Oil and gas, renewables, storage and environmental industries
Oil loading operations at the UAE's Port of Fujairah resumed following a drone attack and fire, though it remained unclear if operations were fully back to normal. An Indian-flagged tanker carrying 80,800 tonnes of Murban crude departed safely for India after the strike. The port remains a vital strategic export bypass located outside the Strait of Hormuz.
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.
ADNOC Drilling is prepared to expand UAE crude oil production capacity beyond its 5 million barrels per day target if requested by parent firm ADNOC, according to CFO Youssef Salem. The company highlighted supply relationships with rig manufacturers from China and international technology partners. Operations have maintained a 98% rig availability rate despite regional shipping disruptions.
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.
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