Iran Maintains Oil Exports during Conflict with Israel
As tensions between Iran and Israel escalate into direct military confrontation, Tehran is quietly repositioning its oil export strategy to protect a crucial revenue stream and navigate tightening U.S. sanctions.
According to two ship-tracking firms that spoke with Reuters, Iran is continuing to export crude oil largely unabated, using a "shadow fleet" of tankers and adapting its loading operations to minimize risk. While missile exchanges between the two adversaries have targeted strategic energy infrastructure — including Israel's Haifa oil refinery and Iran's South Pars gas field — Iran's main crude terminal on Kharg Island remains intact.
Recent data from energy analytics firm Kpler shows that Iran has loaded 2.2 million barrels of crude per day so far this week, the highest volume in over a month. The loading operations have shifted exclusively to the island's eastern jetty, a move seen as a precaution amid ongoing hostilities.
Floating storage allows Iran to respond quickly to market demand and sidestep sanctions enforcement by disguising cargo origins or swapping cargo at sea. This flexibility becomes even more valuable during wartime or geopolitical instability.
Despite the reimposed U.S. sanctions — and additional restrictions targeting Chinese refiners since March — Iranian oil exports have remained resilient. The International Energy Agency (IEA) reported on Tuesday that exports have held steady at around 1.7 million barrels per day throughout 2025.
read more
CBE: Deposits in Local Currency Hit EGP 5.25 Trillion
Morocco Plans to Spend $1 Billion to Mitigate Drought Effect
Gov't Approves Final Version of State Ownership Policy Document
Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister
Qatar Agrees to Supply Germany with LNG for 15 Years
Business
Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves
Business
Suez Canal Records $704 Million, Historically Highest Monthly Revenue
Business
Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday
Business
Wheat delivery season commences on April 15
News
China Launches Largest Ever Aircraft Carrier
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Lifestyle
Get to Know 2025 Eid Al Adha Prayer Times in Egypt
Business
Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Arts & Culture
Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
News
Flights suspended at Port Sudan Airport after Drone Attacks
Videos & Features
Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
News
Shell Unveils Cost-Cutting, LNG Growth Plan
Technology
50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
News
3 Killed in Shooting Attack in Thailand
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
6 minutes ago
- See - Sada Elbalad
Gold Gains EGP 30 in a Week, Supported by Geopolitical Tensions and Dollar Pressure
Waleed Farouk Gold prices in local markets rose by approximately 0.7% during last week's trading, in parallel with a 1.9% increase in the global ounce price, driven by escalating geopolitical tensions and concerns over a worsening sovereign debt crisis. The price of 21-karat gold rose by EGP 30 over the week, opening at EGP 4,610 per gram and closing at EGP 4,640. Meanwhile, the global ounce price climbed by $63, from $3,274 to $3,337. The 24-karat gold gram recorded EGP 5,303, 18-karat stood at EGP 3,977, and 14-karat reached EGP 3,094, while the gold pound (8 grams of 21-karat) was priced at EGP 37,120. The local market saw relative stability during Saturday's trading, coinciding with the weekend closure of global exchanges. The 21-karat gram opened at EGP 4,640, dipped slightly to EGP 4,630, and closed again at EGP 4,640. Global Market Dynamics Support Gold Despite Strong U.S. Labor Data Despite the release of robust U.S. labor market data, gold continued its upward trend globally, supported by expectations that the U.S. dollar may face further pressure in the coming period. This coincides with the approaching expiration of the temporary suspension on global tariffs imposed by former U.S. President Donald Trump, scheduled for July 9. According to Treasury Secretary Scott Besant, the U.S. may impose reciprocal tariffs of no less than 10% on around 100 countries, with expectations of reaching several trade agreements ahead of the deadline. The U.S. Department of Labor announced that the economy added 147,000 jobs in June, exceeding analysts' expectations of 111,000, while the unemployment rate fell to 4.1%. These figures prompted markets to reduce bets on an imminent rate cut, lowering expectations of a July cut to just 25%. Geopolitical Tensions Add to Gold's Appeal On the geopolitical front, Trump stated that he discussed the Ukraine file with Russian President Vladimir Putin without notable progress, while informing Ukrainian President Volodymyr Zelenskyy that the U.S. remains prepared to support Ukraine's air defense systems. On the legislative front, the U.S. administration is pushing to pass a massive fiscal bill dubbed "The Big Beautiful Sheet," aimed at extending most of the 2017 tax cuts set to expire in 2025. According to Congressional Budget Office estimates, this bill would increase the federal deficit by $3.4 trillion over the next ten years, potentially weakening the dollar and driving investors to gold as a safe-haven asset. Gold Eyes $3,500 Target as Investment Flows Increase Analysts believe that gold's main driver at this stage remains investment inflows, as central banks and reserve managers continue to diversify their holdings away from the U.S. dollar in favor of alternative assets—most notably gold. This is likely to enhance demand and push the precious metal toward record levels, possibly reaching $3,500 per ounce by year-end. Upcoming Economic Events to Watch: Tuesday: Reserve Bank of Australia monetary policy meeting Wednesday: Minutes of the U.S. Federal Reserve's June FOMC meeting Thursday: Weekly U.S. jobless claims report read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Daily News Egypt
