now to be prepared for what lies ahead. Al Ghais made these comments in an interview with Energy Connects during the 9th Opec International Seminar, in Vienna, Austria. He pointed out that global energy demand was projected to increase by 23 per cent by 2050, with oil demand expected to reach 123 million barrels per day (bpd).
Iraq signs oil deal with US firm
Iraq’s state-run North Oil Company on Tuesday signed an initial agreement with US-based HKN Energy for the development of the Hamrin oil field in Basra province, just hours after a drone strike targeted one of HKN’s oil fields in the Kurdistan Region. The agreement, signed under supervision of Iraqi Oil Minister Hayyan Abdul Ghani, aims to raise Hamrin’s output to 60,000 barrels per day (bpd), up from its current 20,000 to 25,000 bpd. It also includes plans to invest 45 to 50 million cubic meters of associated gas to fuel power stations, according to a statement from the oil ministry.
Türkiye, Oman sign deal for oil, gas search, renewable energy co-op
Türkiye and Oman on Monday signed a memorandum of understanding (MoU) aimed at expanding bilateral cooperation in the energy sector, covering areas from hydrocarbon exploration to renewable energy. The agreement was formalized during Energy and Natural Resources Minister Alparslan Bayraktar’s visit to Oman, according to a statement by the ministry.
Türkiye, Oman sign MoU on energy cooperation
Türkiye and Oman signed a memorandum of understanding on Monday to deepen energy cooperation between the two countries, Türkiye’s Minister of Energy and Natural Resources Alparslan Bayraktar said during a visit to Muscat, the capital of Oman. As part of the visit, Bayraktar met with Omani Minister of Energy and Minerals Salim Nasser Al Aufi to discuss ways to enhance bilateral energy potential. The agreement, titled Memorandum of Understanding on Cooperation in the field of energy, aims to facilitate joint efforts in oil and natural gas exploration, transportation, and processing. It also includes provisions for collaboration in electricity, renewable energy, energy efficiency, and hydrogen technologies.
Saudi Arabia to boost renewables with $8bn investment
A consortium led by Saudi utilities giant ACWA Power is to invest $8.3bn to build 15 gigawatts of solar and wind farms in the kingdom as it accelerates its push into renewables. ACWA Power, owned by the country’s sovereign wealth fund, is joined by Aramco Power, part of Saudi Aramco, in the consortium that has signed power purchase agreements with the state-owned electricity buyer to build five solar and two wind projects in four regions across the kingdom.
Iraqi Oil Minister: Agreement with KRG Nears Completion, One Key Issue Remains
Iraqi Oil Minister Hayyan Abdul Ghani has outlined the reasons behind the continued delay in resuming crude oil exports from the Kurdistan Region through the Turkish port of Ceyhan. He confirmed that nearly all issues have been resolved with the Kurdistan Regional Government (KRG), except for disagreements over domestic consumption volumes and refining allocations. Speaking to the Iraq’s state media “INA”, Minister Abdul Ghani stated: “The federal budget specifies that the Kurdistan Region must deliver 400,000 barrels of crude oil per day to the Iraqi federal government, specifically to the State Oil Marketing Organisation (SOMO), for export via the Iraq–Türkiye pipeline.”
Oil rises as investors weigh market outlook, tariffs, sanctions
Oil prices rose more than 2% on Friday as investors weighed a tight prompt market against a potential large surplus this year forecast by the IEA, while U.S. tariffs and possible further sanctions on Russia were also in focus. Brent crude futures gained $1.72, or 2.51%, to close at $70.36 a barrel. U.S. West Texas Intermediate crude rose $1.88, or 2.82%, to $68.45 a barrel.
Iraq’s oil reserves surpass 145 billion barrels
The most recent figures for Iraq’s oil and gas reserves were publicly presented as part of the Iraqi government’s efforts to draw international investment to develop its hydrocarbon resources and play an important role in global energy markets. During the 9th OPEC International Seminar in Vienna, the Austrian capital, Iraqi Oil Minister Hayan Abdul-Ghani announced that Iraq’s proven reserves exceed 145 billion barrels of oil and over 132 trillion cubic feet of natural gas.
Iraq, Shell discuss energy sector development
The Iraqi Prime Minister, Mohammed Shia Al-Sudani, and the Executive Vice President of Shell Oil and Gas Company, Richard Howe, discussed on Thursday areas of collaboration in improving Iraq’s energy industry, as well as investment prospects that benefit both sides. Al-Sudani emphasized the Iraqi government’s commitment to mobilizing all available resources and implementing key projects under agreements reached with multinational corporations, particularly those involving gas utilization and attaining self-sufficiency in gas production.
