South-West Asia

Congress may vote next week on whether to prevent 'President Donald Trump' from striking Iran without the approval of lawmakers. The U.S. Military is preparing for a possible serious conflict with Iran if diplomacy fails. Members of Congress have repeatedly tried to pass resolutions, which would prevent Trump from taking military action without the approval of lawmakers. The Constitution of the United States gives Congress, not the president, the power to send U.S. troops into war. The Constitution gives Congress the power to send U.S. soldiers to war, except for limited strikes to protect national security. Last week, it was...

According to industry sources, data from January shows that India's oil imports were the lowest since late 2022. Middle Eastern crude supplies rose to their highest level in the same time period. India, which is the third largest oil consumer and importer in the world, has increased its purchases of Russian oil discounted by Western nations following Moscow's invasion of Ukraine in 2022. Volumes have topped 2 million barrels a day in certain months. But Western sanctions on the war, and the pressure to sign a trade agreement with the United States have forced New Delhi to reduce its Russian...

Investors were cautious in early trade Tuesday, as they awaited the U.S. Iran nuclear talks. Meanwhile,?Iran conducted a naval exercise near the Strait of Hormuz. Saudi Arabia's benchmark Index fell 0.9%. Al Rajhi Bank lost 1.1%, and Saudi Arabian Mining Company declined 3.3%. Saudi Aramco, the oil giant, is down by 0.4%. Crude oil prices, a key catalyst for Gulf financial markets, have dipped ahead of U.S. - Iran talks aimed at deescalating tensions in the face of expected OPEC+ production increases. Iran started a military exercise on Monday in the Strait of Hormuz. This is a crucial international shipping...

Saudi-backed Midad Energy signed a termsheet?to purchase Russia's sanctioned Lukoil?assets?in a high stakes competition against rivals, including?private equity giant Carlyle Group. The deal is contingent upon U.S. regulator approval, according three people with knowledge of the matter. The Russian energy giant is continuing to try to sell off overseas assets that are restricted by Western sanctions. It also highlights the growing interest of Middle Eastern countries in purchasing discounted global oil and refinery assets. Sources said that the agreement was signed late in January and covered all the assets. Midad agreed that it would place its?all-cash offer? in escrow, while...

The International Energy Agency warned on Thursday that world oil demand will rise more slowly than anticipated this year. However, it still expects a large surplus in the global market despite the outages which cut supply back in January. In its monthly report on oil, the agency predicted that global supply will exceed demand by 3,73 million barrels a day in 2026. This is essentially unchanged from last months' forecast. This surplus would be equivalent to almost 4% of global demand, which is higher than any other forecast. Brent crude LCOc1 - the global benchmark - was trading at less...

OPEC forecasts that world oil 'demand for crude oil from the wider OPEC+ producer groups will fall by 400,000.barrels per.day.in the second.quarter.from the first three.months of this year. A copy of its monthly report on oil seen by shows. OPEC reported that the world demand for OPEC+ oil will average 42.20 millions bpd during the second quarter. This is down from 42.60million bpd during the first quarter. The two forecasts were unchanged since last month's report. The OPEC+ group, which includes OPEC countries, Russia?and others, increased oil production last?year, after years of cuts. Production hikes were halted in the first...

Two people who have direct knowledge of the plan say that Saudi Arabian and U.S. firms will form a consortium to explore and produce oil and gas in northeastern Syria. Sources said that Baker Hughes, Hunt Energy, and Argent LNG plan to partner with TAQA on the project. The project would cover four to five exploration blocks in the northeastern area. The project is the latest in an array of large-scale business deals that have spanned Syria's entire economy, since the former autocrat Bashar Al-Assad was overthrown by Islamist rebels who became rulers a year earlier and after the U.S....

Oil prices fell slightly on Tuesday, as traders assessed the possibility of supply disruptions following U.S. guidance to vessels transiting 'the Strait of Hormuz'. Brent crude oil futures fell 25 cents or 0.4% to $68.79 per barrel at 0102 GMT. U.S. West Texas Intermediate Crude fell 23 cents or 0.4% to $64.13. Prices rose by more than 1% Monday after the U.S. Department of Transportation’s Maritime Administration told U.S. flagged commercial vessels to keep as far away from Iran's 'territorial water' as possible, and to decline verbally if asked to allow Iranian forces to board. A fifth of all oil...

