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Oil & Gas

Oil and gas news from the Middle East and beyond. All the important stories, exclusive interviews, plus authoritative opinion and analysis

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Oil & Gas news

A tanker in the Straits of Hormuz. Kuwait state oil companies are targetting 4 million bpd

Kuwait starts merging state oil companies to cut costs

Opec producer Kuwait has started to merge its state oil companies to reduce their number, improve efficiency and trim costs, according to the official news agency, Kuna. The Kuwait National Petroleum Company (KNPC), the Gulf emirate’s downstream investment arm, has started to take over the Kuwait Integrated Petroleum Industries Company (KIPIC), which manages the Al-Zour […]

Fatih Birol, Executive director of the International Energy Agency (IEA), attends the plenary session of the Artificial Intelligence (AI) Action Summit at the Grand Palais in Paris, France, February 11, 2025. REUTERS/Benoit Tessier

IEA slashes oil demand outlook as trade tensions bite

The International Energy Agency (IEA) slashed its 2025 oil demand growth forecast on Tuesday, citing rising trade tensions and a weakening global economy. The forecast widens the gap with Opec’s more upbeat outlook. The Paris-based watchdog now expects demand to grow by just 730,000 barrels per day in 2025, down from 1 million bpd previously […]

A technical staff is seen at the Port of Fujairah, United Arab Emirates, May 13, 2019. REUTERS/Satish Kumar

Fujairah’s grand plan could fall victim to tariff shock

The emirate of Fujairah’s plans to expand its storage facilities and develop cleaner fuels and petrochemical production may be delayed as a result of the impact of tariff-led global trade tensions, according to a local authority. After Singapore and Rotterdam, Fujairah is the largest so-called “bunkering”, or ship-fuelling, port. It lies almost immediately outside the […]

Opec has reduced its oil demand growth prediction for 2025 by 100,000 barrels a day

Opec cuts 2025 oil demand forecast on tariff trade tensions

Opec on Monday lowered its 2025 forecast for global oil demand growth, warning that rising trade tensions and weaker economic activity are likely to weigh on consumption. Opec, the oil exporters’ group of which Saudi Arabia is the largest producer, expects demand to grow by 1.3 million barrels per day (bpd) this year, down from […]

Finance minister Mehmet Simsek said oil prices below $65 could mean Turkey's current account deficit stays below 1.5% of GDP

Turkey says oil price under $65 will tame inflation

Turkey’s finance minister Mehmet Simsek said that if the oil price remains below $65 a barrel, it will lower year-end inflation by 1 to 1.6 points this year. Responding to a Reuters question on the impact of a fall in oil prices following recent global trade measures, Simsek said persistent oil prices below $65 could […]

Adnoc is considering a bid for the gas assets of Aethon, based in Dallas

Adnoc explores bid for US natural gas assets

Abu Dhabi state oil company Adnoc is in the early stages of considering a bid for Dallas-based Aethon Energy Management’s US natural gas assets, according to a person familiar with the matter. Adnoc has done a string of acquisitions in gas and chemicals, which, along with liquefied natural gas and renewables, it considers as pillars […]

Alparslan Bayraktar, Turkey's energy minister, sees the preliminary exploration and survey agreement signed with Somalia as the start of a wider move into the Africa energy sector

Turkey expands African energy foothold with Somali agreement

Turkey is expanding its presence in the Somali energy sector after striking a deal to conduct preliminary surveys for oil and gas deposits across the African country as it seeks to reduce its reliance on energy imports, notably from Russia. Turkish energy minister Alparslan Bayraktar and his Somali counterpart Dahir Shire Mohamed this week signed […]

A petrol station in Cairo. The price of diesel, one of the most commonly used fuels in Egypt, was raised by EGP2 to EGP15.50 per litre

Egypt raises fuel prices by 15% as it seeks to cut subsidies

Egypt increased prices on fuel products on Friday by up to almost 15 percent, state media reported, marking the first increase in 2025. The government is trying to reduce fuel subsidies as required by the International Monetary Fund’s (IMF) $8 billion support package. The increases of between 11.76 percent and 14.81 percent on a wide […]

Falling oil prices is a sign that the world is heading for recession

Oil prices set to drop for a second week

Oil prices increased slightly on Friday morning but were still set for an overall drop for a second week due to concerns about a prolonged trade war between the United States and China. If the the world’s largest economies continue their tit-for-tat tariff increases, the fear is they will crush crude consumption as their dispute curtails economic […]

