14 Mar 2026
US strikes on Kharg Island raise pressure on Iran’s oil lifeline
US strikes hit military sites on Kharg Island, Iran’s main oil export hub. Oil terminals were spared, signalling pressure on Tehran without creating a further supply shock.
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Industry News
Curated analysis of major regional and global developments in energy markets.
13 Mar 2026
Drone strike hits Ruwais as attacks on Gulf refining system expand
A drone strike sparked a fire at ADNOC’s Ruwais complex, forcing a precautionary refinery shutdown. The attack highlights growing risks to Gulf refining infrastructure as the conflict expands.
12 Mar 2026
Oil rallies to $100 as tanker explosions escalate Gulf shipping crisis
Oil surged back to $100 after explosions hit two foreign tankers in Iraqi waters, forcing Iraq to halt port operations.
11 Mar 2026
IEA member countries to carry out largest ever oil stock release amid market disruptions from Middle East conflict
IEA members agreed to release 400 million barrels from emergency reserves amid ongoing attacks on oil infrastructure and the disruption of shipping through the Strait of Hormuz.
11 Mar 2026
Gulf energy infrastructure and tankers come under renewed attack as conflict escalates
Attacks on Gulf energy infrastructure are intensifying, with three tankers struck near the Strait of Hormuz and strikes reported on Ruwais and oil storage facilities at the Omani port of Salalah.
9 Mar 2026
Bapco Energies declares force majeure after refinery strikes
Strike hits Bahrain’s Sitra refinery, forcing Bapco Energies to declare force majeure. The attack highlights a broader shift in the conflict, with strikes increasingly targeting Gulf infrastructure.
5 Mar 2026
Iran’s widening strikes on Gulf energy infrastructure
The conflict is moving beyond Hormuz. Iran’s strikes on refineries, LNG plants and ports signal a shift from shipping disruption to targeting the Gulf’s energy system itself.
4 Mar 2026
Iraq cuts output as Hormuz disruption hits export logistics
Hormuz closure is becoming a real supply shock. Iraq has already cut 1.5 million b/d as storage fills and exports stall. Without tanker access, production cuts could exceed 3 million b/d within days.
3 Mar 2026
Middle East strikes trigger major oil and gas shutdowns
Escalating conflict between Iran, Israel and the United States has led to widespread precautionary shutdowns of key energy facilities across the Middle East.
2 Mar 2026
QatarEnergy stops LNG production after attacks on Ras Laffan
QatarEnergy has halted LNG output after a strike on Ras Laffan, removing ~20% of global supply overnight. With Hormuz disrupted, this marks an unprecedented shock to the interconnected LNG market.
2 Mar 2026
Iraq’s oil flows face escalating risk as conflict spreads
Northern Iraq has stopped 200,000 b/d, while Basra’s 3 million b/d exports face Hormuz disruption risk. Limited storage and rising security threats leave Iraq’s oil flows highly vulnerable.
2 Mar 2026
Oil jumps as Hormuz disruption hits real-time supply
Oil jumped as U.S. and Israeli strikes on Iran stoked fears of wider conflict and disrupted tanker traffic through the Strait of Hormuz, where three vessels were hit amid rising supply risk.
27 Feb 2026
Saudi Aramco suspends Juaymah LPG exports following system damage
Saudi Aramco has halted LPG exports from its Juaymah terminal in eastern Saudi Arabia after structural damage to part of the propane and butane delivery system.
27 Feb 2026
Saudi Aramco starts up Jafurah Basin and Tanajib Gas Plant
Saudi Aramco announces the start of production at Jafurah, the Middle East’s largest unconventional gas play, and the commissioning of Tanajib, one of the world’s largest gas processing facilities.
26 Feb 2026
OQEP targets 300,000 boe/d by 2030 under balanced growth strategy
OQ targets 300 kboe/d by 2030, up from 230 kboe/d at end-2024. Strategy centres on domestic expansion, near-term M&A and exploration. Earnings pressured by lower oil prices, net profit down 15%.
26 Feb 2026
EOG advances Middle East unconventional push as Bahrain and UAE wells near results
EOG says wells have been drilled in both UAE and Bahrain, with results expected in Q2 2026. Bahrain has multiple wells completing; UAE completions begin shortly, with activity weighted to the UAE.
25 Feb 2026
QatarEnergy awards EPC contract for the North Field West 16 MTPA LNG Project
QatarEnergy has awarded the EPC contract for the onshore LNG facilities of the North Field West, the final phase of its expansion programme that will lift Qatar’s LNG production capacity to 142 mmtpa.
25 Feb 2026
Kuwait advances $7bn pipeline monetisation as global funds circle
KPC is in early talks over a potential $7bn stake sale in its crude oil pipelines. BlackRock, Brookfield, EIG and KKR have shown interest, alongside Silk Road Fund and China Merchants Capital.
24 Feb 2026
Saipem awarded a new offshore contract in Saudi Arabia
Saipem secures a $500m offshore contract from Aramco under its LTA. Scope includes EPCI of a 48-inch trunkline (65 km offshore, 12 km onshore) plus subsea facilities at the giant Safaniyah field.
24 Feb 2026
KBR wins contract for Iraq's Majnoon oil field
KBR wins a major contract from Basra Oil Co. for Iraq’s giant Majnoon field. KBR will deliver engineering, operations, and AI-based optimization, boosting production and local employment.
24 Feb 2026
Chevron signs preliminary agreement with Iraq to manage West Qurna-2
Iraq’s oil sector gains further momentum. Initial agreements signed to transfer West Qurna 2 management to Chevron and to develop Nasiriyah, 4 exploration blocks in Dhi Qar and the Balad field.
24 Feb 2026
Kuwait awards $1.5bn crude oil pipeline contracts
Major midstream expansion is underway in Kuwait. The country has approved $1.5bn in crude oil pipeline contracts for KOC.