Iraq devalues dinar 13% as Hormuz disruption hits oil revenue The central bank said in a statement that it had revised the official exchange rate to 1,520 Iraqi dinars per dollar from around 1,320. Iraq
Explainer Rubio says Iran ‘lost’ Hormuz. Has it? US Secretary of State Marco Rubio said Wednesday that Iran has “lost complete control” of the waterway, pointing to the recovery in Gulf oil exports in September. Iran
Turkey, Pakistan to deploy forces to Saudi Arabia amid Houthi attacks Turkish, Saudi and Pakistani officials agreed to bolster military cooperation under the Mecca defense pact as Houthi attacks and fighting in Yemen intensify. Turkey
Mideast oil exports surpass prewar levels despite pipeline, ship attacks Bloomberg reported on Monday, citing sources, that Saudi Arabia’s key East-West Pipeline was flowing as normal, despite an earlier report that it had closed again following a new attack. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
Analysis As Iran’s grip on Hormuz weakens, what leverage does Tehran have left? By A correspondent in Tehran In Tehran, reporting on politics
Analysis From BRICS to dwindling oil revenues, 2024 was mixed year for Gulf The ongoing conflict in Gaza, big international investment deals, low oil revenue and increased curtailing of democratic rights dominated Gulf politics and economy in 2024 By Jennifer Gnana In Dubai, reporting on Gulf energy policy and politics
Iran's energy crisis shuts 80 power plants as rial plummets: What to know Amid freezing temperatures and increased demand for heat, Iran is facing an acute energy crisis that has all but shut down the country. Iran
Turkey, Hungary receive US sanctions waiver to pay Russia's Gazprombank Turkish Energy Minister Alparslan Bayraktar says the exemption has been granted. Turkey
UAE energy giant gets green light for $16B takeover of German firm Covestro ADNOC agreed in October to buy Covestro for 14.7 billion euros (then around $16.3 billion), including its debt, in its biggest-ever takeover. United Arab Emirates
Senior China delegation in Iran to discuss 'strategic partnership,' economic ties Iran hosted a Chinese delegation on Tuesday and Wednesday in a step to solidify a 2021 strategic partnership agreement, but can the two countries’ partnership weather the upcoming Donald Trump presidency? Iran
ADNOC launches $80B low carbon energy company XRG: What we know XRG, which will operate separately to ADNOC, is expected to double its asset value over the next decade. United Arab Emirates
Turkey in talks for US sanctions waiver to pay for Russian gas The United States introduced Ukraine war-related sanctions last week against 118 individuals and entities tied to Russia’s financial sector, including Gazprombank, the country’s largest lender yet to be designated by Washington. Turkey
Iran defense chief visits Venezuela, talks energy, trade: What we know Iran and Venezuela are working to repair oil ties after the reimposition of US sanctions on the South American country and the looming return of President Donald Trump to the White House. Iran
Turkey’s big plan to launch IPOs for state energy companies: What we know Turkey's financial recovery travails are likely to be the key reason for the change in energy policy. Turkey
Analysis What to make of Saudi-Iranian flurry of diplomatic activity, military channels? A high-level military meeting between Saudi Arabia and Iran on Sunday marked another in a series of recent diplomatic engagements between the two nations. By Rosaleen Carroll In Washington, DC, US, reporting on the Middle East
UAE's ADNOC doubles down on gas, allocating $15B over next 5 years In a Monday statement ADNOC Gas said it had raised its capital expenditure plan to around $15 billion for the next five years, from about $13 billion. United Arab Emirates
Middle East markets rally after Donald Trump's election victory Saudi Arabia’s benchmark index, the TASI, gained 0.9%, while Dubai's main share index gained 0.5%. The Abu Dhabi Securities Exchange, a key player in the region’s stock markets, gained 0.4%. United States