Sinopec, China National Offshore Oil Corp and private refiner Shenghong Petrochemical will all be lifting more Saudi crude in May

Saudi oil exports to China will rise in May after price fall

Saudi Arabia’s crude oil supply to China will surge in May from the prior month as a sharp price cut by the kingdom attracted more demand, sources said on Friday. State oil company Saudi Aramco will ship about 48 million barrels to China in May, a tally of allocations to Chinese refiners showed, up from April’s 35.5 […]

US LNG supply is projected to account for 33 percent of the global market by 2050

Mubadala subsidiary makes first investment in US energy sector

A unit of Abu Dhabi’s sovereign Mubadala Investment Company has made its first foray into the US energy sector as part of what it says is a global expansion plan, according to a statement. Mubadala Energy will acquire a 24 percent interest in SoTex HoldCo, a company that operates an unconventional gas field and is […]

Workers adjust the valves of oil pipes at West Qurna oilfield in Iraq's southern province of Basra November 28, 2010. U.S. oil major ExxonMobil and its partners have awarded a contract to oil services firm Schlumberger Ltd to drill 10 wells in Iraq's West Qurna Phase One oilfield, industry sources familiar with the matter said. Picture taken November 28, 2010. REUTERS/Atef Hassan (IRAQ - Tags: BUSINESS ENERGY) Iaq and gas

Iraqi gas field awarded to US oilfield services giant

Iraq has awarded the first phase of the much-delayed development of one of its largest gas fields to SLB, a Texas-based oilfield services company previously known as Schlumberger, according to local media. A year after it chose a little-known Ukrainian company for the project, the cabinet decided to hand over rights to develop the Akkas […]

Iranian president Masoud Pezeshkian (L) with Iraqi prime minister Mohammed Shia Al-Sudani during a visit last year. The US has ended waivers which let Iraq buy Iranian electricity and gas

Iraq signs power-generation deals with US companies

Iraq has signed memoranda of understanding with two US companies to generate more than 27 gigawatts (GW) of electricity, including a giant solar power plant, according to the prime minister’s office. The electricity ministry signed the two MoUs with Massachusetts-based GE Vernova and Florida-based UGT Renewables in Baghdad on Wednesday during a visit by more […]

Person, Worker, Clothing Turkish Petroleum Corporation signed an agreement last week to participate in an offshore oil and gas bidding jointly with Pakistani companies

Turkey steps up oil exploration in Pakistan

Energy-poor Turkey is expanding into international oil and gas exploration with a focus on Pakistan, a senior government official has said. “Turkish firms are now turning their focus to international opportunities,” Alparslan Bayraktar, the energy and natural resources minister, said in a speech in Pakistan, according to Daily Sabah newspaper. This week, state-run Turkish Petroleum […]

The discoveries will strengthen Saudi Arabia's ability to meet both domestic and global energy demand for decades, said energy minister Prince Abdulaziz bin Salman

Saudi Aramco discovers 14 new oil and gas fields

Saudi Aramco, the state-controlled oil major, has discovered 14 oil and natural gas fields and reservoirs in the Eastern Region and the Empty Quarter, according to Prince Abdulaziz bin Salman, the energy minister. The discoveries include six fields and two reservoirs of oil, as well as two fields and four reservoirs of natural gas, state-run SPA news […]

Adnoc offshore OGDCL

Production at Adnoc’s new offshore block set for 2027

Pakistan’s Oil and Gas Development Company Limited (OGDCL) expects to start production in Abu Dhabi’s offshore block-5 by 2027, while also increasing domestic oil and gas output and diversifying into minerals, its CEO said on Wednesday. OGDCL partnered with Abu Dhabi National Oil Company (Adnoc) in 2021 to explore and develop oil and gas resources in the block. […]

It was all smiles for traders working on the floor at the New York Stock Exchange after the White House announced a 90-day pause on new tariffs

Oil prices retreat despite Trump’s pause on tariffs

Oil prices fell on Thursday, despite early gains late on Wednesday following the announcement by Donald Trump that he would delay implementation of individual new tariffs on 75 countries for 90 days. US West Texas Intermediate (WTI) crude initially rose 4.88 percent to $62.49 a barrel following the announcement but in early trading on Thursday […]