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Iran's Oil Exports Drop Ahead of US Sanctions

An oil tanker passes by a gas facility in Iran's southern Pars field (Reuters)
An oil tanker passes by a gas facility in Iran's southern Pars field (Reuters)
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Iran's Oil Exports Drop Ahead of US Sanctions

An oil tanker passes by a gas facility in Iran's southern Pars field (Reuters)
An oil tanker passes by a gas facility in Iran's southern Pars field (Reuters)

Iran’s crude oil and condensate exports in August are set to drop below 70 million barrels for the first time since April 2017 ahead of the November 4 start date for a second round of US economic sanctions.

The United States has asked buyers of Iranian oil to cut imports to zero starting in November to force Tehran to negotiate a new nuclear agreement and to curb its influence in the Middle East.

The total volume of crude and condensate, an ultra-light oil produced from natural gas fields, to load in Iran this month is estimated at 64 million barrels, or 2.06 million barrels per day (bpd), versus a peak of 92.8 million barrels, or 3.09 million bpd, in April, preliminary trade flows data on Thomson Reuters Eikon showed.

The National Iranian Oil Co has slashed its crude prices to keep buyer interest amid the August export drop. It has set the official selling price (OSP) for Iranian Heavy crude for September loading at the biggest discount since 2004, according to Reuters and trade data.

Iran is currently the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC) and benchmark oil futures traded in London have surged to their highest since June in anticipation of the loss of Iranian supply.

Imports by its key customers have all dropped in August as some buyers, banks and insurance companies have already suspended dealings in Iranian oil.

Loadings bound for top customer China are set to fall to 18.4 million barrels in August, from 24 million barrels in July which was its highest monthly volume this year, the data showed.

China has switched to using Iranian tankers to deliver the country’s crude since July to side-step the sanctions and sustain Iranian oil imports until at least October.

The volume of oil heading to India is 8.2 million barrels, down from more than 20 million barrels in each month since April.

Exports to India could still rise as the destination for about 11 million barrels of Iranian oil loading this month are yet to be identified.

Iran has not loaded any oil bound for South Korea since July.

Cargoes loading for Europe have been falling from a peak of 22.2 million barrels in March down to about 12 million barrels in August, the data showed.

Japan-bound loadings have been scaled back to 3.4 million barrels in August, down for a second straight month. Japanese refiners are expected to load their last Iranian oil by mid-September so they will arrive in Japan before November.

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Business

Mawani Signs 3 MoUs with Global Shipping Lines to Support Saudi Exports

Mawani Signs 3 MoUs with Global Shipping Lines to Support Saudi Exports
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Mawani Signs 3 MoUs with Global Shipping Lines to Support Saudi Exports

Mawani Signs 3 MoUs with Global Shipping Lines to Support Saudi Exports

The Saudi Ports Authority (Mawani) signed on Tuesday three memoranda of understanding (MoUs) with major international shipping lines: MSC, Maersk, and CMA CGM.

The agreements were signed on the sidelines of the Made in Saudi Expo 2025 and in partnership with the Saudi Export Development Authority (Saudi Exports).

The memoranda aim to support national exports and Saudi exporters by boosting access to global markets through an integrated logistics services ecosystem that connects the Kingdom’s ports with international destinations via leading global shipping lines.

The initiative provides exporters with broader opportunities for expansion and growth, while reinforcing international confidence in the quality of Saudi products by ensuring fast, efficient, and reliable delivery.

The MoUs establish a strategic framework for cooperation among the signatories to deliver innovative and integrated logistics solutions, facilitate the export of Saudi products, and boost the availability of empty containers at the Kingdom’s ports to ensure sufficient inventory levels that meet exporters’ needs.

They aim to expand joint initiatives that contribute to increasing Saudi exports in line with the goals of Saudi Vision 2030. This includes organizing workshops, conferences, and exhibitions to raise awareness, bolster exporters’ capabilities, measure satisfaction with logistics services, and promote national exports globally.

The MoUs seek to improve Saudi exporters’ access to new markets by providing advanced and efficient logistics solutions through Jeddah Islamic Port, King Abdulaziz Port in Dammam, and Jubail Commercial Port, alongside efforts to further automate port operations.

