What replaces Gulf crude if Hormuz disruption drags on?

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WHAT WE’RE TRACKING TODAY

TODAY: What’s left when Gulf crude disappears?

Good morning, nice people, and welcome back. Reserves can buy time, but if the war drags on, the question becomes: where do replacement barrels come from?

Plus: Disruption remains the throughline — Riyadh is stress-testing a USD 180 oil scenario, while Tehran pivots to selective access in Hormuz, redrawing regional flows.

^^ We have more in the news well, below.

The big story abroad

The US-Israel war on Iran has not slowed down yet, but US President Donald Trump did announce a five-day pause in strikes and indicate a resumption of talks with Tehran. Trump notably walked back his threat to target the Islamic Republic’s power grid after being urged by US allies and Gulf states, unnamed sources told Bloomberg.

But Tehran has denied that it agreed to talk to Washington. “No negotiations have been held with the US, and fakenews is used to manipulate the financial and oil markets and escape the quagmire in which the US and Israel are trapped,” Iran’s Parliament Speaker Mohammad Baqer Qalibaf said.

Watch to watch: There are two things we’ll be watching closely in the days to come: Whether Washington and Tehran will sit at the negotiating table, and whether Trump will stick to his decision not to target Iran’s energy infrastructure. Iranian media claims he already failed to follow through, reporting what so far appear to us to be limited attacks on the country’s gas facilities earlier today.

Oil prices eased on the news: Crude prices fell 11% yesterday following Trump’s decision to delay airstrikes on Iran’s energy facilities and his contested reference to resumed negotiations. Brent crude tumbled USD 12.25 — a 10.9% drop — to close at USD 99.94 per barrel.

Also making headlines is the collision between an Air Canada Express jet and a fire truck at New York’s LaGuardia airport. Both pilots were killed and dozens were injured. Aviation safety experts said that air traffic staffing levels — an encroaching issue in US aviation — will be a part of the ensuing investigation.

Watch this space

ENERGY — Repairs to Qatar’s LNG facilities after this month’s missile strikes could “take up to five years,” Qatar Energy CEO Saad Sherida Al Kaabi said in a statement. Two liquefaction trains — roughly 12.8 mtpa, or 17% of total exports — have been knocked offline, forcing QatarEnergy to declare force majeure on long-term contracts with buyers in Europe and Asia.

Plus: QatarEnergy has put five April slots for unloading, storage, and regasification at Belgium’s Fluxys Zeebrugge terminal last week through the secondary market, even though the terminal usually receives up to three Qatari cargoes a month under long-term contracts.

Why it matters: The decision means Qatar is freeing up booked terminal capacity that it cannot use — suggesting it expects the disruption to last longer than a short-term cargo delay.

While Egypt isn’t on the list of buyers directly affected, further LNG shortages on the global market will continue to push prices up, especially as each additional month of disruption removes around 1.5% from annual global LNG availability, intensifying competition for a shrinking pool of flexible supply. Countries with weaker financing capacities like Egypt will struggle to compete with Asia or Europe’s premiums, Wideangle LNG Consulting Director Jean-Christian Heintz tells EnterpriseAM.

INVESTMENT — Marsa Maroc plots MAD 21 bn expansion: Morocco's port operator Marsa Maroc is planning to invest nearly MAD 21 bn in port expansion projects through 2030 after closing 2025 with 16% increase in revenue to MAD 5.8 bn, and 25% surge in net income to MAD 1.6 bn.

Why it matters: The investment plan is meant to reinforce the group’s ambition to rank among the region’s leading port operators by the end of the decade, which is part of a MAD 4.4 bn investment plan that aims to modernize and expand port capacity at the port of Casablanca and Jorf Lasfar, according to the group’s annual financial release (pdf).

MARITIME — TGA announces war-related license requirement exemption: The Transport General Authority (TGA) has suspended the requirement for valid maritime licenses and work permits for 30 days for vessels in the Arabian Gulf, according to a statement. The exemption is subject to renewal if necessary and aims to ensure maritime activity continues uninterrupted while enabling vessels to continue their work safely.

