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Vortexa

Liquid Currents MENA edition

A Daily News , News and Business podcast

#113 in Daily News · 🇳🇬
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About the show

The Gulf oil and shipping market is harder to read than it's been in years. Liquid Currents: MENA Edition brings you the conversations that usually happen off the record. In each episode, host Randa Elbarari sits down with the traders, chartering heads and commercial leaders shaping the region's energy flows. They come from national oil companies, trading houses, refiners and shipping companies across the Gulf, and they talk about what's actually moving crude, products, LPG and freight right now. There are no decks and no press lines, just the version of the conversation you'd normally only hear informally. Each episode closes with the Vortexa View, a look at what our data is picking up in real time. New episodes come out monthly, with highlights every week. Learn more about Vortexa: https://bit.ly/4jGDKL1

Newest episodes

HIGHLIGHT: What’s the plan after the Strait of Hormuz closure?

4 min

For countries directly hit by the closure of the Strait of Hormuz, what's the plan in this new normal, and what would it actually take to get there? Recorded live at Vortexa’s Innovation Series evening in Dubai, this highlight from the first episode of Liquid Currents: MENA Edition brings together three of the region’s leading voices on oil markets: Kristine Petrosyan, Head of Research & Analytics, OQ TradingAditya Saraswat, Partner and Head of MENA & Caspian Research, Rystad EnergyDalila Laskar, Head of Oil Research, Oil Brokerage The panel's answer is diversification. Affordability used to drive supply decisions, but for the first time in 50 to 60 years reliability is in question. Producers are sanctioning record upstream projects and building bypass pipelines, while national oil companies invest downstream in Asia and add stock cover. Following through is the hard part: pipelines take three to ten years, the industry tends to forget the lessons of the last downcycle, and government-to-government relationships and flexible export systems matter as much as new capacity. For buyers, diversification is the right call, but it costs more in the short term. Liquid Currents: MENA Edition is Vortexa’s podcast for traders, analysts and commercial leaders who need to understand the Gulf, not just follow it. Subscribe so you don’t miss the next episode. Learn more about Vortexa: https://www.vortexa.com/?utm_source=podcast&utm_medium=audio&utm_campaign=2026-10-%7C-liquid-currents-mena&utm_content=liquid-currents&utm_term=website

The Data Paradox: What the Numbers Miss in a Market Moving Faster Than Ever

30 min

Tanker rates are swinging by hundreds of thousands of dollars a day, two black swan events are compounding, and the industry has more high-speed data than ever. So why can the market still catch everyone off guard? In episode two of Liquid Currents: MENA Edition, we sit down with one of the region’s most experienced tanker freight leaders: Lars Wogen, Managing Director, Blue Bolt Shipping Lars explains why “chaos” best describes today’s tanker market, how VLCC consolidation has added a new layer of strength, and why fear and psychology are moving freight as much as supply and demand. He also covers how shipping is shifting from a necessary evil to a genuine profit centre, what it takes to build a modern chartering desk, and why discipline and knowing when to say no matter more than getting cute. Finally, he discusses whether today’s high returns could bring real liquidity to freight derivatives, and the career decision that made him a tanker specialist. Liquid Currents: MENA Edition is Vortexa’s podcast for traders, analysts and commercial leaders who need to understand the Gulf, not just follow it. Subscribe so you don’t miss the next episode. Learn more about Vortexa: https://www.vortexa.com/?utm_source=podcast&utm_medium=audio&utm_campaign=2026-10-%7C-liquid-currents-mena&utm_content=liquid-currents&utm_term=website