Adnoc Gas seals $400m LNG supply deal with German group
Adnoc Gas and its subsidiaries announced that it has entered into a three-year liquefied natural gas (LNG) supply agreement with Germany’s Sefe Securing Energy for Europe, for the delivery of 0.7 million tonnes of LNG with deliveries commencing this year. The agreement, valued at AED1.5 billion ($400 million) over its three-year term, highlights Adnoc Gas’ continued expansion into global markets, with LNG supplied from its Das Island liquefaction facility – a key asset in the company’s portfolio.
Saudi Aramco in talks to buy vast amounts of LNG from Louisiana facility
Oil giant Saudi Aramco is in talks with Commonwealth LNG to buy liquefied natural gas from the U.S. company’s proposed facility in Cameron as it seeks to strengthen its position in the market for the superchilled fuel, Reuters writes. The talks are for 2 million tons per annum (mtpa), sources tell Reuters. Aramco and Commonwealth LNG did not immediately respond to Reuters requests for comment.
Oman launches $200mln energy transition fund in partnership with China’s Temple Water
Oman has launched its first investment fund dedicated to the energy transition, in a joint initiative between Future Fund Oman, managed by the Oman Investment Authority (OIA), and China-based Temple Water. The new fund has an initial capital of 77 million Omani riyals ($200 million), with each party contributing equally, according to an Arabic language post by the state-owned Oman News Agency (ONA) on the social media platform ‘X’.
Iraq inks gas swap deal with Turkmenistan
Iraq has signed an agreement with Turkmenistan for the supply of gas that will be swapped with Iranian gas, an official said on Wednesday. Under the agreement, Iran will supply gas to Iraq and will get the same quantity from Turkmenistan, Iraqi Electricity Ministry spokesman Ahmed Mousa said. “The Ministry has performed the swap deal with Turkmenistan, which will supply gas to areas in North Iran….. Iran in turn will supply Iraq with the same quantity of gas by pipelines,” Mousa told the official news agency.
Oil Climbs 2% as Houthi Rebels Hit Second Greek Vessel in Red Sea
A Greek-operated bulk carrier was attacked in the Red Sea on Monday in the second Houthi strike on commercial shipping in less than 24 hours, stoking fears of a renewed escalation in one of the world’s most critical oil transit corridors, Arab and Israel media report. The Eternity C, a Liberia-flagged vessel managed by Athens-based Cosmoship, was hit off Yemen’s Hodeidah coast using a combination of sea drones, rocket-propelled grenades, and small arms. Two seafarers were seriously injured and two more are missing, according to shipping intelligence sources cited by media. The vessel was reportedly en route to Iran with a cargo of steel. The attack follows Sunday’s strike on the Magic Seas, another Greek-managed bulk carrier. Houthi militants claim the Magic Seas has sunk. That vessel was hit southwest of Hodeidah and its crew abandoned ship before rescue. Both ships are Liberia-flagged, and neither was carrying Israeli cargo, according to tracking data. Shortly after the second attack, on Monday at 3:31 p.m. ET, Brent crude was trading up 2.08% at $69.72, while WTI was trading up 2.39% at $68.09.
Saudi Arabia Signs PPA for 700MW Yanbu Wind Project
Saudi Power Procurement Company (SPPC), the principal buyer, has signed a power purchase agreement (PPA) for the 700-megawatt (MW) Yanbu wind Independent Power Plant (IPP) project, located in the Al-Medina Al-Munawwarah region, according to Zawya News Agency. The agreement was signed with a consortium led by Japan’s Marubeni Corporation and Saudi Arabia’s Ajlan & Bros Holding, SPPC said in a post on X.
ExxonMobil and partner Qatar Energy find new natural gas deposit off Cyprus
A consortium made up of ExxonMobil and partner Qatar Energy International has made a second natural gas discovery beneath the seabed south of Cyprus, the government said Monday, a find that bolsters the region’s potential as an energy exporter.
Iraq starts work on $800mln expansion of Al-Diwaniyah refinery
Iraq has launched an $800 million expansion project at Al-Diwaniyah refinery, which is expected to significantly boost the country’s crude refining capacity. The upgrade will add new refining units to increase capacity by 70,000 barrels per day (bpd), raising the refinery’s total capacity to 90,000 bpd, reports by the Iraq News Agency (INA) and the Iraqi Prime Minister’s Office said. The expansion project, remotely launched by Prime Minister Mohammed Shia Al-Sudani includes units for processing liquefied gas with a capacity of 180 tonnes per day, a gasoline improvement unit with a capacity of 10,000 bpd, a naphtha isomerisation unit (8,000 bpd) and a naphtha hydrotreating unit (18,000 bpd).