The Olympic flame arrived at Milan's gothic giant cathedral on Thursday, amid cheers and protests on the eve before the opening ceremony of the Milano Cortina Winter Games. Nicoletta Mani, a 'leading 'ballet dancer from the nearby La Scala Theatre, carried the torch to a platform under the cathedral, where it was lit a brazier. The majority of people who packed the Piazza del Duomo, or Cathedral Square in the light rain cheered and took photos on their smartphones as the torch passed. The torch was brought to the square through the Galleria Vittorio Emanuele. In solidarity with Gazans, a...

The Iranian Foreign Ministry spokesperson confirmed that Abbas Araqchi, Iran's Foreign minister, has left?for Muscat in the Omani capital at the head of a diplomatic delegation for nuclear talks to be held with the U.S. on Friday. Officials from both sides confirmed that the U.S. has agreed to hold talks with Iran in Oman this Friday. However, they are still at odds over Washington's demand that Tehran's arsenal of missiles be included in negotiations and Iran's refusal to talk about anything but its nuclear program. Esmail Baghaei, the Iranian spokesperson, said on Thursday that Iran will engage in talks with...

A survey released on Wednesday showed that the non-oil sector of the United Arab Emirates experienced its fastest growth in business in nearly two years, in January. This was due to a'sharp increase in new orders. The S&P Global UAE Purchasing Managers' Index, which is adjusted for season, rose from 54.2 to 54.9 in the month of January. This was the highest reading in 11 months. A reading of more than 50 indicates an increase in activity. Below 50, it is a contraction. The sharp acceleration of new orders in January, from 57.2 in December to 60.0 in January, was...

Three sources familiar with the process have confirmed that U.S. Private Equity firm Carlyle is in exploratory "talks" with UAE investors, to find partners if its initial agreement to purchase Russian firm Lukoil’s international assets proceeds. Carlyle and Lukoil announced on Thursday a preliminary agreement that would transfer assets, including oilfields and refineries located in eastern Europe and Iraq to the U.S. company. A separate source told us on Thursday that neither company had disclosed an estimate for the deal. This excludes Lukoil’s Kazakh assets. Three sources said that state-controlled Abu Dhabi investor Mubadala and XRG had talked to Carlyle...

The oil price was little changed Friday, after falling the previous session. It is set to fall for a second consecutive week, as concerns about an Iranian conflict, which could affect supply, have receded. Brent crude oil futures were up 3 cents or 0.04% at $67.55 per barrel at 0205 GMT, after dropping 2.7% the previous session. U.S. West Texas Intermediate crude oil rose by 1 cent, or 0.02% to $62.85, after falling 2.8%. Brent prices will drop by 0.8% while WTI is expected to fall by 1.1%. Prices rose earlier in the week as investors worried that the U.S....

Adani Enterprises announced on Tuesday that an American agency is conducting civil?investigations into the company's transaction that could have involved Iran or other parties that are subject to U.S. sanction. The flagship company of the billionaire Gautam Adani-led group said that it received a request from the U.S. Treasury’s Office of Foreign Assets Control on February 4. This was after voluntary discussions about a Wall Street Journal article from June 2025 which alleged Adani linked firms imported Iranian liquid petroleum gas into India via shipping routes?that were possibly designed to avoid U.S. sanction. WSJ also reported in its report that...

S-Oil, a South Korean oil company, announced on Monday that it had recorded a 91% increase in its fourth-quarter operating profits. It expects the first-quarter refinery margins to be robust due to the steady demand and disruptions of supply as well as a planned U.S. refining plant closure. According to market expectations, the refinery, which is owned 63% by Saudi Aramco reported an operating profit for the quarter of 424 billion won ($293 millions). The operating profit of its refining division increased by 55%, to 225.3 billion won. It said that the refining margin of gasoline from Dubai crude had...

Donald Trump, the U.S. president, said on Monday that any country doing business with Iran will be subject to a 25% tariff when it comes to trade with the U.S. According to the latest data from the World Bank, Iran, a?member? of the OPEC oil producing group, exported its products to 147 trading partner in 2022. Fuel is Iran's largest export item in terms of value. Major imports include intermediate products, vegetables, machinery, and equipment. China is Iran's biggest trading partner. According to the World Bank, Iranian exports to China in 2022 will total $22 billion, with fuels making up...

