All posts tagged: UAEs

Nigeria Needs New Export Markets As UAE’s Exit Rattles OPEC

Nigeria Needs New Export Markets As UAE’s Exit Rattles OPEC

Published by Jenni Sidey

By Tsvetana Paraskova of Oilprice.com Nigeria should market its crude oil to new buyers as the UAE’s decision to leave OPEC is dislocating the balance that the cartel and the OPEC+ group have been seeking for years, according to Wole Ogunsanya, chairman of the Petroleum Technology Association of Nigeria (PETAN). The official urged Nigeria’s state oil and gas firm NNPC and other producers of Nigerian crude to tap new markets. “When OPEC gives you a quota, it’s left for you to find who is going to buy it,” Nigerian outlet This Day quoted Ogunsanya as saying. “And we have one of the best crude oil in the world. So we need NNPC and all producers to market Nigerian production,” the official added. The abrupt exit of the United Arab Emirates from OPEC and OPEC+ would disrupt the balance the groups have been keeping for years, according to Ogunsanya. “The decision by the UAE, which they have a sovereign right to do, is for their country’s interest. Our opinion is that it’s going to cause a …

What’s the significance of UAE’s Fujairah, hit on Monday? | Conflict News

What’s the significance of UAE’s Fujairah, hit on Monday? | Conflict News

Published by Sam Flores

EXPLAINER If confirmed, it would be Iran’s first attack on the UAE since the US-Iran ceasefire took effect on April 8. Published On 5 May 20265 May 2026 The United Arab Emirates (UAE) has accused Iran of launching “a barrage” of missiles and drones at the port of the eastern emirate of Fujairah, injuring three Indian nationals and setting an oil refinery at the Fujairah Petroleum Industries Zone ablaze. The UAE’s Ministry of Defence said its air defences had “engaged” 12 ballistic missiles, three cruise missiles and four drones launched from Iran over the course of the day on Monday. Iran’s state television reported that military officials laid the blame for the attacks on the “US military’s adventurism”. Where is Fujairah? Fujairah is one of the seven emirates of the UAE. It is home to a multipurpose deep-sea port, located on the Gulf of Oman. The port lies about 70 nautical miles (roughly 130km, or 80 miles) outside the Strait of Hormuz and about 130km east of Dubai. This is not the first time Fujairah …

Projectile Hits Vessel off UAE’s Sharjah, UKMTO Says

Projectile Hits Vessel off UAE’s Sharjah, UKMTO Says

Published by Sam Flores

CAIRO, March ⁠22 (Reuters) – ⁠An ⁠unknown projectile struck ​a vessel ‌15 nautical miles ‌north ⁠of ⁠the United Arab Emirates’ ​Sharjah, the United ​Kingdom Maritime Trade ⁠Operations (UKMTO) said ⁠early ⁠on Sunday. It said ​that all crew ​were ⁠reported safe. The UKMTO ⁠said in a later statement that ⁠the target of the incident could not be conclusively identified and ⁠authorities were investigating. (Reporting by Menna Alaa El-Din; ​Editing by Nia ​Williams) Copyright 2026 Thomson Reuters. Photos You Should See – March 2026 Source link

UAE’s Fujairah hit, causing a large fire at the key oil trading hub

UAE’s Fujairah hit, causing a large fire at the key oil trading hub

Published by Sam Flores

A family sits against the backdrop of a dockyard off the coastal city of Fujairah, in the Strait of Hormuz in the northern Emirate on Feb. 25, 2026. Giuseppe Cacace | Afp | Getty Images A drone attack at the United Arab Emirates’ key oil trading hub of Fujairah triggered a large fire, authorities said on Monday, with no injuries reported. “Civil Defense teams in the Emirate immediately responded to the incident and are continuing their efforts to control it,” Fujairah Media Office said on social media, according to a Google translation. Oil loading operations at the major oil bunkering hub had been suspended as a result of the drone attack, Reuters reported, citing two unnamed sources. CNBC has contacted the UAE’s ADNOC and is awaiting a response. The attack comes after a separate drone strike and fire at Fujairah on Saturday, underlining the vulnerability of the UAE’s only export route that bypasses the strategically vital Strait of Hormuz. Shipping traffic through one of the world’s most important energy choke points has virtually ground to …