Santos and QatarEnergy Agree Mid-Term LNG Supply
Santos has signed a mid-term liquefied natural gas (LNG) supply contract with QatarEnergy Trading. The contract is to supply approximately 0.5 million tonnes of LNG per annum over a period of two years from 2026 with LNG being supplied from Santos’ portfolio of world-class LNG assets on a delivered ex-ship basis. Santos’ portfolio of high-quality, tier-one customers now comprises, Hokkaido Gas, Shizuoka Gas, TotalEnergies Gas & Power Asia, Glencore Singapore, Mitsubishi Corporation, PETRONAS, KOGAS, Osaka Gas, JERA, Sinopec (Unipec Asia), CPC Corporation, and now QatarEnergy.
Iraq increases oil output at three fields
The state-owned Dhi Qar Oil Company (DQOC) announced on Friday the implementation of an integrated production plan to develop three oil fields in the southern Iraqi province. In a statement to the Iraqi News Agency (INA), DQOC’s director Saeed Shalaka explained that the three strategic oil fields are Nasiriyah, Saba, and Gharraf. Seven additional oil wells were linked at the Nasiriyah oil field, resulting in an increase in output from 52,000 to 70,000 barrels per day, according to Shalaka. The Iraqi official clarified that eight oil wells have been connected at the Saba oil field, in addition to the installation of a new isolation system, increasing production capacity from 8,500 to 30,000 barrels per day.
ADNOC Drilling hits 100% fleet utilisation
ADNOC Drilling has hit 100 percent fleet utilisation as Al Jurf and Dana begin operations. The commencement of these two modern high-specification jack‑ups boosts the operational jack-up fleet to 34, one of the largest in the world, fully contracted under long‑term agreements with ADNOC Offshore. This achievement not only reinforces ADNOC Drilling’s leadership in offshore operations but also underpins the UAE’s role as a global energy powerhouse, delivering capacity, certainty and long-term value to the market.
OPEC+ to boost oil production by 548,000 barrels per day in August
Eight members of the OPEC+ alliance of oil exporting countries say they will boost production by 548,000 barrels per day in August in a move that could further reduce gas prices this year.
Iran’s natural gas exports down 30% in 2024: OPEC data
Iran’s exports of natural gas fell by nearly a third last year, according to data by the Organization of the Petroleum Exporting Countries (OPEC), as the country continued to provide more gas supplies to its domestic customers. Latest output data by OPECو cited in a Saturday report by Tasnim agency, showed that Iran had exported 8.967 billion cubic meters (bcm) of natural gas in 2024, down 30% from the year before.
Aramco plans to sell power assets to raise cash
Saudi oil giant Aramco is looking to sell up to five gas-fired power plants, three sources with knowledge of the matter told Reuters, part of a broader effort to free up funds that could generate tens of billions of dollars. The potential sale of four or five gas-fired plants that power refineries could alone raise around $4 billion as the Saudi government pushes Aramco to increase profits and payouts to the state, two of the sources said.
Indonesia, Saudi Arabia sign $10 bln deal on green projects
Indonesia’s sovereign wealth fund (SWF) Danantara has signed an MoU with ACWA Power, a Saudi Arabian leading green energy corporation, to explore investments in renewable energy projects with total funding estimated at up to $10 billion. Danantara CEO Rosan Roeslani said the collaboration could help Indonesia achieve its renewable energy targets, including a 34% renewable energy mix by 2034 and 87% by 2060. The partnership with ACWA Power not only brings in capital but also positions Indonesia as a strategic partner in the global energy transition network, he underscored.
OPEC oil output rises in June on Saudi and UAE hikes, Reuters survey finds
OPEC oil output rose in June, a Reuters survey found, led by Saudi Arabia after an OPEC+ agreement to raise production, although the increase was limited as Iraq pumped below target to compensate for earlier overproduction.
Oil falls slightly ahead of expected OPEC+ output increase
Oil futures slipped slightly in thin holiday trading on Friday, as the market looked ahead to this weekend’s OPEC+ meeting and the likelihood that member countries will decide to raise output.
