Oil and gas

Russian Foreign Minister Sergei Lavrov chairs the annual meeting of the Caspian Sea littoral states foreign ministers, known as the Caspian Five, in Moscow, on Dec. 5, 2023.

Iran, Russia, Central Asia states ink Caspian Sea pact, plan naval drills

The navies of Iran, Russia, Azerbaijan and Kazakhstan signed a comprehensive strategic cooperation agreement on Wednesday, aimed at strengthening security in the Caspian Sea basin as the four countries deepen their relations.

A picture taken from a station of Dubai's Palm Monorail, shows traffic on a road in Palm Jumeirah on August 28, 2025.

World Bank ups Middle East 2025 economic outlook as oil, tourism rebound

The lender expects gross domestic product growth in the region to average 2.8% this year, up from its April forecast of 2.6%.

People walk past a branch of Turkish bank HalkBank on Dec. 1, 2017 in Istanbul, Turkey.

Supreme Court clears path for Turkey’s Halkbank trial over Iran sanctions

The Turkish president personally raised the Halkbank case with US President Donald Trump at the White House, as Ankara pushes for a settlement to avoid a drawn-out legal battle.

The sun sets behind overhead power lines as the Kuwaiti Ministry of Electricity requested citizens to ration their electricity usage at peak times due to outages caused by the increased pressure on power stations amid soaring temperatures and heightened energy demand, Kuwait City, Kuwait, June 19, 2024.

Kuwait seeks renewable energy boost as 14 GW power expansion plan takes shape

Kuwait, historically lagging in the Gulf’s energy transition, is moving ahead with plans to expand renewable energy amid efforts to banish power crunches.

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Analysis

Egypt’s renewable power jumps 34% as country tackles energy crunch

wind farm

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

What’s next for Saudi Arabia’s budget balancing act as deficit doubles?

A Riyadh Metro train makes its way along a track in the middle of a road in Riyadh on December 3, 2024.

Iran rial hits record low 1.13M to dollar as UN snapback sanctions resume: What to know

Iranians drive next to a billboard displaying pictures of nuclear scientists, centrifuges and a sentence reading in Farsi, "Science is the power," at the Enqelab Square in Tehran, on Aug. 29, 2025.

Analysis

After $20B deals unravel, will Gulf oil majors scale back abroad?

The headquarters of the UAE's state oil company, ADNOC, Dubai, July 27, 2022.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Iraqi workers tend to a pipe at the Iraqi-Turkish pipeline in Karkuk, northern Iraq, Dec. 1, 2000.

Why Turkey plans to end its 52-year oil pipeline deal with Iraq

The Turkish decree stipulated that the 1973 Turkey-Iraq Crude Oil Pipeline Agreement — along with all amendments to the deal — would be terminated effective July 27, 2026.

A picture taken on December 7, 2022 in Riyadh, shows the Chinese and the Saudi flags adorning a street ahead of the Chinese president's visit to the Saudi capital. - Chinese President Xi Jinping will make a three-day visit to Saudi Arabia this week, meeting the king and de facto ruler of the world's biggest oil exporter. (Photo by Fayez Nureldine / AFP) (Photo by FAYEZ NURELDINE/AFP via Getty Images)

Saudi Arabia's Diriyah awards Chinese firm $1.53B contract: What to know

Saudi Arabia’s Diriyah Company has awarded a major contract to China Harbour Engineering Company for the development of a Vision 2030 project.

SAFIN HAMID/AFP via Getty Images

Drone strike halts operations at Iraqi Kurdistan oil field: What to know

A second drone attack in as many days has suspended operations at an oil facility in Iraqi Kurdistan, with initial investigations pointing to Iran-aligned armed groups.

This photo shows Ras Laffan Industrial City, Qatar's principal site for production of liquefied natural gas and gas-to-liquid, administrated by Qatar Petroleum, some 80 kilometers (50 miles) north of the capital, Doha, Qatar, Feb. 6, 2017.

