North Africa

Urals diffs unchanged, loading plans revision awaited

The differential between Brent and Urals crudes dated on Wednesday remained unchanged, as traders awaited any changes to the grade's September export plans. This is because Russian ports and refineries are still repairing after recent drone attacks in Ukraine. Traders said that oil loadings at Baltic Primorsk continued, but they were delayed several days. Some volumes may be diverted to another port. Kazmunaygaz, the state energy company, announced on Wednesday that Kazakhstan will resume oil supply via the Baku - Tbilisi - Ceyhan pipeline by September 13. PLATTS WINDOW On Wednesday, there were no bids or offers made on Urals,
Oil Pipeline

Drone attacks on Russia could lead to a reduction in oil production, as Russia's output is expected to remain stable.
Kuwait Petroleum Corp tries to revive a pipeline lease-leaseback agreement

Kuwait's national oil company announced on Tuesday that it is looking to revive the project of leasing out its crude oil pipelines and then leasing them back. Kuwait joins Gulf counterparts like Saudi Arabia and United Arab Emirates who are leveraging private capital to acquire strategic energy assets. Media reports last week citing sources familiar with the situation said that the company was considering leasing a part of its network to fund an investment plan covering everything from upstream and petrochemicals. Kuwait Petroleum Corp, at a forum in Kuwait on Tuesday, did not disclose figures. This move is similar to
Transport Infrastructure

Investors in the Gulf are awaiting US Fed decision
Gulf bourses mix in early trading ahead of Fed decision

Investors expect the U.S. Federal Reserve to continue its easing cycle this week. The markets are priced at 100% for a 25 basis point easing by the Fed. This would bring its key rate down to 4.0-4.25%. Futures indicate a mere 4% chance that it will be 50 basis points. The U.S. monetary policy changes have a major impact on Gulf markets where the majority of currencies are pegged with the dollar. Dubai's benchmark index rose 0.2% thanks to gains in consumer goods, utilities and industry shares. Gulf Navigation gained 3.2%, while Tecom Group increased by 1.8%. Emirates Integrated Telecommunications,
North Africa

Drones with long-range, 'kamikaze,' seen near RSF base may worsen conflict in Sudan

The presence of more than a dozen long range kamikaze drones near an airport controlled Sudan's Rapid Support Forces in May during a major aerial assault on army territories indicates that the paramilitaries possess new weapons which could change the course the war. The conflict between RSF and Sudan’s army, which has lasted for two and a half years, has caused the worst humanitarian crisis in the world, attracting a wide range of foreign interests and threatening the fragmentation of the strategically important Red Sea country. Sudan is a major producer and exporter gold. Images and analyses shared and verified
Drones with long-range, 'kamikaze-style' range seen near RSF base may worsen the conflict in Sudan

Transport Infrastructure

Turkey restricts airspace and ships to Israel

Hakan Fidan, the Turkish Foreign Minister, announced on Friday that Turkey had decided to ban Israeli vessels from entering its ports, prohibit Turkish ships from entering Israeli ports, and place restrictions on planes flying into Turkish airspace. In his comments to the parliament, he provided little detail that appeared to summarize steps taken by Turkey against Israel in Gaza war or those already in progress. Israel denies the charge. The Turkish government has strongly criticised Israel for its offensive in Gaza. Ankara has stopped all trade with Israel and called for international sanctions against it. It also urged the world...

Transport Infrastructure

Exports for August revised up, despite a decrease in the number of uranium dilutions

Calculations and traders' statements show that the differential between Brent and Urals crude eased on Tuesday due to lower prices in India and firmer freight rates to Asia, as well as lower prices of the grade. The export plan for Russia’s western ports was also revised upwards. Three people with knowledge of the situation said that Russia increased its crude oil export plans for Priomorsk and Ust-Luga ports in August by 200,000 barrels a day from the original schedule, after Ukrainian drone strikes disrupted refinery operation and released more crude to be shipped. Due to the ongoing strikes and changing...

Transport Infrastructure

Gulf shares tame ahead of Fed Jackson Hole Symposium

Investors waited for Jerome Powell, the U.S. Federal Reserve chair's speech on Friday at the Jackson Hole Symposium to determine the direction of interest rates. The markets are looking at whether Powell will buck the market's expectations of a rate reduction next month, following a poor jobs report in July. The U.S. monetary policy changes have a major impact on Gulf markets where the majority of currencies are pegged with the dollar. The benchmark index in Qatar fell 0.2% due to declines across the board. Qatar National Bank, which is the largest lender in the region, dropped 0.4%, while Industries...

Transport Infrastructure

Gulf bourses drop ahead of Fed speech

Investors waited to hear what Jerome Powell, the U.S. Federal Reserve Chair, would say at a major conference later this week about the direction of interest rates. Powell's Friday speech at the annual Jackson Hole Symposium is the focus of traders, who are looking for any pushback on market expectations that a rate reduction will be coming next month. The dollar is the most common currency in Gulf markets. The benchmark index in Qatar fell 0.6% due to declines across the board. Qatar National Bank, which is the largest lender in the region, decreased by 1%, while Qatar Navigation dropped...

