One Turn
UAE oil exports back to pre-war levels via Fujairah
The UAE exports as much oil as before the Iran war, using the port of Fujairah to bypass Hormuz. Tanker rates surged, and Adnoc L&S expects $4 billion full-year profit. Aluminium maker EGA reported lower nine-month profit and revenue because the war disrupted sales.
Why it matters
Alternative routes cut the risk to oil supply.
Background
Hormuz is the narrow sea route out of the Gulf.
The story so far
- Iraq's October oil exports near pre-war levels at 3.4m barrels a day
- Brent crude tops $113, highest level since May
- Brent crude briefly passes $117 on fears of renewed Iran strikes
- US says it helped Gulf states ship 1.5 billion barrels through Hormuz
- Oil stays above $100; diesel tight
- Oil swings on Iran news; Brent above $104
- Oil falls for the week on hopes of US-Iran deal
- Iraq says it can export oil through Hormuz
- UAE oil exports back to pre-war levels via Fujairah
Sources
- NZZ ↗Nov 11, 11:30 PM ET
- The National ↗Nov 12, 3:30 AM ET
- The National ↗Nov 12, 3:06 AM ET
This summary was written automatically from the reporting linked above; follow the sources for the full story. How One Turn works.