Good morning, friends. We’re inching closer to the weekend with a brisk read, with warehouse, startup, and M&A updates from the UAE, Saudi Arabia, and Egypt. Let’s dive right in.

WATCH THIS SPACE-

#1-Iraq is mulling a bid from US-based Excelerate Energy — among other US firms — to get its first floating storage and regasification unit (FRSU), Bloomberg reported last week, citing Ali Salman, acting director of Iraq’s South Gas Company. The FRSU will reportedly be based at Basra’s Khor Al Zubair Port and will connect to the Iraqi gas network. Iraq was reportedly in talks with multiple firms earlier this year to secure two FSRUs by early June.

IN CONTEXT- The move comes as Baghdad works on minimizing its energy imports — electricity and natural gas — from Iran in response to mounting US pressure. The effort reportedly received new urgency after the recent spate of missile exchanges between Israel and Iran highlighted the precarious nature of Iran’s natural gas supplies, the news outlet reports.

Excelerate and regional players: The US firm was reported earlier this year to be in talks with the Egyptian government over possible FRSU leases.

IN OTHER IRAQ UPDATES- Iraq has launched a probe to look into Monday night’s airstrikes on Kirkuk International Airport and Baiji oil refinery, Shafaq News reports. The probe comes after the airport was hit by three projectiles with no reported damage to the infrastructure or operations. Authorities increased security around the airports, though no direct threat was identified, Shafaq News noted in a separate report, citing unnamed officials. Iraqi air defenses also detected an unidentified drone flying low and close to the Baiji oil refinery in Saladin Governorate, though no disruptions were reported.

#2- US President Donald Trump has signed an executive order lifting certain sanctions on Syria, leaving in effect sanctions on former Syrian President Bashar Al Assad and individuals linked to his regime, according to a statement. The move also maintains secondary sanctions targeting individuals conducting business with Syrian military and intelligence institutions, which require legislative action to repeal, the Associated Press reports.

Old names, new designations: The order permits the “relaxation of export controls on certain goods and waives restrictions on certain foreign assistance to Syria,” the statement reads. It also directs a review of current Syrian President Ahmed Al Sharaa and Hay’at Tahrir Al Sham’s designation as ‘specially designated global terrorists.’

#3- Oman seeks consultancy firm for Al Jabal Al Akhdar Airport: Oman’s Civil Aviation Authority is currently in the process of appointing a consultancy firm to select a site for the slated Al Jabal Al Akhdar airport, Civil Aviation Chairman Nayef Al Abri said (watch, runtime: 00:41). The airport is part of a plan to set up six domestic airports, with sites in Suhar, Musandam, and Masirah Island also under evaluation, the Oman Observer reports. The investment ticket and timeline for the airport have not been disclosed.

MARKET WATCH-

#1- Oil prices remained largely unchanged amid anticipation of Opec+ decision for August production rates, Reuters reports. Brent crude futures increased USD 0.02 to USD 67.13 a barrel by 03.45 GMT, while US West Texas Intermediate (WTI) futures declined by USD 0.01 to trade at USD 65.44 a barrel.

Meanwhile, Saudi Arabia crude production in June outpaced the volume permitted by the Opec+ latest production hike, increasing by 441k bbl/d to reach 6.36 mn bbl/d — the highest level since March 2024, according to Bloomberg ’s preliminary tanker-tracking data. June’s shipments saw nearly 190 mn barrels dispatched from Gulf and Red Sea terminals to overseas buyers, with the export blitz coinciding with falling global prices.

In context: The move comes as part of Saudi efforts to claw back global market share and suggests that Riyadh is leaning hard into its strategy even before summer cooling demand tapers off. The coalition’s phased hike allowed the kingdom to add 167k bbl/d in each of May, June, and July — part of an 8 member Opec+ move to collectively raise output by 411k bbl/d monthly. A similar increase is on the table for August, with a decision expected in Sunday’s meeting, Bloomberg said.

#2- Baltic index dips once again: The Baltic Exchange’s dry bulk sea freight index — which tracks rates for the capesize, panamax, and supramax vessel segments — dropped 2.1% to 1,458 points on Monday. The capesize was down 4.7% to 2,011 points, while the panamax maintained its level at 1,500 points. The small supramax index inched up 6 points to settle at 1,018.

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CIRCLE YOUR CALENDAR-

Intermodal Africa will kick off on Tuesday, 22 July and run till Thursday, 24 July in Beira, Mozambique. The forum will host over 300 senior government officials, industry leaders, academics, senior executives, and harbor masters in the ports, shipping, and logistics sector. Attendees and speakers will be coming from countries across the Middle East, Africa, and Europe.

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