How Dubai is reshaping the global oil trade

How Dubai is reshaping the global oil trade

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 energy correspondent Tom Wilson explains how this shift has helped the UAE replace Switzerland, and whether the global energy industry is shifting away from western economies.


Plus, do you have your own burning questions about business or finance? Send us your questions and we may use them in a future show. Record a voice message here and we may even play it on the show: https://sayhi.chat/rmc2b Or, email Michela at michela.tindera@ft.com, or message her on Twitter at @mtindera07


Update: A new version of this episode was uploaded on August 9, 2023 to correct that Fujairah is roughly an hour’s drive east from Dubai, not west.

- - - - - - - - - - - - - - - - - - - - - - - - - -

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

Switzerland/Paramount: block loopholes which swerve oil sanctions

- - - - - - - - - - - - - - - - - - - - - - - - - -

On Twitter, follow Tom Wilson (@thomas_m_wilson) and Michela Tindera (@mtindera07)


Read a transcript of this episode on FT.com

Hosted on Acast. See acast.com/privacy for more information.

Episoder(318)

Finale: The collapse of India’s $22bn tech star

Finale: The collapse of India’s $22bn tech star

For our final episode: Education start-up Byju’s quickly became the pride of India during the Covid-19 pandemic. But almost as fast as the company rose, it collapsed. The fallout has already resulted ...

1 Apr 31min

Private credit’s public reckoning

Private credit’s public reckoning

After years of fast-paced growth, private credit is facing intense scrutiny. In recent months, investors have made requests to withdraw billions of dollars from the $2tn sector’s funds. The FT’s US pr...

25 Mar 27min

Best of: How the diamond industry lost its sparkle

Best of: How the diamond industry lost its sparkle

This week, we are revisiting a favorite episode. The natural diamond industry is facing an existential threat: lab-grown diamonds. They are chemically and physically identical to natural stones but th...

18 Mar 23min

Introducing Untold: Opus Dei

Introducing Untold: Opus Dei

Introducing Opus Dei, a new season of Untold from the Financial Times. Host Antonia Cundy uncovers the cultural and political influence of a controversial Catholic organisation in America. Opus Dei ex...

13 Mar 1min

Wall Street and crypto battle over the future of money

Wall Street and crypto battle over the future of money

US President Donald Trump handed crypto companies a huge win last year when he signed a piece of legislation to regulate an important part of the digital currency world: stablecoins. But ever since th...

11 Mar 19min

Vote for Behind the Money in the NYC Podcast Awards!

Vote for Behind the Money in the NYC Podcast Awards!

Behind the Money has been nominated for an NYC Podcast Award in the Best Interview Podcast category. It’s an Audience Choice award, which means we need your help to win. Vote for us here. And while yo...

9 Mar 39s

Co-creators Mickey Down & Konrad Kay on ‘Industry’

Co-creators Mickey Down & Konrad Kay on ‘Industry’

This week Michela and the FT’s US banking editor, Joshua Franklin, interview the co-creators of the hit television show, Industry. In its fourth season, the show follows the lives of ambitious young p...

4 Mar 31min

Companies reap $22bn from Trump’s immigration crackdown

Companies reap $22bn from Trump’s immigration crackdown

Raids by the US Immigration and Customs Enforcement have made national headlines. But behind ICE’s operations, a sprawling web of private companies – from global powerhouses to niche family-run busine...

25 Feb 25min

Populært innen Business og økonomi

stopp-verden
dine-penger-pengeradet
lydartikler-fra-aftenposten
e24-podden
rss-penger-polser-og-politikk
rss-borsmorgen-okonominyhetene
pengepodden-2
finansredaksjonen
tid-er-penger-en-podcast-med-peter-warren
livet-pa-veien-med-jan-erik-larssen
utbytte
morgenkaffen-med-finansavisen
rss-markedspuls-2
lederpodden
pengesnakk
rss-pa-konto
liberal-halvtime
rss-fa-makro
rss-investering-gjort-enkelt
boligbobla