Bulgaria and Oman with Memorandum of Understanding for Strategic Cooperation in the Energy Sector
A Memorandum of Understanding between the Bulgarian Ministry of Energy and the Ministry of Energy and Mineral Resources of the Sultanate of Oman was signed today. The document marks the beginning of enhanced bilateral cooperation in the field of energy and creates an institutional framework for the development of a partnership based on the principles of equality, mutual respect and a common aspiration for energy security and economic growth.
Oman: 4th I-REC auction to advance clean energy
Nama Power and Water Procurement Company (PWP), the sole procurer of power and water capacity in the Sultanate of Oman, has launched its fourth auction round for International Renewable Energy Certificates (I-RECs) – a move aligned with the Sultanate of Oman’s broader strategy to advance decarbonization and its Net Zero targets. Over 3 million I-RECs are on offer in this latest round, building on three previous auctions that have reinforced Oman’s efforts to provide avenues for businesses and strategic sectors within the country to decarbonise their operations.
OPEC’s Oil Production Rises To 2.15m Barrels A Day, Amid $17.4trn Deficit
The Organisation of Petroleum Exporting Countries (OPEC) pumped a total of oil and condensate of 2.15 million barrels a day (bpd) in June, up from 2.02 million in May. This is even as OPEC is working to abate perceived supply shortages that could disrupt global oil market. Most of the increase came from Tengiz—the Chevron-led mega-field—where output surged from 813,200 bpd in May to 953,000 bpd in June. Chevron began a $48 billion expansion at Tengiz earlier this year, which has helped fuel Kazakhstan’s rapid supply growth despite a weak global oil price environment.
Strategic Ties Deepen: UAE Signals Investment Interest in Batam
UAE Ambassador’s visit opens doors for renewable energy, tech, and infrastructure partnerships in Batam.
Following Australia’s interest, the United Arab Emirates (UAE) has expressed its intent to forge a strategic partnership with Batam. The move signals growing international confidence in the Indonesian island’s economic prospects. Both parties agreed on several strategic sectors with high potential for collaboration. These included: Renewable energy, particularly solar power and oil and gas exploration and services.
Saudi Arabia raised crude exports in June, Kpler data shows
Saudi Arabia’s oil exports jumped to the highest level in more than a year in June as the kingdom shipped more crude to overseas storage amid fears of possible supply disruptions owing to conflict in the Middle East.
OPEC’s biggest producer has intervened in oil markets for decades to provide more oil during disruptions or cut output when it felt the market was oversupplied.
UAE, China explore cooperation in energy, infrastructure
Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Managing Director and Group CEO of Adnoc, and Chairman of Masdar, conducted a working visit to the People’s Republic of China, where he met with senior Chinese government officials as well as top executives from leading Chinese companies. The visit aimed to strengthen bilateral relations and expand cooperation in energy, renewable energy, industry, and infrastructure.
Iraq revives bid to resume oil exports through Turkey
Iraq has sent a high-level delegation to the Northern Kurdistan region in an effort to resume crude oil exports through Turkey. The visit to Erbil follows heightened fears during the recent Iran-Israel conflict that Tehran could carry out its threats to shut the Strait of Hormuz, through which most of Iraq’si oil exports pass. Baghdad Today news website and other Iraqi media outlets said the delegation would hold a series of meetings with Kurdish officials about reopening the 970km Kirkuk-Ceyhan pipeline that had shipped nearly 400,000 barrels per day of Kurdistan’s oil.
Iraq set to launch first LNG import terminal
Iraq is moving closer to launching its first liquefied natural gas (LNG) import terminal as it advances negotiations with US-based Excelerate Energy, officials have said. Shafaq news agency quoted officials as saying the state-run South Gas Company is overseeing the project, which centers on establishing a floating storage and regasification unit (FSRU) at the Khor Al-Zubair port in Basra.
Loan agreed to strengthen UAE-GCC power connectivity
The Abu Dhabi Fund for Development (ADFD) has signed an AED 752 million ($205 million) loan agreement with the Gulf Cooperation Council Interconnection Authority (GCCIA) to support the expansion of the GCC power grid interconnection with the UAE’s national grid. The project involves the construction of a 400kV double-circuit overhead transmission line, extending 96km to connect the Al Silaa substation in the UAE with the Salwa substation in Saudi Arabia, state-run Wam news agency reported. The project also includes the expansion of three key substations in Gonan, Al Silaa and Salwa and the installation of upgraded 400kV switchgears, circuit breakers and reactors. The project will reinforce the GCCIA grid and significantly expand electricity transmission capacity with the UAE.
