Global

Industry News

Yemen Calls at UNGA for Shared Global Responsibility to Secure Bab al-Mandab

Addressing the United Nations General Assembly, Yemen's Presidential Leadership Council Vice President Abdullah al-Alimi stated that safeguarding the Bab al-Mandab Strait is a shared regional and international duty. He warned that maritime instability in the Red Sea and Gulf of Aden holds the global economy and international supply chains hostage. Al-Alimi urged world leaders to provide stronger security assistance to Yemen's recognized government and curb arms proliferation to Houthi forces.

Industry News

ADNOC Trading Chief Warns August Could Mark Tipping Point for Global Oil Prices

Philippe Khoury, Executive Vice President for Sales and Trading at ADNOC, stated that August could become a tipping point for higher oil prices if demand recovers amid persistent supply constraints. Speaking at an industry conference in London, Khoury noted that shipping through the Strait of Hormuz remains partial and below pre-crisis volumes. He projected that energy supply chains could take up to a year to fully normalize even after route disruptions ease.

Industry News

ADNOC Trading Chief Warns August Could Mark Tipping Point for Oil Prices

ADNOC Executive Vice President Philippe Khoury warned that August could represent a critical tipping point for higher crude prices if demand rebounds amid ongoing regional supply disruptions. Addressing an energy conference in London, Khoury noted that shipping flows through the Strait of Hormuz remain constrained below pre-war levels. He added that full restoration of energy supply chains could take up to a year once flows normalize, potentially lasting until mid-2027.

China–UAE News

BRICS Summit Emphasises Multipolarity, Local Currencies, and Payment Interoperability

The 18th BRICS Summit in New Delhi brought together 11 member nations, including China and the UAE, under the theme of resilience, innovation, cooperation, and sustainability. Eurasia Review reports that the bloc prioritised local-currency trade settlements and payment interoperability over creating a common currency. The New Development Bank, with 100 billion dollars in authorised capital, was highlighted as the central vehicle for infrastructure and local-currency financing.