The upward pressure on prices was back, however, as European pressure on Russia increases, with reports over the weekend of Russian aircraft entering Estonian airspace and neutral airspace over the Baltic Sea, plus airstrikes on western Ukraine that were close to the border with Poland.
Airtec is a manufacturer and supplier of industrial and speciality gases to the energy, manufacturing and healthcare industries. The acquisition will add to Linde’s operational assets in the region, which include air separation units, carbon dioxide plants and associated infrastructure.
The Middle East is on track to surpass Asia to become the world’s second-largest gas producer in 2025, ranking only behind North America, according to Rystad Energy research and analysis.
Senior officials from three of OPEC’s core producer nations — Saudi Arabia, the United Arab Emirates, and Kuwait — lined up to say that the super-sized addition of supply by the producer club at the weekend was needed by the global market.
Mark your calendars for the Middle East Gas Conference 2025. The global energy community is set to converge in Dubai on December 10 for a unique and landmark event dedicated to shaping the future of natural gas across the region. Petroleum Economist and host sponsor Crescent Petroleum invite you to a high-level discussion on developing regional gas strategies among industry leaders to meet changing domestic energy needs and transform local economies.
Despite expectations, the recent geopolitical turbulence in the Middle East—especially the events of October 7, 2023, and the escalation between Israel and Iran—did not deliver a severe blow to global energy markets. Compared to past regional crises or major global shocks like the Russia–Ukraine war, the impact was surprisingly muted.
The Israel-Iran conflict that began earlier this month took a major turn this weekend after the U.S. bombed three Iranian nuclear sites – at Fordow, Natanz, and Isfahan – and warned the Islamic Republic that retaliation against U.S. troops in the region or any other retaliation would be the worst mistake it will make.
Oil prices continued to rise on Tuesday afternoon, following a dip in Monday’s trading session. Today’s oil price action follows Friday’s biggest intraday surge in three years following the Israeli strikes on Iran.
The market’s worst fear—a major supply disruption in the Middle East—hasn’t materialized yet. And it may not, as was the case in the previous Israel-Iran flare-ups in recent years.
Oil prices are likely to remain capped below $80 per barrel despite the escalating Israel-Iran conflict, research firm Rystad Energy said on Monday, as Iran and Israel continue to trade strikes with the escalation now in its fourth day.
Engineering and consulting group Wood has launched a specialised centre for technical, strategic and economic energy transition services in Abu Dhabi, Wood announced on Wednesday.