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Behind the Money
Best Of: How Dubai is reshaping the global oil trade
Sep 4, 2024
Tom Wilson, a journalist specializing in global oil trading and its geopolitical implications, discusses the dramatic shift in oil trading from Switzerland to the UAE. With Western sanctions on Russian oil, Dubai has emerged as a new trading hub, capitalizing on increased oil flows and logistical advantages. Wilson explores the impact of these changes on the global energy landscape and how lesser-known companies are gaining prominence. The conversation highlights the complexities and opportunities reshaping oil trading dynamics in today's market.
17:15
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Quick takeaways
- The shift of oil trading from Switzerland to the UAE highlights a significant geopolitical realignment in global energy flows post-sanctions on Russia.
- The emergence of smaller trading companies in the UAE raises concerns about transparency and the integrity of the oil supply chain amidst Western embargoes.
Deep dives
The Rise of the UAE as an Oil Trading Hub
The United Arab Emirates is rapidly emerging as a significant oil trading hub, particularly in the wake of the shift in global energy flows triggered by Western sanctions on Russia following its invasion of Ukraine. These sanctions have redirected a substantial amount of Russian oil exports to the UAE, which has now become the largest trading point for Russian oil, accounting for roughly one-third of its exports. The increase in oil trading activity is evident at the Fujairah port, which has seen a record number of vessels, as traders relocate operations from established centers like Switzerland to capitalize on the UAE's political neutrality and favorable business environment. As a result, the Emirates could position itself as a pivotal player in the global energy trade, influencing market dynamics and power balances in the oil sector.
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Discover
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