A Vortexa report indicates that Gulf crude producers, led by Saudi Arabia and Iraq, are expanding market share in China. Non-Iranian Middle Eastern crude deliveries are projected to hit 4.5 million barrels per day in October 2026. Saudi exports are estimated to surpass 2 million barrels per day, largely taken by state refiners.
Chinese customs data indicates crude oil imports from the UAE rose 5 percent year-on-year to 733,000 barrels per day in September 2026. Conversely, shipments from Saudi Arabia and Iraq fell substantially, driving an overall 20 percent drop in total imports. Chinese refiners offset Gulf shortfalls by boosting purchases from Russia and Brazil.
The GCC accounted for approximately 39% of emerging-market US dollar ESG debt issuance excluding China during the first nine months of 2026, according to Fitch Ratings. Regional ESG debt outstanding surpassed $72.9 billion by end-3Q26, driven primarily by issuers in the UAE and Saudi Arabia.
The Saudi Central Bank has concluded its formal participation in Project mBridge following the completion of a proof-of-concept phase in May 2025. The cross-border digital currency initiative was developed jointly with China and the UAE to facilitate non-dollar trade settlements. Operations continue among the remaining participants, including the central banks of the UAE, China, Hong Kong, and Thailand.
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