In 2026, the Middle East continues to play a pivotal role in the global energy landscape as national oil companies (NOCs) strengthen their position through disciplined investment and strategic planning. Regional NOCs have reinforced their function as a stabilizing buffer, with plans to increase capital expenditure to around $110 billion this year. These investments aim to expand capacity, reduce costs, and maintain hydrocarbon primacy while responding to shifting market and climate dynamics. OPEC+ has shifted from reactive production cuts to a strategy of controlled optionality, using spare capacity to influence markets…
