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4min chapter
How Dubai is reshaping the global oil trade
Behind the Money
The Rise of the UAE Oil Trading Industry
The UAE is the world's eighth largest producer of oil, but historically hasn't been a major trading hub for it. Once sanctions went into effect in Europe, some oil traders that had bought and sold Russian oil began to look for other places to operate from. Some companies have set up new entities in the UAE that allow them to trade Russian oil more freely. The vast majority of the Russian oil trade moving through the UAE is a network of newly established little-known names with unclear ownership who are collectively moving billions of dollars of Russian oil a month.
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