Following the United Arab Emirates’ decision and three additional countries to resume relations with Doha in January, Qatar seems to have sold its first oil shipment to its neighbor in the Arabian Gulf.
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According to Bloomberg’s follow-up results, on 4 March, Qatar loaded some 700,000 barrels of oil on the Abu Dhabi-III tanker. Three days later, the vessel transported the fuel to Dubai’s Jebel Ali terminal.
Exports could mean that business is back to normal now that the three-and-a-half-year break of diplomatic and economic cooperation has ended.
The vessel was employed by Emirates National Oil Co., a government refinery in Dubai, UAE’s market capital, to ship condensate. ENOC operates a refinery in Jebel Ali that produces jet fuel from condensate and a light oil liquid often derived from natural gas.
Before the 2017 embargo, before Qatar’s ties were broken with the UAE, Saudi Arabia, Bahrain, and Egypt, Abu Dhabi National Oil Co. bought some Qatari condensate.
The four countries have accused Qatar of interfering in their internal relations, financing hard-line Islamist groups in the Middle East, and being too close to Iran, all of which Doha opposes.
Qatar, a peninsula projected from Saudi Arabia into the Gulf, accounts for most of its sales from liquefied natural gas rather than oil.
During the embargo, Qatar left the Organization of Petroleum Exporting Countries (OPEC), of which Saudi Arabia and the United Arab Emirates are the largest and third-largest producers, respectively.
Over the last decade, the supply of condensate to Dubai has been brimming with geopolitical challenges. ENOC’s refining feedstock has traditionally originated in Iran, where some of the world’s largest gas deposits have an excess of cheap condensate.
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