2 hours ago
- Daily News Egypt
Egypt allocates EGP 1.5bn to accelerate automotive industry in FY2025
Egypt has allocated EGP 1.5bn in its 2024/2025 state budget to advance the localisation of its automotive industry, a strategic move underscored by the inauguration of Sumitomo's largest global factory for automotive wiring harnesses in 10th of Ramadan City. The Japanese manufacturer's new facility is expected to create around 10,000 jobs and serve as a key export hub for major European carmakers. Its opening reflects Egypt's broader efforts to deepen local manufacturing, reduce dependence on imports, and position itself as a regional leader in vehicle production and innovation. The government's push to grow the automotive sector is part of its wider economic development strategy aimed at enhancing the investment climate and achieving industrial self-sufficiency. International confidence in this direction is growing. Fitch Solutions projects an uptick in Egypt's vehicle production in 2025, supported by expected exchange rate stabilisation and the easing of import restrictions. Meanwhile, the International Energy Agency has praised Egypt's progress in expanding production lines for electric vehicles and batteries—developments that are enabling more exports to the EU and encouraging local EV adoption. The EGP 1.5bn allocation supports the National Strategy for the Localization of the Automotive Industry, originally launched in 2022. As of mid-2025, seven companies have joined the initiative, with three having already submitted invoices. An updated version of the strategy was approved in May and is set to take effect in July 2025. This strategy is complemented by other major national initiatives, including the activation of the Automotive Industry Development Program (AIDP), which offers incentives to boost local value-added production. Egypt has also established the Supreme Council for the Automotive Industry and launched the Eco-Friendly Automotive Industry Financing Fund, under Law No. 162 of 2022, to further support sector growth. Workforce development is also underway. In December 2024, the first batch of graduates completed the 'Android Automotive' programme—an initiative focused on building Egypt's capabilities in automotive software and smart vehicle technologies. In terms of electric mobility, Egypt recently signed a contract to launch a joint stock company for the production of the country's first electric minibus. The model will seat 24 passengers, with an initial production target of 300 buses. A dedicated battery production line is also under development, with a projected annual output of 600 batteries by 2026. Further investment is being directed into the Egypt Sat Auto project, with EGP 300m earmarked to produce a range of electric and conventional vehicles, buses, EV charging stations, scooters, and components. Traditional vehicle manufacturing and assembly are also expanding. Among the notable projects is a Geely plant with two production lines and an annual capacity of 10,000 vehicles, 45% of which will be locally sourced. Al Nasr Automotive Company has achieved over 50% local content in its production of 300 buses annually. Meanwhile, the Egyptian German Automotive Company is producing 1,200 Mercedes vehicles and 3,000 Exeed vehicles each year. Feeder industries are also gaining traction. Prometeon Tyre Egypt produces 1.1 million heavy truck tyres annually, with 70% destined for export and approximately 2,000 jobs created. Al-Mansour's vehicle filter plant, with over $10m in investments, manufactures more than 10 million filters each year. At the heart of these efforts is Sumitomo's newly launched factory in 10th of Ramadan City—a flagship project that not only represents the company's largest facility worldwide but also underscores Egypt's growing role as a manufacturing and export hub in the global automotive landscape.
Al-Ahram Weekly
2 hours ago
- Al-Ahram Weekly
Egypt expands expat Insurance coverage to EGP 250,000 - Foreign Affairs
Egypt has launched an enhanced personal accident insurance policy for its citizens residing overseas and their families, raising the payouts for death and total disability to a maximum of EGP 250,000, the Foreign Ministry said on Sunday. The maximum payout had previously been EGP 100,000. The upgraded policy, a collaboration between the Ministry of Foreign Affairs and the Financial Regulatory Authority, takes effect this July. The initiative is part of a broader state effort to integrate Egyptians working abroad and their families into social safety nets through flexible and secure insurance provisions, the ministry added. The updated policy, officially approved and published in the Egyptian Gazette, allows Egyptians working abroad and their families without work permits to subscribe through the Egyptian insurance agency. This aims to simplify access to insurance services and boost overall coverage rates. The policy provides greater financial protection in cases of natural death, accidental death, or permanent total disability resulting from an accident abroad. For natural death, the insurance agency covers the actual cost of body repatriation, up to a maximum of EGP 250,000. If burial occurs abroad, the agency will pay an amount equivalent to the cost of transporting the body from the country of death to Egypt. In cases of accidental death, the agency covers the actual costs of repatriating the body within one year of the accident date, with the remaining amount distributed among legal heirs. To be eligible for coverage, the insured must be between 18 and 70 years old at the time of the incident. The upgraded insurance policy is a direct result of ongoing engagement with Egyptian expatriate communities, Ambassador Nabil Habashi, Deputy Minister of Foreign Affairs, said, adding that millions of Egyptians living and working abroad are set to benefit. Follow us on: Facebook Instagram Whatsapp Short link:
