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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



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