Transport Infrastructure

Gulf shares fluctuate on Fed rate cuts uncertainty

Gulf stocks had a mixed start to the trading session on Monday, as investors grew cautious in anticipation of this week's Jackson Hole Symposium for clues about the next U.S. Federal Reserve policy move. The U.S. released data on July retail sales on Friday. Although the results were as expected, a weaker consumer sentiment and a softer factory production suggested that tariffs are weighing down on certain parts of the U.S. economy. This clouded the Fed's interest rate path. The traders are pricing in an 85% probability of a 25 basis-point rate cut on September 17 and further easing at...

Transport Infrastructure

Corporate earnings are mixed as most Gulf shares increase on Fed rate reduction hopes

The Gulf stock markets were mostly higher on Thursday morning, as global stocks rose, after positive U.S. inflation figures raised hopes for a Federal Reserve rate reduction, and mixed earnings reports from the region. After data released this week revealed that U.S. consumer inflation rose at a moderate rate in July, traders expect the Fed will cut rates. The U.S. monetary policy changes have a major impact on Gulf markets where the majority of currencies are pegged with the dollar. Qatar's benchmark index gained 0.8% with nearly all components advancing. Qatar National Bank gained 1.7%, while Qatar Islamic Bank rose...

Transport Infrastructure

Mixed earnings caps gains; most Gulf shares increase on Fed rate reduction hopes

The majority of Gulf stocks rose on Wednesday as they tracked a global rally in stock markets after a softer U.S. Inflation data raised hopes for a Federal Reserve Rate Cut in September. However, mixed earnings reports from the region weighed down sentiment. Consumer prices in the United States increased by 0.2% from one month to another. The print in line increased the odds of a Fed cut to next month's rate from 86% to 94%. The U.S.'s monetary policy changes have an important impact on Gulf markets where the majority of currencies are pegged with the dollar. Saudi Arabia's...

Transport Infrastructure

Mixed earnings caps gains; most Gulf shares increase on Fed rate reduction hopes

Azeri BTC exports to fall in Sept

The differential between Brent and Urals crudes was unchanged in Friday's quiet trading, as neither buyers nor sellers rushed to trade due to the turbulent geopolitical environment, traders reported. Indian Oil Corp. and Bharat Oil, India's two largest state refiners, have purchased at least 22,000,000 barrels of non Russian crude for delivery between September and October. This is after the U.S. pressed India to stop buying Russian crude. According to participants on the market, September volumes of Russian crude oil had yet to begin trading and sellers still had plenty of time to negotiate a price with buyers. The schedule...

Investors muted by Fed leadership change and mixed earnings

Investors were cautious in early trading on Thursday as they digested mixed earnings from corporates and continued to be wary of the leadership of the U.S. Federal Reserve. The expectation of a more accommodating Fed policy has increased in response to weaker macroeconomic data from the United States and Donald Trump's nomination of dovish candidates for the Fed board. According to CME FedWatch, traders now price in a 95.2% probability of a rate cut for September, up from 63% by the end of July. The U.S. monetary policy changes have a major impact on Gulf markets where the majority of...

Sudan: UAE bans Sudanese planes landing at airports

Sudan's Civil Aviation Authority, a state-run news agency, reported that the United Arab Emirates had banned Sudanese aircraft from landing on its airports. This is the latest tension between the two nations. Sudanese authorities said that the UAE had also prohibited a Sudanese aircraft from departing from Abu Dhabi Airport. Sudan's authority expressed surprise at the reported decisions and said that it would be contacting airlines to reprogramme the reservations of passengers departing and arriving from the Gulf Country. Abu Dhabi authorities didn't immediately comment on Sudanese statements. Sudan cut diplomatic ties with the UAE last May. The Gulf nation...

The PMIs indicate a slower growth rate for the major Gulf bourses

The major Gulf stock markets fell on Wednesday as investors focused on corporate earnings and the tepid performance of the private non-oil sector. Dubai's benchmark index of stocks fell by 0.3% with all sectors falling. Dubai Investments fell 1.7%, and Dubai Islamic Bank declined 1.4%. DIB, the largest Islamic bank in UAE, reported an increase of 10.7% in its second-quarter net profits attributable shareholders. The benchmark Abu Dhabi index fell 0.2%. This was due to a drop of 1.3% in Burjeel Holding and a fall of 4% in Phoenix Group. ADNOC Gas however rose 1.5% following a 16% increase in...

The majority of Gulf bourses follow the global rally as Fed's easement bets increase

Investors increased their bets on the U.S. Federal Reserve to support the world's biggest economy. CME Fedwatch says that the soft U.S. payroll data on Friday has increased the odds of a Fed rate cut in September. This is a significant increase from the 63% chance it had at the beginning of the week. The Fed's interest rate movements have a major impact on the Gulf Region's monetary policies because the majority of their currencies are pegged with the U.S. Dollar. Dubai's benchmark index of stocks rose 0.6% on the back of gains in shares related to real estate, utilities,...

Passenger Transportation Services

Transportation strike in Tunisia increases pressure on President

Transport services were halted in Tunisia Wednesday as workers demanded better working conditions, higher wages and urgent reforms. This added pressure to President Kais Said to address the deepening crisis. Tunisians have suffered from poor public services for many years, particularly in the sectors of health, education, transportation and investment due to a lack of funding and public investments, as well as frequent interruptions in water and electricity supply. Saied, a man who has been in power since 2021 and tightened it, accuses those he believes are conspirators, seeking to undermine the government and exacerbate social tensions. The three-day strike...