Brent crude climbed to an intraday high of $117.45 per barrel on Friday following Houthi attacks on energy infrastructure in Saudi Arabia and a reported oil spill off the UAE coast. Brent futures gained 2.81% to reach $116.35, while US West Texas Intermediate rose 3.52% to $102.97. UAE authorities confirmed a tanker spill off Umm Al Quwain, though the vessel and cause remain unidentified.
Saudi Aramco is nearing the award of an EPC contract for the fifth phase of the Jafurah unconventional shale gas expansion. China Petroleum Engineering & Construction Corporation has emerged as the leading contender for the package. The phase includes building three gas compression stations, each with a daily capacity of 200 million cubic feet.
Chinese state contractor Sinopec has completed over 80% of construction on sections six and seven of Saudi Arabia's National Natural Gas Pipeline Network Phase III Project. The contractor has welded more than 678 kilometers of large-diameter pipeline using Chinese-made automated welding and intelligent equipment. Once finished, the 700-kilometer desert route will supply natural gas to King Abdullah Economic City and multiple power stations.
Crude oil shipping costs on the TD3C route from the Arabian Gulf to China rose by 406% to reach $229.76 per metric ton at the end of September. The sharp increase in VLCC tanker rates has forced regional crude producers to deepen price discounts to remain competitive in Asian markets. Saudi Arabia reduced its official selling price for Arab Light crude by $3 per barrel for November.
Policy updates, China–UAE business news and industry insights, delivered to your inbox.
Membership
Tell us about your experience and connection to UAE–China business. UECN assesses your application and offers the right membership category — fees are shared privately with your offer.
We send you a one-time sign-in link — your answers are saved as you go.
