Qatar has exported first oil cargo to an Arabian Gulf neighbor since the United Arab Emirates along with other three Arab countries agreed to restore ties with Doha in January, according to Bloomberg.
The shipment loaded 70,000 barrels onto the tanker Abu Dhabi-III on March 4 while the vessel delivered the fuel to Dubai’s Jebel Ali port 3 days later.
This transaction is deemed a sign that the business is getting back to normal after Egypt, Bahrain, UAE and KSA decided to suspend diplomatic and trade ties for about three-and-a half- year.
It is worth noting that Qatar depends on selling liquefied natural gas (LNG) to make money rather than oil.
After the embargo has started, Qatar left the Organization of Petroleum Exporting Countries, of which Saudi Arabia and the UAE are the biggest and third-largest producers, respectively.