OPEC+ set to make another accelerated oil output hike for August, sources say
The world’s largest group of oil producers, OPEC+, is set to announce another big increase of 411,000 barrels per day in production for August as it looks to regain market share, four delegates from the group told Reuters. If the increase is agreed, it would bring the total rise in supply from OPEC+ to 1.78 million bpd so far this year, equivalent to over 1.5% of total global demand. The group has not yet increased production by the volumes agreed because some members are compensating for previous overproduction and others need longer to bring output back online.
Iraq Says US Company Among Bidders as It Plans First LNG Imports
Iraq is in advanced talks with Excelerate Energy Inc. to facilitate its first-ever liquefied natural gas imports as the country, which struggles with power outages, seeks to cut dependence on Iran for supplies. Texas-based Excelerate is one of several companies to have submitted a bid to provide an LNG import ship and secure supplies of the fuel, said Ali Salman, acting director general for the state-run South Gas Co., which has been charged with overseeing the development of the project. An Excelerate representative declined to comment.
UAE, China strengthen cooperation in energy, renewables, industry
Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Managing Director and Group CEO of ADNOC, and Chairman of Masdar, conducted a working visit to the People’s Republic of China, where he met with senior Chinese government officials as well as top executives from leading Chinese companies. The visit aimed to strengthen bilateral relations and expand cooperation in energy, renewable energy, industry, and infrastructure.
April Price Crash Dragged Saudi Arabia’s Oil Revenues to 4-Year Low
Saudi Arabia’s revenues from oil exports crashed in April by 21% from a year earlier – to the lowest level in nearly four years – as international oil prices dipped amid concerns about oversupply and potentially weaker global economic growth. Saudi Arabia, the world’s top crude oil exporter and leader of the OPEC+ group, saw its export revenues from oil at $16.5 billion in April, per data from the Kingdom’s General Authority for Statistics (GASTAT) out on Wednesday. The figure showed a decline of 21.2% year over year, as oil prices crashed by about 15% in April alone amid the U.S. tariff blitz and the OPEC+ decision to hike monthly production this summer by more than previously planned under the agreement to ease the production cuts.
Trump says China can buy Iranian oil, but urges it to purchase US crude
U.S. President Donald Trump said on Tuesday that China can continue to purchase Iranian oil after Israel and Iran agreed to a ceasefire, a move that the White House clarified did not indicate a relaxation of U.S. sanctions. “China can now continue to purchase Oil from Iran. Hopefully, they will be purchasing plenty from the U.S., also,” Trump said in a post on Truth Social, just days after he ordered U.S. bombings of three Iranian nuclear sites.
Trump signals US may ease Iran oil sanction enforcement to help rebuild country
President Donald Trump said on Wednesday that the U.S. has not given up its maximum pressure on Iran – including restrictions on sales of Iranian oil – but signaled a potential easing in enforcement to help the country rebuild. “They’re going to need money to put that country back into shape. We want to see that happen,” Trump said at a news conference at the NATO Summit when asked if he was easing oil sanctions on Iran.
Oil prices drop 6% as Israel-Iran ceasefire reduces Middle East supply risk
Oil prices fell 6% on Tuesday to settle at a two-week low, on expectations the ceasefire between Israel and Iran will reduce the risk of oil supply disruptions in the Middle East. The ceasefire was on shaky ground with U.S. President Donald Trump accusing both Israel and Iran of violating it just hours after it was announced.
GreenUp 2027 strategy to boost sustainable infrastructure in Oman
Veolia, a global leader in environmental solutions, has rolled out its GreenUp 2027 strategic programme in Oman, showcasing three major projects that embody the company’s commitment to sustainable development and innovation in waste, water, and energy management. The initiative strengthens Veolia’s position as a key player in supporting Oman’s Vision 2040 and the Sultanate of Oman’s broader shift towards a low-carbon, resource-efficient economy.
Kuwait’s KOC extends major tender to expand southern oil capacity
The Central Agency for Public Tenders (CAPT) has extended the deadline for bids on a significant Kuwait Oil Company (KOC) tender. This tender, which includes the construction and installation of the third Oil Separation Gathering Center and third Water Injection Station in South Kuwait, is now due on July 22 instead of June 22.
Opec+ will continue unwinding cuts despite Iran-Israel war
Opec+ members are expected to continue unwinding 2.2 million barrels per day (bpd) of voluntary cuts and even start rolling back another 3.65 million bpd this year as the Iran-Israel war continues, analysts said.