HIGHLIGHT: Where do freight rates go next? | East of Suez in the New World Order

6 min

With flows moving away from traditional routes, where do freight rates and costs go from here, and is this still mainly a crude story or is it turning into a products story? Recorded live at Vortexa’s Innovation Series evening in Dubai, this highlight from the first episode of Liquid Currents: MENA Edition brings together three of the region’s leading voices on oil markets: Kristine Petrosyan, Head of Research & Analytics, OQ TradingAditya Saraswat, Partner and Head of MENA & Caspian Research, Rystad EnergyDalila Laskar, Head of Oil Research, Oil Brokerage The panel looks at why freight rates are likely to stay high for the rest of the year. Insurance, ship-to-ship transfers, longer voyages and risk premiums are all being priced into landed barrels, and longer Atlantic-to-East tonne-miles are a structural change that won’t quickly reverse. The panel then separates crude from products. Crude is mostly a routing problem, and an expensive one, but it can be solved. Diesel is harder. Around 2 million barrels a day of Middle East refining capacity is still offline, which has taken about a fifth of pre-war diesel supply out of world trade. European diesel stocks are at a 10-year low, so the market is very exposed to any US export restrictions. Liquid Currents: MENA Edition is Vortexa’s podcast for traders, analysts and commercial leaders who need to understand the Gulf, not just follow it. Subscribe so you don’t miss the next episode. Learn more about Vortexa: https://www.vortexa.com/?utm_source=podcast&utm_medium=audio&utm_campaign=2026-10-%7C-liquid-currents-mena&utm_content=liquid-currents&utm_term=website

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All episodes

HIGHLIGHT: What’s the plan after the Strait of Hormuz closure?

4 min

For countries directly hit by the closure of the Strait of Hormuz, what's the plan in this new normal, and what would it actually take to get there? Recorded live at Vortexa’s Innovation Series evening in Dubai, this highlight from the first episode of Liquid Currents: MENA Edition brings together three of the region’s leading voices on oil markets: Kristine Petrosyan, Head of Research & Analytics, OQ TradingAditya Saraswat, Partner and Head of MENA & Caspian Research, Rystad EnergyDalila Laskar, Head of Oil Research, Oil Brokerage The panel's answer is diversification. Affordability used to drive supply decisions, but for the first time in 50 to 60 years reliability is in question. Producers are sanctioning record upstream projects and building bypass pipelines, while national oil companies invest downstream in Asia and add stock cover. Following through is the hard part: pipelines take three to ten years, the industry tends to forget the lessons of the last downcycle, and government-to-government relationships and flexible export systems matter as much as new capacity. For buyers, diversification is the right call, but it costs more in the short term. Liquid Currents: MENA Edition is Vortexa’s podcast for traders, analysts and commercial leaders who need to understand the Gulf, not just follow it. Subscribe so you don’t miss the next episode. Learn more about Vortexa: https://www.vortexa.com/?utm_source=podcast&utm_medium=audio&utm_campaign=2026-10-%7C-liquid-currents-mena&utm_content=liquid-currents&utm_term=website

The Data Paradox: What the Numbers Miss in a Market Moving Faster Than Ever

30 min

Tanker rates are swinging by hundreds of thousands of dollars a day, two black swan events are compounding, and the industry has more high-speed data than ever. So why can the market still catch everyone off guard? In episode two of Liquid Currents: MENA Edition, we sit down with one of the region’s most experienced tanker freight leaders: Lars Wogen, Managing Director, Blue Bolt Shipping Lars explains why “chaos” best describes today’s tanker market, how VLCC consolidation has added a new layer of strength, and why fear and psychology are moving freight as much as supply and demand. He also covers how shipping is shifting from a necessary evil to a genuine profit centre, what it takes to build a modern chartering desk, and why discipline and knowing when to say no matter more than getting cute. Finally, he discusses whether today’s high returns could bring real liquidity to freight derivatives, and the career decision that made him a tanker specialist. Liquid Currents: MENA Edition is Vortexa’s podcast for traders, analysts and commercial leaders who need to understand the Gulf, not just follow it. Subscribe so you don’t miss the next episode. Learn more about Vortexa: https://www.vortexa.com/?utm_source=podcast&utm_medium=audio&utm_campaign=2026-10-%7C-liquid-currents-mena&utm_content=liquid-currents&utm_term=website

