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Geopolitical concerns are piling the pressure on oil and gas markets in way that has not been seen for several decades. The solidarity among Opec-+ poses a strategic conundrum for consumers.

International oil companies (IOCs) have continued to receive payments from the Kurdistan Regional Government (KRG), despite the Federal Supreme Court’s decision to throw out the region’s oil law.

Saudi Arabian Oil Company (Aramco) has extended its commitment to China, with two major downstream deals.

Russia’s invasion of Ukraine has sent already strong oil prices spiralling upwards, with a show of Opec+ solidarity that underlines just how close Saudi-Russian relations have become. Oil and gas producers are among the likely big winners, with Gulf governments offered a new path to balance their budgets and build up their financial reserves, but other commercial relations could come under much closer scrutiny.

GSN Risk Grade: D4↓ Recent developments- Kuwaiti compensation: The UN Security Council (UNSC) voted unanimously on 22 February to end compensation payments from Iraq to victims of the 1990 invasion of Kuwait. Iraq has paid $52.4bn to 1.5m claimants since the system was set up in April 1991.

Saudi Arabian Oil Company (Aramco) has announced that it has successfully closed a $15.5bn lease and leaseback deal for its gas pipeline network, announced in December.

Saudi Aramco has discovered five more conventional and unconventional gas fields, according to remarks by energy minister Prince Abdelaziz Bin Salman.

The government is hiring financial advisers with a view to selling sell stakes in some of its oil and gas assets. A deal could involve a stock market listing or a private sale.

Abu Dhabi National Oil Company (Adnoc) and Austria’s Borealis are considering a potential initial public offering of a minority stake in their plastics joint venture Borouge.

A consortium involving QatarEnergy, Shell and National Petroleum Corporation of Namibia (Namcor) announced a light oil discovery at the offshore Graff-1 well in the PEL-39 licence area in offshore Namibia on 4 February. Further exploration activity is planned to determine the size of the find and how much is recoverable.

 The Federal Supreme Court sparked a major political dispute on 15 February, when it ruled that a 2007 law regulating the oil sector in the Kurdistan Region of Iraq (KRI) was unconstitutional.

Regional and international organisations Iran returns to the OIC: Three Iranian diplomats arrived in Saudi Arabia in mid-January to reopen the Islamic Republic’s representative office at the Jeddah-based Organisation of Islamic Co-operation (OIC).

Abu Dhabi National Oil Company (Adnoc) announced a large natural gas discovery on 3 February. The 1.5-2tcf find was made from the first exploration well in the Offshore Block 2 exploration concession. A consortium led by Italian major Eni and Thailand’s PTT Exploration and Production was awarded the exploration rights for the block in 2019 as part of Adnoc’s first competitive licensing round.

Kuwait Foreign Petroleum Exploration Company (Kufpec) on 23 January announced a commercial gas condensate find in Indonesia – the company’s first operated offshore exploration discovery.

A group led by Royal Dutch Shell has signed a concession agreement with the Ministry of Energy and Minerals to develop and produce natural gas from the Saih Rawl gas field (Block 10) in Al-Wusta governate.