May 2026

Petroleum Economist analysis highlights sharp shift from crude oversupply to market deficit, with Iraq and Kuwait badly affected and key producers Saudi Arabia and the UAE also seeing output sharply lower

Demand for oil is falling because supply cannot meet it, not because it is no longer required

Offshore operators are working through an FID backlog as the rig market consolidates, helped by improving project economics and a renewed security drive

The addition of an oil pipeline to the Power of Siberia 2 gas project could ensure deliveries of Russian oil to China, materially shorten logistics lines between West Siberia and final customers, and—amid disruption in the Strait of Hormuz—offer a land-based export route that reduces exposure to maritime chokepoints

Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls

The GECF has warned it may revise its projections for demand this year downwards in light of conflict in the Middle East, although it maintains its forecasts for 2027 and onwards

Gas association says $11.6t should be invested in upstream through 2055, with conventional projects in the Middle East, Eurasia and Africa driving supply growth to meet rising demand

The continent’s vast natural resources could lift its share of global supply to 9%, but delays to a handful of large, capital-intensive LNG and offshore projects risk slowing the pace of expansion

The Middle East energy crisis may turn out to be pivotal to the industry’s long-term expansion, but significant challenges still stand in its way

Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought

The UAE’s exit from the alliance marks a decisive step towards a world in which oil markets are shaped less by collective management and more by national strategy

The UAE’s departure from the oil producers’ group was a surprise to many, but the move can be traced back to a single point five years ago

After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date

The decision appears driven by economic priorities and long-term planning rather than an attempt at geopolitical escalation

The group’s continual evolution is not a series of desperate acts by a geopolitical institution trying to stay relevant but part of a necessary oil market design feature

The UAE’s departure from OPEC after the Iran conflict could tilt the influence over the market towards US shale producers

Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations

The continent is seeing political pushback to climate plans, corporate reassessment of transition goals and rising supply risk in a fractured global order

The dangers of replacing one energy security risk with another are all too familiar

For GCC producers, the ceasefire may prove more destabilising than the war itself: exports remain constrained, and control over Hormuz has shifted in ways that could endure

The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security

Iraq’s prime minister designate appears to offer more of the same, but without reform the stability and integrity of the oil and gas sector may be under threat

The continent has an immediate opportunity to make the most of its energy resources by capturing gas that is currently slipping away

There is a clear push to bolster exports to Asia amid uncertainty around its North American neighbour, but there are limits to the benefits from the energy crisis

Chevron’s agreement to boost output is a positive sign, but there is much more work to do for a national recovery

E&Ps are increasingly looking to the Vaca Muerta as regulatory certainty, high oil prices, growth opportunities and imminent midstream additions boost the investment landscape

The latest gas discovery adds momentum to Eni’s push in Indonesia’s Kutei Basin, as it presses ahead with its fast-track development model aided by collaboration with Petronas

The European Commission’s response to the Middle East crisis is to double down on its transition strategy, with plans for a new target on electrification

Mounting supply risk will test the EU’s resolve to do away with Russian gas

Expensive electricity has forced out swathes of energy-intensive industry and now threatens the country’s ability to attract future investment in datacentres and the digital economy

The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya

Sustained strikes on ports, terminals and refineries are testing the resilience of Russia’s oil export system, yet rapid repairs, rerouting and surging prices mean the campaign has yet to deliver a decisive blow

The country plays a vital role in connecting Asia to Europe, but the expiration of Russian contracts and the ramifications of the war in Iran are placing it under pressure

Turkmenistan is moving ahead with a modest expansion of the giant Galkynysh field to sustain gas deliveries abroad, but persistent delays to other key pipeline projects and geopolitical risks continue to constrain its export ambitions

The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security

A major new discovery by Eni and BP that can likely be fast-tracked to production is welcome news for Egypt as it scrambles to plug a widening supply gap and deal with rising import risks

Shell made the play-opening discovery in Namibia’s Orange basin back in 2022, but its next well could decide whether the project can actually be commercialised

Trafigura’s $1b prepayment agreement confirms African resource holders’ renewed interest in oil-backed financing deals as they look to capitalise on high oil prices

As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.

The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.

Join an executive briefing on 12 May 2026 (13:00–14:00 GMT+1) to explore how C-suite leaders should respond to the world’s most severe energy crisis