Omani Researchers Eye Existing Pipelines for Green Hydrogen Future
Omani researchers have successfully concluded a pivotal study exploring the potential to repurpose the Sultanate’s extensive natural gas pipeline network for the transportation of green hydrogen. The joint initiative, spearheaded by the German University of Technology in Oman (GUtech) and Oman LNG, in collaboration with EJAAD, a research and development platform under the Ministry of Higher Education, Research, and Innovation, is critical to the nation’s ambitious decarbonization goals. It highlights pipeline-based transportation as essential for Oman’s future green hydrogen economy as the country works towards producing up to 8.5 million metric tons of green hydrogen annually by 2050.
World markets on oil watch as Middle East tensions flare
Global benchmark Brent crude oil is up around 20% so far in June, and set for its biggest monthly jump since 2020 as Israel-Iran tensions flare-up. Although relatively contained, the rise has not gone unnoticed just three years after Russia’s invasion of Ukrainetriggered a surge in energy prices that ramped up global inflation and sparked aggressive interest rate hikes.
Oman invites bids for two key substation projects
Oman Electricity Transmission Company (OETC) has invited bids from leading utility project developer/ developer consortiums for the construction of 400kV and a 132kV substation projects. For the 400kV unit, the scope of work includes construction of Majan 400/220/132kV grid station along with associated 400kV Lilo (underground cables) work linking SFZ Grid Station to SIS Grid Station, said OETC in a statement. For the 132kV substation project, the work involves construction of Sultan Haitham City 132/33kV grid station as well as associated 132kV Lilo (underground cables) work linking Mobillah grid station to Mobillah industrial grid station. The deadlline for submitting the bids has been set at July 22.
Oman: OQGN awards $272mln gas pipeline contract
OQ Gas Networks SAOG (OQGN), the owner and operator of Oman’s gas transportation system, has announced the award of a contract worth RO 105 million for the implementation of the Second Loop Line Fahud-Suhar project – a key initiative to boost the country’s gas supply network. In a filing to the Omani bourse on Wednesday, June 18, 2025, OQGN – part of OQ Group – said the contract, covering the engineering, procurement and construction (EPC) of the 193km 42-inch pipeline project, was awarded to the Petroleum Projects Company Petrojet and Partners LLC.
OPEC+ has proven to be oil markets’ central bank, says Saudi energy minister
OPEC+ has proven to be the “central bank” and regulator of the global oil market, providing much-needed stability, Saudi Arabia’s energy minister said. Speaking at the annual St. Petersburg International Economic Forum in Russia, Prince Abdulaziz bin Salman praised the alliance’s role in balancing oil markets amid global economic uncertainties. “I would have to say that OPEC+ had proven to be an instrument that if it wasn’t invented by us and Russia and our colleagues, it should have been invented a long time ago because this is what OPEC+ had achieved in terms of bringing stability to the market and had proven that it is the central bank and the regulator of oil markets,” the energy minister said.
Kuwait Direct Investment Promotion Authority hosts high-level energy roundtable
Kuwait Direct Investment Promotion Authority (KDIPA), in cooperation with The Business Year (TBY), organized The Thought Leadership Circle: Empowering Energy Transformation took place today at the Chairman’s Club, KIPCO Tower, bringing together senior decision-makers from Kuwait’s energy and finance sectors, global companies, and international partners to shape the country’s energy future.
Israeli strike halts South Pars gas production
Iran has partially suspended gas production at the South Pars gas field after an Israeli strike triggered a significant fire at the facility’s Phase 14 unit, halting the output of 12 million cubic metres (mcm) of gas per day. The incident, confirmed by Iran’s Oil Ministry, marks the first direct Israeli attack on Iran’s oil and gas sector and has heightened concerns about a broader regional escalation.
UAE’s Masdar, Saudi Arabia’s ACWA Power to Build 5 Solar Plants in Iraq
UAE’s Masdar and Saudi Arabia’s ACWA Power are slated to sign an agreement with Iraq to build five solar plants. Masdar will build four power plants with a capacity of 1,000 megawatts, while ACWA will build a solar power plant in the Najaf province—also with a total capacity of 1,000 megawatts.
Ishiba, Kuwaiti Crown Prince Sign Memorandum On Water, Electricity And Renewable Energy
The Crown Prince of Kuwait and the Japanese Prime Minister attended a signing ceremony for a memorandum of cooperation on water, electricity, and renewable energy. The two countries will continue to cooperate in the fields of clean energy, decarbonization, electricity, and desalinization.