Bahrain announced several fiscal measures on Monday. These included raising fuel prices, increasing tariffs on water and electricity, and increasing dividends from government-owned companies, as well as other fees and tax. Bahrain, one of the Gulf's smaller producers of oil, has increased its efforts to diversify away from hydrocarbons and into other areas, such as tourism and financial services. However, lower?oil price have had a negative impact on public finances and growth. Bahrain plans to?raise natural gas prices and reduce administrative government expenditure by 20%. It will also introduce a new corporate income tax law for local companies. The statement...

Azerbaijan's state oil company SOCAR delivered 1,220 metric tonnes of gasoline to Armenia on Friday, the first shipment in 30 years as the two countries?gradually? improve their relations after decades of war. Azerbaijani officials said that the gasoline was transported by train near the border of Georgia to Boyuk Kesik, where it will be then delivered to Armenia. Hikmet Hajiyev is the assistant to Azerbaijani president Ilham Aliyev and head of foreign policy in his administration. He said they also discussed demarcation of the disputed border. Azerbaijan has been at war with Armenia for almost 30 years. In the 1990s,...

QatarEnergy lowered the term premium on the?al-Shaheen oil loading for February, according to several 'trade sources'. This was due to the weakness of the spot benchmark premiums. The company, which is owned by the state, set February's prices at 53 cents per barrel over Dubai's quotes. This was down from 84 cents in January. Loading of January cargoes The price reduction?followed the decline in spot premiums of Middle East crude oil so far in this month. This was weighed down by abundant supplies on the?market, and an outlook for a surplus in 2026. QatarEnergy has sold five cargoes to Glencore,...

Three people with knowledge of the matter claim that Saudi Arabia's?Midad Energy?is one of the top contenders for the international assets of Russian?oil giant?Lukoil, taking advantage deep political ties between Moscow and Washington. Sources have confirmed that the assets, which are valued at around $22 billion, include oilfields, refineries, and thousands of fuel station worldwide. About a dozen investors have made bids for these assets, including U.S. major oil companies Exxon Mobil, Chevron, and private equity firm Carlyle. Lukoil wants to sell off its foreign operations, which were crippled by the U.S. sanctions that were imposed on October to pressure...

A survey on Thursday found that OPEC oil production fell in November despite an OPEC+ deal to increase production in the month due to unavailability in some members. This brought the supply of the group even further below their target. According to the survey, the Organization of the Petroleum Exporting Countries (OPEC) pumped 28,40 million barrels of oil per day in October, a decrease of 30,000 barrels per days from the total for October. Nigeria and Iraq recorded the largest declines. OPEC+ - a grouping of OPEC, Russia and its allies - has slowed down the rate of monthly production...

India's oil exports to Russia are expected to reach their highest level for five months in November, according to preliminary data from Kpler, as refiners scrambled to secure barrels before a U.S. date to stop transactions with Russian oil producers sanctioned by the United States. India, which is the third largest oil importer in the world, was the biggest purchaser of discounted Russian crude shipped by sea after Russia's 2022 invasion of Ukraine. According to the Kremlin, Russian President Vladimir Putin will visit South Asia next month. His last visit was in December of 2021, just a few months after...

India's Russian crude oil imports will be at their lowest level in three years by December. They were already higher than they had been for several months in November as refiners sought alternatives to avoid violating Western sanctions. The United States, Britain and the European Union have all tightened sanctions against Moscow in response to the conflict in Ukraine. Washington's most recent measures target top Russian oil producers Rosneft, and Lukoil. The deadline for buyers of Russian oil to end their dealings with these two companies was November 21. Separately the EU set a deadline of 21 January after which...

Sources and data show that despite Ukraine's largest drone attacks, Russia's oil production has only fallen by 3% in this year. Refineries have avoided a sharp decline in fuel output by using spare capacity to offset the damage caused by the strikes. Ukraine has intensified drone attacks in Russia. The aim is to destroy oil refineries and depots, and shut down pipelines, as well as Moscow's main source of funding the war in Ukraine. The majority of attacks took place at the beginning of 2025, then resumed in August. At least 17 major refineries were targeted by Ukrainian drones, which...