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
Israeli, Cypriot, Greek FMs discuss Iran's IRGC in Cyprus meeting The Iranian threat, security cooperation, joint energy projects and tourism were all discussed at the three-way meeting of the Israeli, Cypriot and Greek foreign ministers in Nicosia. Israel
China settles first LNG trade in yuan with UAE deal China has held several discussions with countries in the Middle East and North Africa about conducting trade using its local currency. Legacy: Gulf
International oil firms stop operations as Iraqi-Kurdish oil dispute continues A Kurdish official told Al-Monitor that the Kurdistan Regional Government disagrees with an Iraqi government proposal to resolve the issue, as the stoppage of oil exports to Turkey threatens the autonomous region's economy. Iraq
Saudis joining Shanghai Cooperation Organization as China bromance blossoms Russia, China and a number of former Soviet states in Central Asia created the SCO in 2001 to counter US hegemony in the region. Legacy: Gulf
Analysis North Africa diesel exports to Europe surge as Russia digs deeper into Ukraine Europe has been looking for alternative sources of oil and gas in light of Western sanctions on Russia over the Ukraine war. By Jack Dutton In Bristol, reporting on regional business, climate change, AI, tech
UAE-Israel ties strengthen further with offer for NewMed Energy Abu Dhabi National Oil Company and British Petroleum are seeking a 50% stake in the firm. The news follows the activation of the Israel-UAE free trade agreement and another Emirati firm buying a stake in Israel's gas fields. Legacy: Gulf
Saudi Arabia, UAE court China in search for stability with Iran The Arab Gulf states remain cordial and diplomatic as the United States, Russia, China and Iran feud over spying and matters of international law. Legacy: Gulf
Oil spill hits Kuwait but production unaffected Oil production was unaffected but some people were injured, according to the state-owned oil firm. Kuwait
Analysis Jordan economic rating shows upswing, but problems remain Jordanians in the private sector are praising their government's ambitious economic strategies, but still see systemic inefficiencies as a barrier to making them a reality. By Salim A. Essaid
Kuwait asks Asian refiners to take less oil as Al Zour refinery ramps up output Kuwait Petroleum Corporation informed some buyers that Kuwait Export Blend crude supply could be reduced under new annual contracts as soon as April, according to Reuters. Legacy: Gulf
Oil sinks below $75 a barrel, lowest price in more than a year The news follows the Saudi National Bank declining to inject more money into the struggling Credit Suisse, as well as Silicon Valley Bank’s failure. Legacy: Gulf
Saudi Arabia’s 2022 GDP breaks record, exceeds $1 trillion Saudi Arabia’s government report states that it achieved its highest gross domestic product growth rate in over a decade in 2022 at 8.7% and broke its total amount record of more than $1 trillion last year. Legacy: Gulf
