Iraq’s Ministry of Oil has confirmed promising hydrocarbon indications in the Al-Qarnain exploration block in Najaf province, marking a potential addition to the country’s light crude resources as appraisal activities continue.
Nigeria has introduced a new regulatory and fiscal framework aimed at attracting up to $50 billion in offshore oil and gas investments and accelerating delayed projects, including Shell’s $10 billion Bonga South West development.
Baker Hughes has secured a multi-year contract from Kuwait Oil Company (KOC) to accelerate technology innovation in Kuwait’s upstream oil and gas sector through the Ahmadi Innovation Valley (AIV).
Under the agreement, Baker Hughes will serve as a key technology collaborator for AIV, focusing on the development and deployment of scalable, fit-for-purpose technologies aimed at optimizing oil production and flow assurance while addressing KOC’s broader technology priorities.
The EIA expects around 600,000 b/d of Middle East oil production to remain shut in through the end of 2027, despite a gradual recovery in regional output and Hormuz flows from September.
The assessment comes as disruptions to shipping through the Strait of Hormuz and attacks on energy infrastructure have significantly reduced oil production across the region, tightening global supply and pushing crude prices to multi-year highs.
According to the EIA’s August Short-Term Energy Outlook (STEO), around 5.5 million barrels per day (mmbbl/d) of Middle East oil production was shut in during July, equivalent to more than 5% of global oil consumption.
OPEC’s oil output rose by 1.17 million barrels per day (mmbbl/d) in July to 19.85 million bpd, as Gulf producers restored supplies disrupted by the Iran conflict and Strait of Hormuz disruptions.
Libya’s National Oil Corporation (NOC) has warned that it could declare force majeure and halt operations at the Zawiya refinery if drone attacks on oil facilities in the city continue, according to Reuters.Â
ADNOC Gas is considering building an LNG export facility on the UAE’s east coast as the country seeks to reduce its reliance on the Strait of Hormuz following disruptions caused by the Iran war, Bloomberg reports.
ADNOC Gas, affiliated to Abu Dhabi National Oil Company (ADNOC), reported net profit of $665 million for the second quarter (Q2) of 2026, exceeding its guidance range of $400 million-$600 million despite disruptions to maritime movements through the Strait of Hormuz.
However, net income fell 52% year-on-year (YoY) from $1.39 billion in Q2 2025. Reuters reported that the decline came as the closure of the Strait of Hormuz disrupted the company’s operations following US and Israeli attacks on Iran.
The United States is set to import around 600,000 barrels per day (bbl/d) of crude oil from the Middle East in August, marking the highest level since the Iran war began, as a temporary reopening of the Strait of Hormuz and alternative shipping routes push regional barrels toward US refiners, Reuters reported.
Middle Eastern LNG buyers are seeking Canadian gas supplies to diversify their portfolios and hedge against geopolitical risks and disruptions in key energy routes, including the Strait of Hormuz.
