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
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