Analysis

Gulf bets on LNG boom power ahead amid regional energy shifts, war risks

Gulf oil powers are emerging as key LNG players, leveraging rising consumer demand to justify strategic global gas investments and to scale up their own LNG production at home.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

CORRECTION / A picture taken in Riyadh shows the sign in Arabic of an Aramco gas station on the outskirts of the Saudi capital Riyadh on November 5, 2024. Energy giant Saudi Aramco reported a 15 percent year-on-year drop in third quarter profit on November 5, 2024, citing low oil prices. (Photo by Fayez Nureldine / AFP) / "The erroneous mention[s] appearing in the metadata of this photo by Fayez Nureldine has been modified in AFP systems in the following manner: changing the second phrase to refer to Saudi

Saudi PIF reports 60% profit drop as inflation, low oil prices bite

The PIF said that the impairments were mainly related to changes in operational plans and increases in budgeted costs.

A view of the platform of the Leviathan natural gas field in the Mediterranean Sea is pictured from the Israeli northern coastal beach of Nasholim, on Aug. 29, 2022.

As Iran ceasefire holds, Israel gas fields resume production: What to know

Egypt and Jordan are increasingly reliant on Israel for gas despite tensions over Gaza, but the conflict with Iran threatened their imports.

Aziz Nasirzadeh

Iran defense chief visits China, first trip after war with Israel: What to know

While Iran and China maintain a deepening military and economic partnership, Beijing offered only rhetorical support during Iran’s 12-day war with Israel.

Portraits of Iranian military generals and nuclear scientists, killed in Israel's June 13 attack are displayed above a road, as a plume of heavy smoke and fire rise from an oil refinery in southern Tehran, after it was hit in an overnight Israeli strike, on June 15, 2025.

Analysis

Israel-Iran war fuels risks for Mideast economies, energy flows after US strikes

The global economic fallout from the Israel-Iran clash has been limited but US strikes are adding to the risk.

Samuel Wendel

By Samuel Wendel

In Washington, DC, reporting on regional business and tech

Flags flutter along a bridge as a plume of heavy smoke and fire rise from an oil refinery in southern Tehran, after it was hit in an overnight Israeli strike, on June 15, 2025. Iran fired a fresh barrage of missiles at Israel, state television announced early on June 15, as the rivals exchanged fire for a third day. (Photo by ATTA KENARE / AFP) (Photo by ATTA KENARE/AFP via Getty Images)

Analysis

With over 85% imported, Turkey braces for energy ripples of Iran-Israel war

Rising oil prices threaten Turkey’s fragile economy amid escalating regional tensions, while energy supply risks grow.

Ezgi Akin

In Ankara, reporting on diplomacy, EU-Turkey ties, NATO

TOPSHOT - Vehicles jam a highway as a fire blazes nearby in the oil depots of Shahran, northwest of Tehran, on June 15, 2025. Israel and Iran exchanged fire on June 14, a day after Israel unleashed an unprecedented aerial bombing campaign that Iran said hit its nuclear facilities, "martyred" top commanders and killed dozens of civilians. (Photo by ATTA KENARE / AFP) (Photo by ATTA KENARE/AFP via Getty Images)

Exodus, shortages and strikes: Tehran reels under weight of Israel-Iran war

Israeli strikes on Tehran have continued, prompting evacuation warnings, creating fuel and internet disruptions, and adding to the growing number of residents who are fleeing the capital.

TEHRAN, IRAN - JUNE 15: People observe fire and smoke from an Israeli attack on the Shahran oil depot on June 15, 2025 in Tehran, Iran. Iran's foreign minister said the country would respond "decisively and proportionally" to a wave of attacks that Israel launched beginning in the early hours of June 13. The attacks targeted multiple military, scientific and residential locations, as well as senior government officials. (Photo by Stringer/Getty Images)

Analysis

As Israel-Iran strikes escalate, Russia weighs risks and opportunities

With evacuations underway and investments at risk, the Kremlin still sees a chance to benefit by boosting gas exports and mediating US-Iran talks.

Nikita Smagin

By Nikita Smagin

A view of the platform of the Leviathan natural gas field in the Mediterranean Sea is pictured from the Israeli northern coastal beach of Nasholim, on August 29, 2022.

Israel closes Leviathan gas field after strikes on Iran, cutting supply to Egypt

The shutdown comes after Israel launched a series of air strikes on Iranian military and nuclear sites as well as key nuclear scientists and officials.