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Letter from the Middle East: Iran-Israel war risks dire straits
A blockade of the Strait of Hormuz would have reverberations that would sound around the world
Israel-Iran war imperils Egypt’s energy supply
Egypt’s government was already preparing for potential energy shortages this summer, and the loss of Israeli gas supply has made things worse
The oil risk premium fable
Israel’s attack on Iran caught oil firms with low inventories due to their efforts to protect themselves from falling prices, creating a perfect storm
Saudi Arabia and Russia pull OPEC+ in different directions
The two oil heavyweights’ diverging fiscal considerations are straining unity within the group
Iraq seeks alternatives to Iranian gas
The country is facing energy shortfalls this summer amid reduced Iranian gas imports and difficulties leasing an FSRU
Is a Russia-Iran gas deal on the horizon?
Russia has ample spare gas, and Iran needs it, but sanctions and pricing pose steep hurdles.
Basra Energy starts amid output push
The JV assumes the role of Rumaila’s main contractor as a new production target is set
Giant oil and gas discoveries may prove irrelevant
The energy transition is increasing the risk of huge discoveries becoming stranded indefinitely
Iran talks the talk on Caspian gas
The Chalous deposit is both significant and conveniently located for potential export purposes. But production is likely a long way off
Iraq shrugs off partner uncertainty to lift long-term target
The country has lifted its long-term production target to 8mn bl/d despite continued murmurings about IOC dissatisfaction
Iraq Kurdistan Qatar Egypt Iran Saudi Arabia
22 January 2018
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New crisis and old

Subdued oil prices and intractable wars cast a shadow over the year

The backdrop to the Middle East and North Africa stage in 2017 illustrated the two key themes of the previous 12 months: low global oil prices; and continuing violence in Iraq, Syria, Libya and Yemen. But other crises emerged. On 5 June, Saudi Arabia, with the backing of Bahrain, the UAE and Egypt, took the world by surprise by imposing an economic blockade on Qatar. The country was being punished, Saudi Arabia and its backers said, for failing to honour previous pledges to change domestic and regional policies towards political Islam and Iran. Qatar rejected what it called attempts to infringe upon its sovereignty. It circumvented the blockade by increasing imports of food and goods from Ir

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