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
UAE's Sultan Al Jaber, COP28 head, calls for 7% emissions cut, swifter energy transition The Emirates’ Industry and Advanced Technology Minister Sultan Ahmed Al Jaber talked about the importance of carbon capture and hydrogen at the CERAWeek conference. Legacy: Gulf
Saudi Arabia invests $51 billion in first wave of Shareek diversification The Shareek investment and diversification strategy is set to create more than 64,000 jobs by 2040. Saudi Arabia
Oman's Abraj signs energy deal with Saudi's Chevron, Kuwait's Gulf Oil Oman’s Abraj Energy Services will also sell a major stake on the Muscat Stock Exchange soon. Legacy: Gulf
Analysis Ukraine war at year 1: Has Gulf's neutrality on Russia invasion paid off? Gulf countries — mainly the United Arab Emirates, then Qatar — as well as Turkey have been major recipients of Russian real estate investment in addition to direct financial injections. By Salim A. Essaid
Explainer: Israel is now an oil exporter with Energean deal, how significant? Experts told Al-Monitor that the export is not a significant development despite the media buzz, though it may have good public relations value for Israel’s energy sector. Israel
Despite divide over settlements, Israel expands energy cooperation with Egypt Israel’s Energy Minister Israel Katz chose to travel to Egypt for his first visit abroad since taking office. Israel
COP-28 head Sultan Al Jaber: UAE ‘running toward’ energy transition As the climate summit president continues to face criticism for his role as head of the UAE's state oil producer, Sultan Al Jaber argued that his position will serve more as an asset than an obstacle to energy transition. Legacy: Gulf
Is Italy pursuing a 'rebalancing' in North Africa? Algeria is set to double liquified natural gas exports to Europe as Algeria finesses ties with Italy. North Africa
OPEC+ likely to maintain oil output at meeting, in gesture to US While the OPEC+ group is expected to maintain oil production at its virtual meeting set for Feb. 1, global demand for oil is estimated to reach a record high in 2023. Legacy: Gulf
Oman continues economic reforms by listing drilling company on stock exchange Oman’s fiscal performance has improved in the last year, and the country wants to produce more alternative forms of energy, such as hydrogen. Legacy: Gulf
OPEC Fund raises $1 billion via sustainability bond Gulf states in the organization are showing increasing interest in funding projects related to the environment, renewable energy and green technology. Legacy: Gulf
Turkey's intel chief visits Libya following trip by CIA head Turkey’s intelligence chief Hakan Fidan paid a visit to Libya only days after his American counterpart, William Burns, traveled to the conflict-torn country. Turkey
