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Dubai Food Imports Hit 8 Million Ton in 2021

People shop at a supermarket in Dubai, United Arab Emirates, March 26, 2020. - REUTERS/Christopher Pike
People shop at a supermarket in Dubai, United Arab Emirates, March 26, 2020. - REUTERS/Christopher Pike
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Dubai Food Imports Hit 8 Million Ton in 2021

People shop at a supermarket in Dubai, United Arab Emirates, March 26, 2020. - REUTERS/Christopher Pike
People shop at a supermarket in Dubai, United Arab Emirates, March 26, 2020. - REUTERS/Christopher Pike

Dubai has imported eight million tons of food during 2021 and re-exported 6.277 million shipments through all its ports, a Dubai Municipality press release revealed Thursday.

Food exports amounted to 3.272 tons to 157 countries last year after verifying their safety and compliance with food safety standards and requirements. This came after Dubai issued 78,812 food export health certificates.

Director of Food Safety Department in Dubai Municipality Sultan Al Taher said that these efforts comply with the municipality's responsibility for the continued flow of food imports to Dubai's markets and ensure the smooth flow of their passage through the ports following strict procedures, state news agency WAM reported.

"All food items must be registered within the regulatory system subject to the provisions of food control regarding local and imported foodstuff," he added.

"This ensures that the food reaches the consumer within the approved standards and specifications and helps control the follow-up of food."

According to Al Taher, all types of food are registered electronically through a global system that controls imported and locally produced foods in the emirate.

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Oil Prices Slip as Russia Sanctions Stay in Focus

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
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Oil Prices Slip as Russia Sanctions Stay in Focus

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo

Oil prices slipped on Tuesday from the previous day's four-month highs but the market remained supported by continuing focus on the impact of new US sanctions on Russian oil exports to key buyers India and China.

Brent futures were down 58 cents, or 0.72%, to $80.43 a barrel by 1421 GMT, while US West Texas Intermediate (WTI) crude fell 62 cents, or 0.79% to $78.20 a barrel, Reuters reported.

Prices jumped 2% on Monday after the US Treasury Department on Friday imposed sanctions on Gazprom Neft and Surgutneftegas as well as 183 vessels that transport oil as part of Russia's so-called shadow fleet of tankers.

"With several nations seeking alternative fuel supplies in order to adapt to the sanctions, there may be more advances in store, even if prices correct a bit lower should tomorrow's US CPI data come in somewhat hotter-than-expected", said Charalampos Pissouros, senior investment analyst at brokerage XM.

While analysts were still expecting a significant price impact on Russian oil supplies from the fresh sanctions, their effect on the physical market could be less pronounced than what the affected volumes might suggest.

ING analysts estimated the new sanctions had the potential to erase the entire 700,000 barrel-per-day surplus they had forecast for this year, but said the real impact could be lower.

"The actual reduction in flows will likely be less, as Russia and buyers find ways around these sanctions," they said in a note.

Nevertheless, analysts expect less of a supply overhang in the market as a result.

"We anticipate that the latest round of sanctions are more likely to move the market closer to balance this year, with less pressure on demand growth to achieve this," said Panmure Liberum analyst Ashley Kelty.

Uncertainty about demand from major buyer China could blunt the impact of the tighter supply. China's crude oil imports fell in 2024 for the first time in two decades outside of the COVID-19 pandemic, official data showed on Monday.