Middle East downstream news

On 28 April 2026, the UAE announced that it was leaving OPEC, effective on 1 May, which has reduced the group's global share of crude oil production and capacity.

GlobalData has reported that low-cost feedstock and developed infrastructure will support PVC capacity additions in the Middle East.

Wood Mackenzie has forecasted Brent averaging US$78/bbl in 2027 and potentially easing to US$70/bbl by 4Q27, following a US-Iran MoU that has shifted market sentiment away from a prolonged Strait of Hormuz closure.

Saipem has been awarded a new onshore contract for the Uthmaniyah Gas Compression Plant project in the Kingdom of Saudi Arabia.

Honeywell has introduced Experion Cognition at Borouge Group International AG’s Ruwais facility in Abu Dhabi, UAE for autonomous control room operations.

The US EIA has its June STEO, reducing its expectation for global oil demand in 2026 due to high fuel prices, reduced fuel availability, and government initiatives curbing oil consumption.

Weekly estimates suggest US jet fuel production has increased to record highs in response to elevated jet fuel prices after the Strait of Hormuz closed on 28 February 2026, the US EIA has reported.

McDermott has been selected by Aramco as one of the 11 selected contractors for a Project Management Consultancy Long-Term Agreement to support delivery of large-scale energy, downstream, petrochemical, and low carbon projects across the Kingdom of Saudi Arabia.

Emerson have announced it will co-develop next-generation corrosion management solutions for the Saudi Arabian Oil Co. (Aramco).

Oil prices could reach US$200/bbl in worst-case scenario as more than 11 million bpd of Gulf crude and condensate supply remains curtailed, Wood Mackenzie has reported.