HIGHLIGHT: Where do freight rates go next? | East of Suez in the New World Order

6 min

With flows moving away from traditional routes, where do freight rates and costs go from here, and is this still mainly a crude story or is it turning into a products story? Recorded live at Vortexa’s Innovation Series evening in Dubai, this highlight from the first episode of Liquid Currents: MENA Edition brings together three of the region’s leading voices on oil markets: Kristine Petrosyan, Head of Research & Analytics, OQ TradingAditya Saraswat, Partner and Head of MENA & Caspian Research, Rystad EnergyDalila Laskar, Head of Oil Research, Oil Brokerage The panel looks at why freight rates are likely to stay high for the rest of the year. Insurance, ship-to-ship transfers, longer voyages and risk premiums are all being priced into landed barrels, and longer Atlantic-to-East tonne-miles are a structural change that won’t quickly reverse. The panel then separates crude from products. Crude is mostly a routing problem, and an expensive one, but it can be solved. Diesel is harder. Around 2 million barrels a day of Middle East refining capacity is still offline, which has taken about a fifth of pre-war diesel supply out of world trade. European diesel stocks are at a 10-year low, so the market is very exposed to any US export restrictions. Liquid Currents: MENA Edition is Vortexa’s podcast for traders, analysts and commercial leaders who need to understand the Gulf, not just follow it. Subscribe so you don’t miss the next episode. Learn more about Vortexa: https://www.vortexa.com/?utm_source=podcast&utm_medium=audio&utm_campaign=2026-10-%7C-liquid-currents-mena&utm_content=liquid-currents&utm_term=website

HIGHLIGHT: Who Profits From Disruption? | East of Suez in the New World Order

5 min

Disruption has been costly for much of the market, but not for everyone. Does that change appetite for a quick return to “normal”, and where do oil prices go from here? Recorded live at Vortexa’s Innovation Series evening in Dubai, this highlight from the first episode of Liquid Currents: MENA Edition brings together three of the region’s leading voices on oil markets: Kristine Petrosyan, Head of Research & Analytics, OQ TradingAditya Saraswat, Partner and Head of MENA & Caspian Research, Rystad EnergyDalila Laskar, Head of Oil Research, Oil Brokerage The panel asks who has profited from the disruption, including certain Gulf trading arms, and whether those gains alter the incentive to see conditions normalise. They then turn to the outlook for oil prices and the role OPEC can realistically play in shaping it. Liquid Currents: MENA Edition is Vortexa’s podcast for traders, analysts and commercial leaders who need to understand the Gulf, not just follow it. Subscribe so you don’t miss the next episode. Learn more about Vortexa: https://www.vortexa.com/?utm_source=podcast&utm_medium=audio&utm_campaign=2026-10-%7C-liquid-currents-mena&utm_content=liquid-currents&utm_term=website

East of Suez in the New World Order: How Trade Flows, Alliances and Routes Are Being Redrawn

30 min

Seven months after the Hormuz escalation reshaped Gulf export flows, where does the market really stand, and how much of the shift is here to stay? Recorded live at Vortexa's Innovation Series evening in Dubai, the first episode of Liquid Currents: MENA Edition brings together three of the region's leading voices on oil markets: • Kristine Petrosyan, Head of Research & Analytics, OQ Trading • Aditya Saraswat, Partner and Head of MENA & Caspian Research, Rystad Energy • Dalila Laskar, Head of Oil Research, Oil Brokerage The panel unpacks how Gulf producers are adapting, what China, Japan and Korea mean for demand, why products may prove harder to fix than crude, what rerouting is doing to freight and delivered costs, and where oil prices go from here. Liquid Currents: MENA Edition is Vortexa's podcast for traders, analysts and commercial leaders who need to understand the Gulf, not just follow it. Subscribe so you don't miss the next episode. Learn more about Vortexa: https://www.vortexa.com/?utm_source=podcast&utm_medium=audio&utm_campaign=2026-10-%7C-liquid-currents-mena&utm_content=liquid-currents&utm_term=website

Barrels on the brink: Venezuela the new crude hotbed, mounting propane pressure and the evolving sanctions landscape

35 min

Season 2 of Liquid Currents opens with a deep dive into the energy market forces shaping early 2026, as sanctions, shifting trade flows, and freight dynamics collide across crude, LPG, and products markets. Host Samantha Hartke looks at mounting pressure on US propane exports and what it means for inventories and pricing against a backdrop of still-lower Middle East CP pricing, and then is joined by Rohit Rathod, Claire Jungman, Mick Strautmann, and Delia He to unpack rapidly evolving Venezuela crude and naphtha flows, before widening the discussion to impact of sanctioned flows and the dark fleet on freight market dynamics, oil on water and product flow disruptions. Whether you are tracking sanctions exposure, freight risk, or feedstock competition, this episode sets the tone for the season ahead.

