As global oil majors become more selective with their investments and prioritize shareholder returns, Middle East national oil companies (NOCs) continue to play a pivotal role in global energy security amid shifting market dynamics and the energy transition. Leveraging their low breakeven costs, strong domestic bases, and strategic ambitions, they are well-positioned to meet growing international demand for energy. With non-OPEC+ supply growth slowing and upstream investment hurdles mounting, these NOCs are expanding capacity and scaling international…