The rise of the Mid-East 'INOC'
State-controlled Mid-East Gulf oil and gas firms are evolving in a changing world
Uncertainty over long-term oil demand, sustained lower prices and the energy transition pose challenges for the entire industry. But perhaps no group of players feel these headwinds more keenly than the Mid-East Gulf’s national oil companies (NOCs), as they butt up against the very essence of their traditional business models. These firms are developing strategies to meet these challenges and reshape themselves for a lower-carbon future—be it seeking outside investment, partnerships, a sharper trading focus or an aggressive push in the downstream. And the trend has been given a name, international NOCs, or INOCs Petroleum Economist spoke to Edward Bell, senior director, market economics at D
Also in this section
19 March 2026
The regional crisis highlights the undervalued role of fixed pipelines in the age of tanker flexibility
18 March 2026
Rising LNG exports and AI-driven power demand have raised concerns that US gas prices could climb sharply, but analysts say abundant shale supply and continued productivity gains should keep Henry Hub within a range that preserves the competitiveness of US LNG
18 March 2026
Risks of shortages in oil products may cause world leaders to panic and make mistakes instead of letting the market do what it does best
17 March 2026
The crisis in the Middle East has put LNG’s ability to offer security and flexibility under uncomfortable scrutiny