Saudi Arabia’s ACWA Power signs MoU to develop renewables capacity in Malaysia
ACWA Power signed a preliminary agreement with the Malaysian Investment Development Authority to develop up to 12.5 gigawatts of renewable electricity in Malaysia, as well as strategic partnership agreements with Malaysian companies for various energy projects including large-scale water desalinization.
Syria Signs $7 Billion Power Deal With Qatar’s UCC Holding-Led Consortium
Syria signed a MoU with a consortium of international companies led by Qatar’s UCC Holding to develop power generation projects with foreign investment valued up to $7 billion. The agreement includes building four combined-cycle turbine power plants with a total capacity of 4,000 megawatts (MW), as well as a 1,000 MW solar power plant.
Iran Approves $1.5B Solar Investment to Tackle Power Shortages
Iran’s Supreme Council for Economic Coordination approved $1.5 billion for the installation of solar panels. The funds will be used to import equipment for the construction of a 7,000 megawatt solar power plant.
Saudi Arabia, Kuwait Announce Oil Discovery
Saudi Arabia and Kuwait announced a “highly significant” oil discovery in the Partitioned Zone—a jointly managed area. The discoveries included six fields and two reservoirs of Arabian oil, in addition to two fields and four reservoirs of natural gas. Specifically, it was found in the North Wafra Wara-Burgan field.
Iraq Fast-Tracks Solar To Boost Renewables, Cut Fuel Use
Iraq’s Oil Ministry announced that key oil facilities will soon be linked to solar sources, in an effort to cut fossil fuel use and expand clean energy. It is part of a national plan targeting 12 gigawatts of renewable energy by 2030.
Iraq And China’s Geo-Jade Sign Deal For Tuba Oilfield Expansion
Iraq signed a contract with China’s Geo-Jade Petroleum Corp to ramp up the Tuba oilfield’s production from 20,000 barrels per day to 100,000 barrels per day. It will include the construction of a refinery with a capacity of 200,000 barrels, a petrochemical plant, and a fertilizer plant.
Saudi Aramco Launches Renewable Energy storage For Gas
Saudi Arabia’s Aramco has commissioned the world’s first megawatt-scale Iron-Vanadium (Fe/V) flow battery. It is a more reliable and cost-effective method for storing renewable energy.
China Energy Commissions the Shuaibah Solar Power Plant in Saudi Arabia
In a deal with Saudi Arabia’s ACWA Power, China Energy has commissioned the Shuaibah Solar Power Plant in Jeddah. The project is expected to generate more than 282 billion kilowatt-hours of electricity over 35 years.
US energy firms’ deals with Iraqi Kurdistan ‘null and void’, Baghdad says
After Iraqi Kurdistan announced $110 billion in deals with U.S. energy firms HKN Energy and WesternZagros, Baghdad’s Oil Ministry has declared them “null and void.” They also stated that, “Natural resources belong to all Iraqis, and any agreement to invest in them must be made through the federal government, not in defiance of the law and the constitution.”
UAE-Morocco Consortium Sign $14 Billion Worth Of Energy, Water Deals
An Emirati-Moroccan consortium signed more than $14 billion in energy and water infrastructure deals with Morocco. The projects include the construction of an 850 mile high-voltage line transporting green electricity from Western Sahara to Casablanca.
Qatar’s North Field East Gas Expansion To Begin Output In Mid-2026
QatarEnergy Chief Executive Saad al-Kaabi announced that the country’s North Field East natural gas expansion project will begin production in mid-2026. The project is expected to produce 126 million metric tons of LNG per annum by 2027.
ADNOC Joins Offshore Gas Project in Turkmenistan
The UAE’s ADNOC has acquired a 38% stake in an offshore gas project in Turkmenistan’s Caspian Sea sector. Block I currently produces approximately 400 million cubic feet of natural gas per day and is estimated to hold over 7 trillion cubic feet in reserves.
ADNOC Announces Plans To Raise Energy Investments In The U.S. to $440 Billion by 2035
During Trump’s visit to the Gulf region, the United Arab Emirates (UAE)’s ADNOC announced its intent to raise its energy investments in the U.S. to $440 billion by 2035. It was part of a $1.4 trillion investment plan with the United States.
ACWA Power strengthens US clean energy ties with $500 million in new deals
Saudi Arabia’s ACWA Power signed clean energy memoranda of understanding worth about $500 million with Baker Hughes, KBR, and Energy Recovery, as well as a host of other American companies.
