Analysis New nuclear deal is no silver bullet for Iran's untapped gas reserves Iran has an estimated 32 trillion cubic meters of natural gas reserves, but it has been unable to exploit them under the weight of international sanctions. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Analysis Why IRGC’s shadow empire is set to endure even as Iran’s economy spirals With the ability to operate clandestinely, the Islamic Revolutionary Guard Corps wields significant power across Iran's most important sectors — insulating the organization from current economic turmoil, according to experts. By Samuel Wendel In Washington, DC, reporting on regional business and tech
Syria to develop first offshore oil, gas field with US’s Chevron, Qatar’s UCC In 2013, Russian firm Soyuzneftegaz signed a deal to explore for oil and gas in Syrian waters, but the project was dropped two years later due to the civil war. Syria
Kuwait to open offshore oil, gas fields to foreign firms: What to know The Gulf country and OPEC member has made significant oil and gas discoveries since 2023. Kuwait
China’s Bomesc to build $220M Qatar offshore oil, gas facility for Italy’s Saipem The Tianjin-based engineering, procurement and construction company will build the compression facility for an oil and gas field off the coast of northern Qatar for industrial machine manufacturer Servizi Energia Italia. Qatar
In letter to Biden, Barzani warns of Iraqi Kurdistan's collapse, urges mediation KRG Prime Minister Masrour Barzani's letter to Biden is aimed at jolting the administration into action as tensions rise between Erbil and Baghdad. Iraq
How significant is latest US seizure of illicit Iranian oil shipment? The US government said entities affiliated with Iran's Islamic Revolutionary Guard Corps had sought to smuggle the oil to China. Iran
Shipping company in Greece fined $2.4B for breaching Iran sanctions In an agreement with the US, the illegal oil export was kept secret for almost five months amid fears of retaliation from Tehran. Iran
Oil prices surge as Saudi Arabia, Russia extend 1.3 million barrel cut through December The production cuts by Saudi Arabia, Russia and the OPEC+ alliance have succeeded in keeping oil prices up but have also had some negative effects on the Saudi economy. Legacy: Gulf
Israel, Cyprus, Greece leaders enhance cooperation on gas infrastructure The leaders of Israel, Greece and Cyprus met in Nicosia to discuss strengthening the trilateral strategic alliance between the countries and exploring options for exporting Israeli natural gas via Cyprus to Europe. Israel
Iran's oil production bounces back as exports to China rise despite sanctions Iran's oil industry was hurt by the reimposition of US sanctions in 2018, but has largely recovered since then, in part due to increased exports to China. Iran
Egypt to drill 35 gas wells by 2025 as BP invests The energy giant pledged $3.5 billion in investment into gas exploration in Egypt over the next three years. Egypt
Saudi Arabia’s foreign reserves shrink by $16B in July amid oil cuts The kingdom’s net foreign assets declined to 1.53 trillion riyals ($407 billion), according to the central bank’s monthly report published on Monday. Saudi Arabia
Turkey, Saudi Arabia ink critical mineral cooperation deal Green energy investments will have an important share in cooperation between Turkey and Saudi Arabia, said the Turkish energy minister. Turkey
Fossil fuel subsidies in Middle East nearly doubled since 2020, says IMF The fund said that fossil fuel companies globally benefited from $13 million in subsidies per minute last year. Legacy: Gulf
Israel to export more gas to Egypt as cooperation grows Israeli-Egyptian cooperation on gas matters has increased significantly in recent years, despite Egyptian criticism of Israeli policy towards the Palestinians. Egypt
