Best Of: How Dubai is reshaping the global oil trade

最佳精选:迪拜如何重塑全球石油贸易

Behind the Money

2024-09-04

17 分钟
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This week, we’re revisiting an episode from last year. For decades, the global centre for oil trading has been Geneva, Switzerland. But Russia’s war in Ukraine changed that. Sanctions have made it harder for western traders to move Russian oil. Now, traders are flocking to a new trading hub that has no restrictions on oil from Russia: the United Arab Emirates. The FT’s Tom Wilson explains how this shift has helped the UAE replace Switzerland, and whether the global energy industry is shifting away from western economies.  - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: How Dubai became ‘the new Geneva’ for Russian oil trade Switzerland questions oil trader over sidestep of Russian sanctions Letter: Energy trading is opaque — and that suits Big Oil - - - - - - - - - - - - - - - - - - - - - - - - - -  Register now for the FT Weekend Festival, and claim £24 off your pass using promo code FTPodcast at: ft.com/festival - - - - - - - - - - - - - - - - - - - - - - - - - -  On X, follow Tom Wilson (@thomas_m_wilson) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.  Read the transcript of this episode which was first aired in August 2023 Hosted on Acast. See acast.com/privacy for more information.
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  • I think you'll see rows and rows of enormous oil storage facilities.

  • Earlier this year, the FT's Energy correspondent Tom Wilson took a trip to Fujairah.

  • It's a port city in the United Arab Emirates.

  • The city is roughly an hour's drive east from Dubai and sits along a major shipping route in the Gulf of Oman.

  • The port symbol is a big blue F on a white circle.

  • The entrance is a big sweeping concrete blue wave.

  • Cars queue up to get access.

  • Behind the barriers, you can see oil terminals, a network of pipes,

  • heavy goods vehicles and other trucks moving back and forth.

  • Lately, business at the port has exploded.

  • For James, it's been a hive of activity this year.

  • commercial activity in the UAU booms, but in particular flows of oil into the area have jumped.

  • Port statistics suggest it's been a record year for the number of oil vessels calling at the port of Fajira,