Iraq’s Oil Ministry said it has started sending tanker trucks carrying oil to Syria. Iraq depends on the Strait of Hormuz for exports, while Syria has a Mediterranean coastline.
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A U.N. commission report warns of the Middle East conflict’s impact on Arab countries’ energy, water and food systems. A 20% rise in food prices could push 5 million people into food insecurity in the region.
Attacks on the UAE and Bahrain drive up the commodity’s price. Oil rises amid renewed threats to the Strait of Hormuz, while a desalination plant in Kuwait is also targeted in retaliations.
Measures announced by the government aim to curb rising energy costs, which have increased from USD 560 million to USD 1.65 billion since the start of the Middle East conflict.
Oil prices fell and stocks rose after U.S. President Donald Trump said the country will not target Iran’s energy infrastructure over the next five days.
Oil prices rose sharply on Monday (9) amid the conflict between the United States and Israel against Iran. Since the attacks began, the price of a barrel of WTI has increased by 70%, something never recorded over such a short period.
Qatar’s Minister of State for Energy Affairs Saad bin Sherida Al Kaabi said the conflict could force Gulf states to stop producing and supplying energy within days.
U.S. energy giant signed an agreement with the Iraqi government to manage and develop several oil fields.
The Kuwait Foreign Petroleum Exploration Company, established by the Arab country to explore and produce oil abroad, acquired a 20% stake in a Brazilian pre-salt project from Shell Brasil.
The International Monetary Fund says economic diversification beyond oil will only come with the adoption of structural reforms. The institution projects GDP growth of 2.6% this year and 3.8% in 2026.
Through November this year, Brazilian exports to the Arab country rose 1.3%, while imports were 9.2% higher than in the same period last year.
Saudi oil company’s profit fell 2.3% in the third quarter of this year due to declining oil prices. Uncertain demand has been affecting the market.
A survey conducted by the IMF shows that consumption, government investments, and job creation are responsible for the expansion of the Gulf country.
The GDP of the Arab country grew less in 2024 but is expected to advance this year based on the performance of the oil sector. Public spending also supports part of Libya’s economy.
