Mass destruction: the Syrian army gradually clawed back key territory from rebels
Middle East tensions rumbled on in 2018
Oil prices recovered, but old conflicts remained unresolved
The fate of Middle East oil producers in 2018—and producers elsewhere in the world—remained largely in the hands of Saudi Arabia and Russia. Despite rumours of differences in strategy and objectives, the two giants—producing around 40pc of global output—stuck to their guns and maintained production cuts agreed the previous year. It became increasingly clear that the muscle to influence oil markets had passed from Opec to the Saudi-Russian partnership. Iran, once a major energy force to match Saudi Arabia, was forced out of the running by US sanctions which, in November, were extended to the energy sector. Fear of global supply shortages resulting from an anticipated dip in Iranian oil export
Also in this section
21 February 2025
While large-scale planned LNG schemes in sub-Saharan Africa have faced fresh problems, FLNG projects are stepping into that space
20 February 2025
Greater social mobility means increased global demand for refined fuels and petrochemical products, with Asia leading the way in the expansion of refining capacity
19 February 2025
The EU would do well to ease its gas storage requirements to avoid heavy purchase costs this summer, with the targets having created market distortion while giving sellers a significant advantage over buyers
18 February 2025
Deliveries to China decline by around 1m b/d from move to curb crude exports to Shandong port, putting Iran under further economic pressure