Supporting logistics in the east: The Saudi Ports Authority launched an initiative this week to supply ships in the Arabian Gulf with fuel, water, and food, as the waterway falls under pressure of a near-total closure of the Strait of Hormuz.

Market watch

Oil prices rose this morning on supply fears after Iran denied US talks, contradicting Trump’s claim of a near agreement, Reuters reports. Brent crude futures increased USD 4 to USD 103.94 / bbl by 04.00 GMT, while US West Texas Intermediate (WTI) gained USD 3.49 to USD 91.62 / bbl.

Meanwhile close to home: Oil pricing in the Middle East is being rewritten in real time — and it is happening inside one of the market’s most important benchmarks. The Dubai crude benchmark has been tweaked again as flows through the Strait of Hormuz stall, forcing pricing bodies to adapt to a market that’s no longer functioning normally, Bloomberg reports.

What changed this time: S&P Global (via Platts) has suspended a pricing offset that normally applies to Abu Dhabi’s flagship Murban crude, which will keep Murban from dropping below Dubai’s level during daily assessments. Crucially, this makes it more attractive to deliver into the benchmark at a time when supply options are shrinking.

Why this matters: The Dubai benchmark underpins pricing for a huge share of Middle East crude exports. But right now, the system is under stress — with only a limited pool of crude grades (mainly Murban and Oman) still able to participate due to shipping disruptions.

The Baltic Index slips again: The Baltic Exchange’s dry bulk index — which tracks rates for the capesize, panamax, and supramax vessel segments — fell 0.9% to 2,037 points on Monday. The capesize declined 1.1% to 2,937 points, while the panamax index slipped 0.8% to 1,888. The smaller supramax index edged down 0.5% to 1,218 points.

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The missing barrels problem

The G7 can flood the market with reserve barrels — but it still cannot tell refiners where the next reliable crude will come from. If the Iran war drags on and the initial stock draw begins to lose impact, the harder question takes over: where do replacement barrels come from if Gulf flows remain impaired beyond what emergency buffers can absorb?

Band-aid barrels? The International Energy Agency (IEA) is already calling this the largest disruption in oil market history, and without a swift resolution to the conflict, reserves risk becoming little more than a stopgap.

IEA eyeing even deeper reserve releases: The IEA is weighing another emergency oil release as the Middle East war keeps choking supply. The agency is currently consulting governments in Asia and Europe on whether more barrels need to be pulled from emergency reserves. Asia is bearing the brunt of the shock given its dependence not just on crude, but also on other critical products moving through Hormuz.

The regional fallback

The first layer of alternatives is still partly inside the region. Saudi Arabia and the UAE can bypass Hormuz through existing pipelines, and Saudi Aramco has already been rerouting barrels to the Red Sea and offering Arab Light cargoes out of Yanbu. But that relief is limited, as the US Energy Information Administration (EIA) estimates only about 2.6 mn bbl / d of available Saudi and UAE pipeline capacity could bypass Hormuz in a disruption.

Not nearly enough: “Saudi Arabia and the UAE do have alternative export routes to the Red Sea and Fujairah, but that is still not enough to offset what is lost through the strait,” global oil markets analyst Harry Tchilinguirian told EnterpriseAM.

Who can replace Gulf barrels — and who can’t?

West Africa is the fastest external option — but it only solves part of the problem. Nigeria has lifted output to about 1.7 mn bbl / d and is pitching itself as a diversification partner. Nigerian and Angolan grades could also see stronger East-of-Suez demand as buyers hunt for light sweet alternatives.

But there’s the catch, “West Africa is short on spare capacity,” head of Energy Trends and Analysis at Welligence Energy Ruaraidh Montgomery told EnterpriseAM.

Brazil is one of the few non-Opec producers big enough to matter — but not enough to cover a global energy shock. Output is forecast to average 4 mn bbl / d in 2026.

