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Ukraine-Russia war

A Russian oil tanker transits the Bosphorus. Russia’s share of India’s naphtha imports has grown by 15 percentage points to more than 50 percent

UAE loses out as India opts for cheaper Russian naphtha

The UAE, led by Abu Dhabi, has lost its position as India’s biggest supplier of the refined crude oil product naphtha as discounted Russian cargoes flood the market. Naphtha has many uses including as a precursor to gasoline and other liquid fuels, and as solvents or diluents for paints and the rubber industry. India is […]

2BK5X38 Dubai Gold Souk, United Arab Emirates A shopper studies a display in the gold souk in Dubai. Investors are turning to gold in the face of economic uncertainty

Gold exports to UAE surge on Trump tariff war

Imports of physical gold from Switzerland to the UAE almost doubled month on month in February as investors turned to so-called safe haven assets against the backdrop of US President Donald Trump’s tariff war and diverging global interest rate policies. According to Swiss customs data 3,465kg of the precious metal was imported to the UAE […]

Person, Worker, Clothing

Turkey imports crude from Brazil after Russian oil ban

Turkey’s largest oil refiner Tupras is set to receive a cargo of Itapu crude early next month, its first such purchase from Brazil, according to a source, and ship tracking data. Tupras last month said it had stopped buying Russian crude after the US announced new sanctions on Russia’s oil industry on January 10. The cargo of […]

Sheikh Mohamed bin Zayed Al Nahyan, the president of the UAE, met president of Ukraine Volodymyr Zelenskyy. The Cepa is the first Ukraine has signed with a Gulf country

UAE-Ukraine trade deal to increase GDP by $1bn

The UAE and Ukraine have signed a comprehensive economic partnership agreement (Cepa) that is expected to increase GDP in the two countries by $1 billion over the next six years. The Cepa allows 99 percent of Ukrainian imports of UAE goods and 97 percent of Ukrainian exports to the UAE to be exempt from customs […]

Demand from China and India is rising as US sanctions disrupt oil supplies from Russia

Aramco raises prices as demand from Asia grows

Saudi Aramco, the world’s leading oil exporter, has sharply increased crude prices for March shipments to buyers in Asia. Demand from China and India is rising as US sanctions disrupt Russian supply. Aramco raised the official selling price for flagship Arab Light crude by $2.40 to $3.90 per barrel above the Oman/Dubai benchmark average, Saudi […]

Almasadam Satkaliyev, Kazakhstan's energy minister, told a briefing that Opec+ will meet to discuss a response to Trump's plans

Opec+ to take joint stance on Trump oil policy

The Opec+ group of leading oil producers is set to discuss President Donald Trump’s efforts to raise US oil production and take a joint stance on the matter, Kazakhstan said on Wednesday. Trump last week laid out a sweeping plan to help maximise oil and gas production, including by declaring a national energy emergency to speed up permitting […]

US President Donald Trump makes a special address remotely during the 55th annual World Economic Forum (WEF) meeting in Davos on January 23

Oil slips after Trump calls on Opec to lower prices

Oil prices were down on Friday after US President Donald Trump drew a direct link between persistently high inflation and global oil prices during video remarks before the World Economic Forum in Davos, Switzerland.  Trump said he intends to address the problem by boosting domestic production and by asking “Saudi Arabia and Opec to bring […]

Economic risks were the biggest concerns for business leaders and experts across the Middle East

Inflation, not war, is Gulf states’ top concern, says WEF

Economic concerns such as inflation dominate risk perception for the coming year in the Gulf and across Mena, according to the World Economic Forum. Its survey of thousands of experts and business leaders, the Global Risks Report 2025, found that geopolitical conflict was the No 1 risk globally, selected by respondents as the “most likely […]

US president Joe Biden imposed the broadest package of sanctions so far targeting Russia's oil and gas revenues on Friday

Oil may hit $90 on Russia curbs and Iran output cut

Brent crude oil prices could rise above $85 a barrel in the short-term if the latest round of US sanctions against Moscow leads to lower Russian oil output, Goldman Sachs said on Sunday. Prices could touch $90 a barrel if the decline in Russian output coincides with a reduction in Iranian production, the bank said. US president Joe Biden imposed the broadest package of sanctions so […]

Construction of the TurkStream pipeline, one of the ways in which Turkey could help export Russian gas

Turkey hopes to offer Russia a gas route into Europe

Turkey hopes it can cash in on Ukraine’s decision to halt gas exports from Russia across its territory by offering Moscow an alternative route into Europe through its own network of pipelines for increased transit fees. In the short term, however, its ambitions may be restricted by gaps in infrastructure. As of January 1, Russian […]

India's BPCL plans to lift 10,000 bpd of crude oil from Qatar under an annual deal

India’s oil major turns to Middle East amid Russian shortfall

State-run Indian refiner Bharat Petroleum Corporation (BPCL) is buying Middle Eastern crude to make up for a slowing supply of cheaper Russian oil, its head of finance Vetsa Ramakrishna Gupta said. Indian state refiners typically buy Russian oil in the spot market rather than under long-term contract, but have struggled to purchase 8 to 10 million […]

Diamantino Azevedo, Angola's minister of mineral resources, oil and gas, announced the deal to national media

Oman takes 41% stake in Angolan diamond miner

Oman’s Maaden International Investment has acquired a 41 percent share in Angolan diamond miner Catoca from Russia’s Alrosa. Diamantino Azevedo, Angola’s minister of mineral resources, oil and gas, announced the decision, saying the deal is in order to comply with sanctions imposed by the US, the European Union and allies, following Russia’s invasion of Ukraine […]

Ngozi Okonjo-Iweala, WTO director-general, said the potential escalation of conflicts in the Middle East could lead to further increases in transport and energy costs

WTO predicts Middle East trade slowdown in 2025

Lower oil prices, the potential for conflicts to escalate and the impact of a Trump presidency are factors supporting the World Trade Organization’s prediction that trade in the Middle East will slow down in 2025, experts have said.  In its latest Global Trade Outlook and Statistics report, the WTO said Middle East exports will grow 5 […]