Good morning, nice people. The news cycle is still holding steady, leaving us with another packed November issue. Updates from Dubai Airshow take the lead today, with Emirates’ USD 38 bn jet order from Boeing making the rounds. PLUS: IPO, M&A, and port projects updates from KSA, Oman, and Egypt. Let’s get the ball rolling.

HAPPENING TODAY-

The Dubai Airshow is on its second day and will run through until Friday, 21 November at Dubai World Central. Focusing on a diverse range of subjects — including aerospace technology advancements, sustainable aviation solutions, and cybersecurity — the conference will host some 135k attendees and around 1.4k exhibitors. There will be 192 aircraft on display with USD 101.5 bn orders already booked, according to the event brochure (pdf).

The ShipTek International Conference and Awards will open its doors today and wrap up tomorrow in Al Khobar, Saudi Arabia. The event conference will host policymakers, organizations, suppliers, and experts on maritime, offshore, and oil and gas. It will also include the ShipTek International Awards, which will highlight notable contributions of individuals and organizations to the maritime, offshore, oil and gas, port, and logistics sectors.

WATCH THIS SPACE-

#1- Saudi Arabia has delivered the first shipment of its pledged energy support to Syria, with a tanker carrying 650k bbl of crude oil docking at Baniyas port this week, state news agency SPA reports. The cargo is the first tranche of a 1.65 mn bbl grant that will support Syria’s refinery operations and energy sector sustainability.

Syria💙Saudi Arabia: Syrian-Saudi investment ties are advancing from MoUs to implementation, with some USD 6.4 bn in agreements activated during a joint investment roundtable last month. Major Saudi companies also plan to “drive bns of USD of actual capital to Syria within the next five years,” to rebuild Syria’s energy, financial, and telecom sectors.

ALSO- Saudi’s close to lifting restrictions on Lebanon trade: The Kingdom plans to take “imminent” steps to ease long-standing import restrictions following improved Lebanese efforts to curb drug smuggling, an unnamed senior Saudi official told Reuters. Riyadh’s stance has softened amid Hezbollah’s weakening after last year’s war with Israel, though it still expects Lebanon to advance its slow-moving plan to disarm the group, the newswire said.

What’s next? A Saudi delegation will visit Beirut “soon” to “resolve the barriers hindering Lebanese exports to the Kingdom,” the source said. Lebanese leaders, including President Joseph Aoun and Prime Minister Nawaf Salam — both reportedly backed by Riyadh — had asked the Kingdom to review the policy.

BACKGROUND- Saudi Arabia had banned Lebanese imports in 2021 due to Captagon smuggling, worsening Lebanon’s already severe economic crisis. Recent enforcement efforts and measures to curb Hezbollah’s influence have encouraged Riyadh, even as ongoing Israeli strikes and delays in the disarmament plan continue to complicate progress.

#2- First Kurdish crude cargoes ship from Turkey’s Ceyhan: International oil companies have begun exporting the first cargoes of crude sourced from Iraq’s Kurdistan region via Turkey’s Ceyhan Port, Reuters reports, citing a statement from Shaikan field operator Gulf Keystone Petroleum. The operator expects the second loading and offtake of Kurdish crude oil to take place in late November.

Baghdad plans to significantly increase its exports of Kirkuk crude from Ceyhan this month, aiming to load 250k bbl / d across 12 cargoes, an 86% jump from October, the newswire reported.

This has been in the works for a while: The Kurdistan Regional Government (KRG) restarted its 970-km Kirkuk-Ceyhan crude oil pipeline last September, exporting about 189k–190k bbl / d from the Kurdish region to Turkey’s Ceyhan port. The crude oil pipeline was closed in March 2023 due to a two-and-a-half-year dispute between the KRG and Baghdad.

#3- Iran emerges as Afghanistan’s trade route of choice: Landlocked Afghanistan is rerouting its trade routes through Iran and Central Asia to reduce its dependence on Pakistan for access to sea trade, following trade tensions and repeated road closures, Reuters reports. Kabul is shifting freight to its Indian-backed port of Chabahar, which has attracted Afghan shippers with concessions, including 30% off port tariffs, 75% off storage fees, and 55% off docking charges.

The strategic impact: This shift trims Islamabad’s long-standing leverage on Afghanistan — boosting Iran’s role as South-to-Central Asia trade hub, with India deeply involved in Chabahar. Pakistan remains Afghanistan’s fastest route to access sea trade, with trucks able to reach Karachi ports in 3 days.

Trade in numbers: Kabul’s trade with Iran climbed to USD 1.6 bn in the last six months — exceeding the USD 1.1 bn it traded with Pakistan, an Afghan Commerce Ministry spokesperson told the newswire.