Iran Reduces Power to Major Industries Due to Electricity Shortage
The CEO of Iran’s national electricity company announced that large industries must reduce power consumption as early summer heat and worsening drought conditions set in. The move sparked outrage from the industrial sector.
Iraq To Reduce Crude Oil Exports In May And June, Official Says
An Iraqi official stated that Iraq is set to reduce its crude oil exports to 3.2 million barrels per day (bpd) in May and June, down from 3.42 million bpd in March. The cuts are part of the country’s efforts to make the scheduled compensation cuts pledged to OPEC+.
Kuwait, Bahrain Boost LNG Intake Amid Rising Power Needs
Kuwait and Bahrain are expected to boost their LNG imports this year to meet rising electricity demand during the summer months amid faltering domestic gas production.
Iraq’s Power Deal With Siemens To Add 14,000 MW
Iraq has signed an agreement with German company Siemens Energy to add 14,000 megawatts (MW) of electricity generation capacity to its national grid, raising the country’s total generation capacity to 38,000 MW. It is the third phase of Iraq’s partnership with Siemens.
Kazakhstan Approves $1.4bn Wind Energy Agreement With UAE
The United Arab Emirates (UAE) has approved a renewable energy agreement with Kazakhstan to build a 1GW wind power plant. Under the agreement, two 500MW wind farms will be built that will generate 3.4 billion kilowatt-hours of electricity a year.
QatarEnergy In Talks With Japan On Long-Term LNG Supply Deal
QatarEnergy is in talks with Japanese firms for a long-term deal to supply LNG from its North Field expansion project. Under the deal, Qatar would supply a consortium of Japanese importers, and a volume of at least 3 million metric tons per annum of gas would be split between them.
QatarEnergy inaugurates 875MW solar portfolio
QatarEnergy inaugurated two solar energy projects with a combined capacity of 875 megawatts.
QatarEnergy and Shell sign a landmark 25-year condensate supply agreement
QatarEnergy signed a 25-year condensate supply agreement with Shell International Eastern Trading Company
US Slaps New Sanctions On Iran’s Energy Sector
U.S. Secretary of State Marco Rubio introduced new sanctions measures on Iran’s energy sector, targeting seven entities tied to the trade of Iranian oil and petrochemical products—including five UAE based companies.
Technip Energies to Work on Qatar’s Largest Offshore Gas Field
Technip Energies secured a detailed engineer design contract for the expansion of QatarEnergy LNG’s North field, it is estimated to be worth anywhere from $55 to $285 million.
Qatar, Bangladesh Agree to Extend LNG Pact
Qatar agreed to extend an agreement with Bangladesh for supplies of LNG and for technical work involving a LNG import terminal in Dhaka.
Iran, Russia agree on 55 bcm of gas supplies, nuclear plant funding
Iran made a deal with Russia for 55 billion cubic meters of Russian gas supplies a year. Russia also pledged to fund construction of a new power plant in the country.
UAE markets track oil prices higher
Stock exchanges in the UAE closed higher, driven up by rising oil prices. This came after U.S. President Donald Trump and Italian Prime Minister Giorgia Meloni expressed optimism about resolving trade tensions between the U.S. and Europe.
Bahrain set to receive first LNG cargo in over five years
Seapeak Bahrain will receive its first LNG cargo in over five years off Fujairah.
Oil up 2% to a 2-week high as new US sanctions target Iran’s exports
Oil prices rose nearly 2% after the United States issued new sanctions targeting Chinese importers of Iranian oil.
UAE to develop Indonesia’s new 100 MW floating solar power plant
Emirati company Masdar signed an agreement with Indonesia to build a 100 megawatt solar power plant in West Java.
Iraq and US sign MoUs to develop 27GW power projects
Iraq signed a memorandum of understanding with U.S. company GE Vernova for combined-cycle gas power plants with a combined capacity of 24 gigawatts, as well as with UGT Renewables to develop a solar energy project.
UAE renewable energy firm Masdar completes purchase of Greece’s Terna Energy
The UAE’s renewable energy company Masdar finished acquiring Greece’s Terna Energy, after purchasing a 70% stake in November.
Saudi Arabia discovers 14 new oil and gas fields with small volumes
Aramco discovered 14 oil and natural gas fields and reservoirs in the kingdom’s Eastern Region and the Empty Quarter.
India, UAE to develop Sri Lanka energy hub
India and the UAE signed a pact with Sri Lanka to develop an energy hub in the country, it will involve the construction of a multi-product pipeline in the city of Trincomalee.