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The oil risk premium fable
Israel’s attack on Iran caught oil firms with low inventories due to their efforts to protect themselves from falling prices, creating a perfect storm
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Dania Saadi
21 October 2024
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IOCs undeterred by Middle East conflict

Companies operating offshore assets in the region are unlikely to halt development plans for now, even as hostilities intensify

ExxonMobil, Italy’s Eni and a host of other IOCs operating offshore assets in the Middle East and North Africa (MENA) are expected to soldier on through the widening hostiles that are engulfing Israel, Iran, Lebanon, Yemen, Syria and the Palestinian territories. So far, Chevron is the only IOC that has publicly revealed the suspension of work on an offshore MENA project. NewMed Energy, Chevron’s Israeli partner on development of the Leviathan gas field, said on 6 October that the US oil major had halted the expansion plans until April 2025. NewMed had already suffered a setback this year after BP and Emirati state-owned ADNOC suspended talks to buy 50% of the company, which is the biggest sh

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The oil risk premium fable
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Israel’s attack on Iran caught oil firms with low inventories due to their efforts to protect themselves from falling prices, creating a perfect storm
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16 June 2025
BP and partners have reached a $2.9b FID on a new phase at Shah Deniz, but slow progress on other gas projects is attributed to a lack of European support

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