DISRUPTION WATCH-

#4- US lifts flight cuts: The Federal Aviation Administration (FAA) has moved to remove operational cuts across 40 major US airports that were rolled out during the US government shutdown, according to an FAA statement. The cuts were officially lifted yesterday at 6am.

REMEMBER- US airlines canceled and delayed thousands of flights over the last week, due to staffing shortages at airports arising from the ongoing US government shutdown — the longest in Washington’s history. The cancellations coincided with the FAA’s decision to cut travel air capacity at 40 of the nation’s busiest airports — with the cuts starting at 4% before peaking at 10%.

MARKET WATCH-

#1– Oil prices took another dip this morning in the wake of Russia’s resumption of operations at its oil export hub Novorossiysk, Reuters reports. Brent crude futures fell USD 0.46 to trade at USD 63.74 / bbl as of 04:20 GMT, while US West Texas Intermediate (WTI) dropped by USD 0.45 to USD 59.46 / bbl.

ALSO- What’s in the books for Opec+ next year? Almost two-thirds of the 25 brokers and analysts surveyed by Bloomberg expect Opec+ to hold production steady in 2026, with fewer than a third anticipating any move to reduce supply. Only eight respondents expect fresh curbs next year, while 12 see no cuts at all, and the remainder say a policy shift is unlikely unless the market suffers a severe downturn.

Only a significant dip in demand and a drop in crude prices to USD 50 / bbl could push the group back into active market management, senior analyst at Eurasia Group Greg Brew told the business news information service.

Non-Opec+ supply growth could also stall as early as next year, potentially strengthening Opec+’s position by late 2026, Bloomberg cites BP’s CEO Murray Auchincloss as saying. That could help validate the group’s shift toward protecting market share, especially as the IEA continues to forecast demand growth for longer than previously expected.

Not everyone agrees on the size of next year’s surplus: Goldman Sachs and HSBC expect a smaller surplus than the IEA projects, noting that excess barrels may continue to be absorbed by China as it tops up its strategic reserves, the outlet said.

Middle East producers are also finding a lifeline in China and India, which have absorbed surplus barrels that briefly pushed the region into oversupply earlier this month, Bloomberg reports separately, citing traders. Cargoes that were sitting without buyers — including volumes from the UAE — have now cleared, easing concerns about a buildup of unsold shipments. Chinese refiners took several cargoes, while Indian processors marginally increased purchases through a run of tenders.

While buying has kept Middle East grades relatively supported versus other regions, pricing remains under pressure. Benchmarks including Oman, Upper Zakum, and Murban continued to trade at lower differentials to Dubai as the month progressed, Bloomberg said, citing General Index data.

#2– Baltic index breaks losing streak: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — inched up 1.3% to 2,153, buoyed by the bigger vessel segment. The capesize increased 2.3% to 3,328, while the panamax index declined 0.5% to 1,887. The smaller supramax index gained 1.1% to 1,423.

DATA POINTS–

#1- Turkish ship and yacht exports rose 16.3% y-o-y to USD 1.8 bn in the first 10 months of 2025 — amounting to 0.9% of Turkey’s total exports, Daily Sabah reports, citing a report seen by Turkish outlet Anadolu Agency. Turkey, which originally expected the year-end exports to amount to USD 1.7 bn, is adjusting its forecast to USD 1.94 bn, President of the Turkish Ship, Yacht and Marine Services Exporters’ Association Cem Seven said.

#2-Shinas Port handled 162k tons of cargo in 3Q 2025 — registering a 602% y-o-ysurge — based on our own calculations, Times of Oman reports. The cargo handled comprised 159k tons of imports and 3.1k tons of exports. The increase comes due to recent infrastructure and service upgrades aimed at boosting handling capacities.

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CIRCLE YOUR CALENDAR-

Egypt will host the International Procurement Supply Chain Conference on Saturday, 6 December in Cairo. The event will gather over 1k delegates, more than 400 organizations, and over 30 global speakers to discuss the future of trade through keynotes and panel discussions. The discussions will center on Egypt’s transformation in the logistics sector, the future of smart ports and supply chains, as well as digital ecosystems.

Morocco is hosting the Rail Industry Summit on Tuesday, 9 December until Wednesday, 10 December in El Jadida. The two-day event will gather 130 exhibitors, 250 companies, and over 900 participants from 15 countries. It will feature business meetings, high-level conferences, and workshops focused on new market trends and future strategies.

Saudi Arabia is hosting the Saudi Airport Exhibition on Tuesday, 16 December until Wednesday, 17 December in Riyadh. Upwards of 10k global attendees are expected to participate in the event from over 100 countries. The two-day event will focus on airport-related innovation, and will feature participation from Saudia, SolitAir, and Amadeus.

Check out our full calendar at the bottom of this email for a comprehensive listing of upcoming news events and news triggers.

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