The constraint is logistics and crude fit: Brazilian barrels take longer to reach Asia, and cargo offers into China have already jumped to USD 13-14 above Brent, showing that replacement supply exists but gets expensive once Asian buyers start chasing it.

And the crude isn’t a perfect match: Much of it is lighter than the medium-sour Gulf grades many refiners are built for. On top of that, Brazil’s growth is already baked into market expectations — meaning it doesn’t offer a fresh pool of emergency barrels, Montgomery added

Guyana is part of the backup story — but it’s too small and too specific to be a substitute. It is expected to average around 840k bbl / d in 2026, with another offshore project due later this year. Exxon’s installed capacity is already above 900k bbl / d and targeting 1.15 mn bbl / d.

But again, it’s mostly light sweet crude — useful at the margin, not a like-for-like replacement for Gulf supply.

Can North America fill the gap?

North America is more important than how it looks — especially for sour-crude refiners. The loss of Gulf medium sour supports heavier substitutes like Canada’s WCS and US Gulf sour grades because complex refiners still need to feed cokers and keep distillate yields up.

The barrels can soften the shock, but they do not replace the Gulf. US output is still forecast to rise only modestly — from 13.6 mn bbl / d in 2026 to 13.8 mn bbl / d in 2027, while Canada’s TMX-linked exports add some extra room without changing the bigger supply picture.

Washington’s case is different: US producers may be able to bring on some additional barrels if producers see higher prices, but any increase would still be too small to make up for the barrels currently offline, Montgomery said.

The market will be forced to look to its neighbors — like Canada, Brazil, Guyana, and Argentina if Hormuz stays shut, even though Canada's export route to Asia has little room left to expand, Tchilinguirian added.

The market leans back on Russia

Is there room for the Russians? Moscow is emerging as the market’s most usable emergency fallback for Asia as its barrels are already flowing and can be redirected faster than new supply can be developed.

India isn’t waiting: Refiners have returned to Russian crude as Gulf disruption tightens supply, while Moscow says it can redirect more cargoes toward Indian buyers. Russia may also have some room to lift output and exports if its own flows remain unaffected, Tchilinguirian added.

Where does the pressure really land?

Asia takes the hit: Asia remains the main pressure point rather than Europe or the US as the market waits to see whether secure transit through Hormuz can be restored, Tchilinguirian explained, because the bulk of the liquids moving through the strait is destined for Asian buyers, with China and India being the largest takers.

…but they are holding up: Short-term pressure is softened by the fact that China built up strategic reserves through 2025 and early 2026 and continues to receive Iranian crude, while India, under a US waiver, is still able to take Russian barrels. Japan and South Korea are also exposed, but both stand to benefit from the IEA stock release, Tchilinguirian said.

Saudi oil alarm bells ring

Inside Riyadh’s oil worst-case scenario: Riyadh is reportedly modeling a worst-case oil price scenario, as strikes on infrastructure and the closure of Hormuz threaten to push crude toward USD 180 a barrel by late April should disruptions persist, unnamed Saudi officials told the Wall Street Journal.

“This is really uncharted territory for the oil market, as there has never been such a large, prolonged, and unpredictable supply outage,” Gulf analyst at GlobalPartners Justin Alexander tells EnterpriseAM. USD 180 / bbl is “not implausible” as it would still be lower in real USD terms than when oil prices hit over USD 145 / bbl during the 2008 financial crisis, but that surge was demand-side driven, Alexander said.

It’s all about how long the Hormuz closure is going to last. “I don’t think USD 150 is out of the question in another month […] You start talking about June, I’ll give you USD 180,” CIBC Private Wealth Senior Energy Trader Rebecca Babin said.

Higher prices can be good for us — but only for a little while. The short-term impact of high prices on our budget would be favorable, Alexander added, as the Kingdom should be able to export well over half the pre-war levels. “If the oil price averages over USD 140 / bbl, then it's a net benefit.”

It’s a different story after that. The WSJ reports officials are concerned about a similar scenario: the volatility could tip the global economy into recession or trigger a lasting demand hit as oil consumers cut back. For the medium term, Alexander anticipates higher prices for a longer period, driven by the risk premium and reduced global reserves. Still, “a global recession could also hit demand, so it’s a complex picture.”

IN CONTEXT- Saudi Arabia has cut output by some 2 mn bbl / d since the closure of Hormuz last month, with Saudi Aramco’s CEO Amin Nasser raising alarm bells over “the biggest crisis the region’s oil and gas industry has faced.” The ongoing conflict has already withheld mns of barrels from the global supply, with prices doubling since the war began last month.

Where do we stand?

Riyadh’s escape route under fire: The Kingdom’s facilities at Yanbu — the Red Sea outlet designed to bypass the Hormuz chokepoint — were targeted by an Iranian drone on Thursday. The port recorded some 4.2 mn bbl / d exiting its waters by last Wednesday as tankers lined up to offtake the redirected crude. However, another drone hit Samref refinery, raising concerns regarding the long-term security of the Gulf’s escape valve.

Prices reflect the damage: The string of attacks on energy infrastructure sent Brent futures as high as USD 119 a barrel, before it eased back slightly on Thursday. Gulf futures tied to Oman crude have already shot past USD 166 a barrel. Some customers are balking at the volatility, but Aramco is holding steady, insisting the price reflects a genuine physical shortage.

Why this matters

Pricing tightrope: Aramco is trying to price crude accurately while preventing global consumers from putting their pencils down and slashing oil use for good. Operators across the Kingdom and the wider Gulf are concerned about long-term market instability.

The road to USD 200 per barrel? “USD 200 a barrel is not outside the realm of possibility in 2026,” analysts at energy consulting firm Wood Mackenzie said. We’re inching dangerously close to the contracts all-time high, which hit USD 146.08 a barrel in July 2008.

What breaks first if oil reaches USD 200 per barrel? “A probable USD 8- USD 12 per gallon gas price kills spending and spurs electric cars. Gulf aluminum plants close without shipping from Hormuz. World trade growth slows as costs soar,” Wolfgang Lehmacher, former head of supply chain and transport industries at the World Economic Forum, tells EnterpriseAM.

Europe, Japan, and Korea could take the biggest hit, with Aramco weighing how the surging cost of its crude imports will drive up the cost of energy, inflation, and interest rates, ultimately slowing economies and demand.

The bigger picture: Surging oil means the end of cheap energy and factory inputs, Lehmacher EnterpriseAM. “A probable USD 8-12 / gallon gas price kills spending and spurs electric cars. Gulf aluminum plants will close without shipping from Hormuz. World trade growth will slow as costs soar,” he added.

Early signs of strain: Aramco has already cut its crude supply to Asian buyers for April for a second month running, Reuters reports, citing two insider sources. For now, the producer is only offloading Arab Light exports from Yanbu to term customers next month.

What’s next?

A 10-day countdown: All eyes are on 2 April, when Aramco is due to release its official selling prices. Until then, modelers are racing to identify the breaking point — the price at which gasoline demand starts to collapse and industrial activity becomes uneconomic.

Supply crunch ahead? Saudi light crude is being offloaded to Asian purchasers via Yanbu port for around USD 125 a barrel. We’re expecting to see physical shortage weigh heavier next week, as extra oil in storage –– a portion of which was shipped out of the Gulf prior to the war –– is used up.

Tehran’s new toll gate

While Hormuz remains largely closed, Tehran has begun hand-picking which vessels — and which countries — can pass. Iran is shifting from a total blockade of Hormuz to a mode of selective transit, so let’s unpack who’s going through the strait and who’s still on the outs.

What’s changed?

Passages have plummeted by 96% — from 135 ships per day to a mere handful — driving oil to USD 119 per barrel since the de facto closure on 28 February. By forcing ships closer to its coast and between the islands of Qeshm and Larak, Iran is using visual identification in lieu of radar stations knocked out by US strikes. However, Iran’s total blockade has begun to show signs of softening into a tiered system.

Three more vessels were hit while we were away: A bulk carrier was struck some 15 nm north of the UAE’s Sharjah on Sunday, while another ship was hit some 11 nm east of Fakkan on Wednesday, causing a fire on board. A third ship was hit some 4 nm east of Qatar’s Ras Laffan on Thursday. All crew members in the three incidents were reported safe.

The flow: Who’s getting through?

Who’s in Iran’s good books so far? Vessels from India, Pakistan, and Greece, alongside Iran's own oil fleet, have been tracked taking unusual routes around Larak Island to navigate the strait. At least nine Chinese Cosco-linked tankers are currently amassing north of Abu Dhabi, likely awaiting cleared passage given Beijing’s role as the primary buyer of Iranian oil.

The list could grow: Iran’s Foreign Minister has signaled readiness to let Japanese-related vessels pass following direct talks with Tokyo.

The carve-outs

The Sinopec pivot: Despite the US Treasury issuing a 30-day waiver for 140 mn barrels of Iranian oil already at sea, Sinopec is evaluating risks and opting out, citing payment complications and the aging shadow fleet as concerns. The refiner will slash runs by 5% this month due to the energy fallout.

Securing national interests: To shore up domestic food security against 47.5% inflation, Tehran has allowed 11 bulk carriers –– mostly Greek-managed –– to deliver grain and soybeans to the port of Imam Khomeini before exiting via Iranian territorial waters.

The red lines

Despite the selective openings, enemy-linked vessels remain strictly barred, specifically those connected to the US and Israel. Following a 48-hour ultimatum from US President Donald Trump to fully open the strait, Tehran has threatened to completely close the waterway and continue to target regional power plants if US and Israeli aggression continues.

Iran is soft launching a new pay-to-play model: For those not on the enemy list, passage now could carry a steep USD 2 mn transit fee per vessel — a move Iranian lawmakers say reflects a new concept of sovereignty for Iran.

What happened to energy and airports over Eid?

“Economic terrorism” — that’s how Industry and Advanced Technology Minister and Adnoc CEO Sultan Al Jaber framed Iranian threats to the Strait of Hormuz, speaking at CeraWeek, state news agency Wam reports. Al Jaber warned that weaponizing the waterway isn’t just a regional issue, but has an “exponential” human cost through disruptions to supply chains, food systems, and everyday costs around the world. “Energy security is not just a slogan,” he said, “it’s the difference between the lights on and lights off.”

What you missed from over the weekend: US President Donald Trump’s comments that the war was almost over were swiftly followed by renewed attacks from both sides. Most notably, Israel attacked the South Pars gas field on Wednesday, Iran’s primary energy resource, and Iranian strikes took out 17% of Qatar’s LNG export capacity in retaliation.

Energy and IT infrastructure have already been targeted multiple times during this war, with strikes on Amazon Web Services data centers in Bahrain and Dubai leading to a widespread outage hitting dozens of regional firms, and energy facilities in Abu Dhabi suffering several hits so far.

Iran responded with a threat of its own: “If ⁠Iran’s fuel and energy infrastructure is attacked by the enemy, all energy infrastructure, as well as information technology… and water desalination facilities, belonging to the US and the regime in the region will be targeted pursuant to previous warnings,” Iranian military spokesman Ebrahim Zolfaqari said, according to state media.

Hormuz disruption is scrambling LNG exports

Adnoc Gas says shipping disruption in the Strait of Hormuz is forcing temporary tweaks to LNG and liquids output, with exports now managed shipment-by-shipment to keep deliveries on track, according to an ADX disclosure (pdf). The company, however, affirms the pipelines are still operational, with no impact on core processing despite debris falling near some facilities.

But the strain is showing: LNG output at Das Island is running at very low levels due to export constraints, despite the resumption of processing operations at Habshan complex following an attack last week, Bloomberg reports, citing people familiar with the matter. The LNG plant has not been fully shut to allow a quick restart, with supply supported in part by gas flows from Qatar via the Dolphin pipeline.

More than 40 oil and gas facilities across nine Middle Eastern countries have been severely damaged as the Iran war enters its fourth week, International Energy Agency (IEA) Executive Director Fatih Birol said. The conflict has created what the agency calls the largest supply shock in oil market history, rivaling the impact of the 1970s oil shocks and the 2022 gas crisis. The disruption extends beyond oil and gas, hitting petrochemicals, fertilizers, sulfur, and helium. LNG imports also dropped by some 20% since the war began.

Strikes force UAE gas shutdowns, output tweaks

Iranian strikes targeted key Emirati energy infrastructure over the weekend, launching attacks on the Habshan gas facility and Bab field, both intercepted without injuries, as attacks on Adnoc-linked assets continue, according to a Foreign Affairs Ministry statement. Authorities have called it a “dangerous escalation.”

The interceptions prompted shutdowns of the complex, which is one of the largest gas processing plants in the world, with 6.1 bcf / d capacity. Adnoc gas made adjustments to LNG production and exports, maintaining that operations are continuing safety, it said in a disclosure (pdf), without providing further details on output.

The framing is shifting: Industry and Advanced Technology Minister and Adnoc head Sultan Al Jaber put it bluntly on LinkedIn, saying energy infrastructure “should never be a target.” He described the attacks as “global economic warfare,” warning that energy flows are being weaponized.

The fallout is spreading beyond the UAE: Production was paused at Shell’s Pearl gas-to-liquids facility in Qatar on Thursday, following the attack on Ras Laffan. The move removed up to 1.6 bn cftd from the market after the two-train facility sustained damage to one of its trains.

Supply shock ripples across gas, oil and markets

The attack on Qatar’s Ras Laffan could potentially cause a “lasting global gas shortage,” analysts said. Damage to Ras Laffan’s production capability would mean “the gas supply balance is that much tighter,” director for European gas and LNG at Wood Mackenzi Tom Marzec-Manser said.

Pressure is also mounting in Iraq: Iraqi authorities declared force majeure on oilfields operated by foreign companies. With navigation through the strait disrupted, most crude exports have effectively stalled, pushing storage capacity to its limits. In a letter to stakeholders, officials said international partners were unable to nominate tankers to lift crude, leaving shipments ready but unable to move.

The disruption is now rippling across global markets. US oil and gas dealmaking has largely ground to a halt as extreme price volatility makes transactions difficult to structure. “Everything is in paralysis right now because no one can price anything,” said Vinson & Elkins partner Bryan Loocke, describing a near “shutdown” in activity. Meanwhile, US gasoline prices surged more than 30% month-on-month in March, approaching USD 4 per gallon as supply shocks feed through to consumers.

Logistics routes are seeing more threats…

The threats from Iran continued: Tehran warned it will move beyond a Hormuz blockade, saying it could mine the Gulf if its coasts or islands are attacked, Reuters quotes Iranian state media as saying.

This marks another potentially direct challenge to the UAE’s position as an open-access global hub. If the “floating mine” risk is deemed credible by the London ins. market, standard maritime cover could be withdrawn for ports north of the Fujairah-Khor Fakkan line — effectively redrawing the region’s commercial geography.

Air travel feeling the strain as airport targeted

The skies are still open, but less predictable. Abu Dhabi has seen a string of delays and cancellations, while Dubai is holding steadier for now with lighter disruptions, The National reports.

But the system is getting more sensitive: Temporary airspace closures and early-morning alerts show how quickly operations can shift, even if normalcy resumes within hours. Airlines are already adapting — Emirates is running a reduced schedule and offering flexibility, while global carriers including British Airways, Lufthansa, Air France, and Singapore Airlines are scaling back Dubai routes.

Airlines are even having to grapple with damage to aircraft: Two aircraft parked at Dubai International Airport were reportedly damaged early in the conflict by Iranian strikes, the Wall Street Journal reports.

Adnoc + OMV bring Borouge 4 into play, New sea-land logistics corridor between Damamm + Sharjah

Adnoc, OMV make headway on Borouge platform

Abu Dhabi National Oil Company (Adnoc) and Austrian natural gas firm OMV will begin to operate and market volumes from the new Borouge 4 (B4) complex in exchange for an at-cost fee, as they make headway on the merger of their polyolefins business, according to a statement.

Why it matters: By using an at-cost usage fee, the new group pockets an estimated USD 400 mn in net income over the next three years without having to secure the full acquisition of the complex from current owners, which is not expected before 2029, according to the statement.

REMEMBER- Adnoc and OMV last year agreed to merge their polyolefins businesses into Borouge Group International, a c. USD 60 bn platform combining Borouge, Borealis, and Nova Chemicals, with planned capacity of 13.6 mn tonnes across Europe, the Middle East, and North America. The merger is on track to be completed before the end of the month.

Mawani opens new Sharjah-Dammam route, expands shipping services

UAE, Saudi expand trade routes amid Hormuz risk: The Saudi Port Authority (Mawani) has opened a new sea-land logistics corridor between UAE’s Sharjah and Saudi Arabia’s Dammam, the Saudi Port Authority said in a post on X.

That’s not all from Mawani: Mawani also added five new maritime shipping services. The new lines are Gulf Shuttle, Redex, jade, AE19, and SE4 services with MSC, CMA CGM, Maersk, and Hapag-Lloyd — adding a combined capacity of 65.6k TEUs across routes linking Saudi ports with regional and global destinations.

Calendar

MARCH

26 March (Thursday): Gulf Ship Finance Forum, Dubai, UAE.

APRIL

12-15 April (Sunday-Wednesday): Saudi Smart Logistics, Riyadh, Saudi Arabia.

16-17 April (Thursday-Friday): Global Supply Chain and Logistics Summit, Amsterdam, The Netherlands.

23-24 April (Thursday-Friday): Sustainability World Summit, Frankfurt, Germany.

28-30 April (Tuesday-Thursday): Mediterranean Ports and Logistics, Porto, Portugal.

MAY

12-14 May (Tuesday-Thursday): The Airport Show, Dubai, UAE.

12-14 May (Tuesday-Thursday): Aviation Energy Forum (AEF), Paris, France.

12-14 May (Tuesday-Thursday): Seamless Middle East, Dubai, UAE.

19-21 May (Tuesday-Thursday): Ground Handling Conference (IGHC), Cairo, Egypt.

19-21 May (Tuesday-Thursday): Terminal Operations Conference & Exhibition, Hamburg, Germany.

JUNE

2-4 June (Tuesday-Thursday): ProPak Mena, Cairo, Egypt.

4-5 June (Thursday-Friday): Supply Chain and Logistics Summit, Amsterdam, Netherlands.

6-8 June (Saturday-Monday): IATA World Air Transport Summit, Rio de Janeiro, Brazil.

10-11 June (Wednesday-Thursday): Black Sea Ports and Logistics, Istanbul, Turkey.

22-23 June (Monday-Tuesday): Decarbonizing Shipping Forum, Rotterdam, Netherlands.

AUGUST

30-1 August (Sunday-Tuesday): Air Cargo Middle East, Riyadh, Saudi Arabia.

30-1 August (Sunday-Tuesday): Saudi Warehouse and Logistics Expo, Riyadh, Saudi Arabia.

SEPTEMBER

16-17 September (Wednesday-Thursday): Saudi Maritime & Logistics Congress, Dammam, Saudi Arabia.

28-30 September (Monday-Wednesday): Transport Logistics Middle East, Riyadh, Saudi Arabia.

OCTOBER

21-22 October (Wednesday-Thursday): Global Ports Forum, Singapore.

26-29 (Monday-Thursday): Air Cargo Forum, Miami, US.

27-29 October (Tuesday-Thursday): Routes World, Riyadh, Saudi Arabia.

NOVEMBER

2-5 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi, UAE.

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TODAY: What’s left when Gulf crude disappears?