Commodities & Energy

Reuters reveals UAE plans oil trade overhaul to boost Middle Eastern clout

Reuters reveals UAE plans oil trade overhaul to boost Middle Eastern clout

Reuters exclusively reported that the United Arab Emirates’ state-run ADNOC, long seen as one of the most conservative oil firms in the Middle East, plans an overhaul for its trading operations as it seeks to emulate the success of rival oil majors and bolster its regional influence. The company has splurged on hiring former employees of private-sector peers and wants to launch a regional oil benchmark, possibly this year, similar to international markers Brent and WTI, Reuters sources said.