Middle Eastern Countries Experience Energy Export Boom Amid Ukraine War

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyunjung] The energy exports of Middle Eastern countries have boomed due to the aftermath of the Ukraine war.

On the 29th (local time), Bloomberg News, citing Shana, the official communication agency of the local Ministry of Oil, reported that from March 21 to May 21 this year, exports related to oil, natural gas, and petrochemical products amounted to $2.45 billion, a 60% increase compared to the previous year. According to Shana, this figure reflects foreign currency transactions on the official currency trading platform of the Central Bank of Iran.

Qatar is experiencing a similar situation. Qatar's exports in April have prospered due to the surge in demand following the Ukraine war. Qatar's total exports in April reached 43.5 billion riyals (approximately 14.9666 trillion won), a significant increase from 21 billion riyals the previous year. During the same period, the trade surplus amounted to 34.2 billion riyals.

The news agency assessed this by stating, "The war is making one of the wealthiest countries in the world even wealthier." Since the invasion of Ukraine, Europe has focused on finding alternatives to stop gas imports from Russia, which was the largest energy supplier to the European continent. As a solution, Europe has promoted gas imports from Qatar and the United States, the world's largest exporter.

China recorded imports close to 6.6 billion riyals in April, followed by India and Japan.

This content was produced with the assistance of AI translation services.