Business

Saudi Arabia, Syria Discuss Industrial Investment Partnerships

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef during Tuesday's meeting. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef during Tuesday's meeting. (SPA)
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Saudi Arabia, Syria Discuss Industrial Investment Partnerships

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef during Tuesday's meeting. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef during Tuesday's meeting. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef held talks in Riyadh on Tuesday with Syrian Minister of Economy and Industry Nedal Al-Shaar on ways to strengthen economic relations and develop industrial investment partnerships between their countries.

Alkhorayef praised Syria’s participation as Guest of Honor in the third edition of the Made in Saudi Expo, noting that this reflects the depth of fraternal relations and the shared economic ties between the two countries.

The officials discussed aspects of industrial cooperation and the opportunities for Syria to benefit from the Kingdom’s expertise and successful experience in developing its industrial sector.

They addressed prominent export opportunities that can support trade growth, strengthen industrial and economic integration between Saudi Arabia and Syria, and advance their developmental goals and shared interests.

Separately, Alkhorayef revealed that the Kingdom’s non-oil exports reached SAR307 billion in the first half of this year, marking the highest semiannual growth on record. 

He made the announcement during his participation in a dialogue session with Al-Shaar on the sidelines of the Made in Saudi Expo 2025. 

Alkhorayef explained that Saudi Vision 2030, through its initiatives, has driven record performance and sustained growth in non-oil exports over the past few years by unlocking national industrial capabilities, boosting the quality of Saudi products, and expanding their access to global markets. 

He highlighted opportunities for cooperation between Saudi Arabia and Syria in developing industrial cities, enabling Damascus to benefit from the Kingdom’s successful experience in export development and local content support, thereby contributing to its economic growth. 

Alkhorayef underlined the level of efficiency, skill, and craftsmanship demonstrated by Syrian investors in the Kingdom’s industrial sector, hoping that the industrial sector would become a key pillar of Syria’s economic advancement. 

He also addressed trade development between the two countries, noting that Saudi non-oil exports to Syria totaled SAR1.2 billion in the first nine months of 2025. 

Business

Saudi Inflation Slows to Nine-Month Low in November

 People enjoy sitting outdoors as the summer heat eases in Riyadh (AFP). 
 People enjoy sitting outdoors as the summer heat eases in Riyadh (AFP). 
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Saudi Inflation Slows to Nine-Month Low in November

 People enjoy sitting outdoors as the summer heat eases in Riyadh (AFP). 
 People enjoy sitting outdoors as the summer heat eases in Riyadh (AFP). 

Saudi Arabia’s annual inflation rate slowed to 1.9 percent in November 2025, its lowest level in nine months, down from 2.2 percent in October, driven by easing housing costs and lower prices for food and beverages.

On a monthly basis, inflation remained broadly stable, edging up 0.1 percent compared with October.

According to data released on Monday by the Saudi General Authority for Statistics (GASTAT), the housing, water, electricity, gas and other fuels category rose 4.3 percent year on year in November, down from 4.5 percent in October. Within that category, actual housing rents increased 5.4 percent, slowing from 5.7 percent a month earlier.

Prices in the food and beverages category rose 1.3 percent, reflecting a 1.6 percent increase in the prices of fresh, chilled and frozen meat. The transport category climbed 1.5 percent, driven by a 6.4 percent rise in passenger transport services.

The personal care, social protection and miscellaneous goods and services category recorded the largest annual increase, up 6.6 percent, supported by a 19.9 percent surge in prices of other personal products, influenced by a 21.6 percent rise in jewelry and watch prices.

Prices for insurance and financial services increased 5.1 percent, led by an 8.4 percent rise in insurance costs. The recreation, sports and culture category rose 1.3 percent, reflecting a 2.1 percent increase in holiday package prices.

In contrast, prices for furniture, household equipment and routine household maintenance declined 0.3 percent. The restaurants and accommodation services category also fell 0.5 percent, as accommodation service prices decreased 2.3 percent.

GASTAT noted that the Consumer Price Index (CPI) measures changes in prices paid by consumers for a fixed basket of 582 items, while the Wholesale Price Index (WPI) tracks price movements of goods at the pre-retail stage for a fixed basket of 343 items.