LPG price wars, oil on water and products brace for heightened volatility

26 min

Samantha Hartke is joined by Pamela Munger, Head of EMEA Analysis at Vortexa, to unpack how intensifying LPG price wars and sanctions-driven volatility are reshaping feedstock and refined product markets. From swelling volumes of oil on water to tightening refining capacity, they explore whether 2025’s market outperformers can hold their ground into 2026 — and where risks of diesel price fireworks or an off-season gasoline spike may emerge.

LPG price wars and petchems: the winter outlook for feedstock markets as petchems demand comes into question

40 min

Samantha Hartke is joined by Mark Woods, President of Ethylene Strategies International Inc., to unpack how petrochemicals will shape LPG’s winter demand story. From oversupplied markets to potential plant closures across Asia and Northwest Europe, they explore where naphtha and LPG could find new opportunities — and how the Americas can position themselves to capitalise.

Supply shuffle, floating barrels, and port fees pain points: How LPG, crude, products and freight will navigate winter

26 min

As winter approaches, global energy markets are in flux. In this episode of Liquid Currents, we unpack how shifting trade flows, swelling oil-on-water volumes, and rising port fees are shaping the outlook for LPG, crude, refined products, and freight. With the U.S. and Middle East vying for market share in Asia, price mechanisms are being rewritten as cargoes find new homes and trade routes adapt to regional demand patterns. Meanwhile, a surge in floating storage has raised alarms over potential oversupply — all while the market looks to China to absorb excess barrels. We’ll also examine how refinery restarts are keeping product markets buoyant, and what these developments mean for freight rates as the industry braces for a volatile Q4.

Vortexa CEO Fabio Kuhn on Innovation, Market Shifts and Volatility

19 min

The 2025 Innovation Series brought Vortexa insights to London, Singapore, Houston, and New York. In this special retrospective episode of Liquid Currents, CEO Fabio Kuhn joins Samantha Hartke to highlight what we learned — and what’s next for global energy markets.

Are tariffs and sanctions casting dark shadows over LPG, crude and freight Markets?

29 min

Recent US LPG export capacity expansions and continued production growth are tightening freight availability, even as demand signals in Asia remain mixed. At the same time, the Trump administration’s continued use of tariffs and sanctions as diplomatic tools is adding uncertainty across energy markets — with the most acute impact in freight, where a growing list of sanctioned vessels is complicating operations and reshaping trade flows. In this timely new episode, Vortexa’s expert host Samantha Hartke, Head of Market Analysis – Americas, is joined by Delia He, Graduate Freight Analyst, and Claire Jungman, Director of Maritime Risk and Intelligence. Together they discuss: Freight market tightening: How expanded LPG export capacity is reshaping vessel availabilityAsia’s mixed demand outlook and its impact on trade flowsTariff unpredictability and its market-wide ripple effectsThe sanctions squeeze and how it’s changing freight operations Want to see real-time market moves as they happen? Request a personalised demo of the Vortexa platform: https://bit.ly/434EReP

I Know What You Did Last Summer: The return of tariff confusion in divergent LPG, oil and products markets

33 min

Trump’s latest round of tariffs have caused confusion in energy markets, even as LPG and naphtha markets look well-supplied. The US-China ethane saga may be over – for now – but the tariff pause between the two countries ends in mid-August, as the market braces itself for what comes next. Diesel and gasoline markets are screaming higher as global flows skyrocket over seasonal norms, prompting the age-old question of a summer demand boost. In this timely new episode, Vortexa’s expert host Samantha Hartke, Head of Americas Analysis, is joined by Rohit Rathod, Senior Oil Market Analyst and Glenn Schwartz, Director of Energy Policy Service at Rapidan Energy. Together they discuss: Trump’s tariff strategy: Why unpredictability is keeping markets on edgeDiesel strength vs gasoline weakness: How fundamentals and flows divergeStockpiling signals: What Chinese buying tells us about crude resilienceOPEC+ dynamics and the outlook for Q4 market balance Want to see real-time market moves as they happen? Request a personalised demo of the Vortexa platform: https://bit.ly/434EReP

Disruption is the new normal: Strait of Hormuz tensions, ongoing tariffs

22 min

As tensions escalate between Israel and Iran, all eyes turn to the vital chokepoint of the Strait of Hormuz - a crucial artery for global energy trade. In this timely episode, we provide the latest update on the regional flows and unpack LPG, Americas crude flows, freight constraints, and the gap between sentiment and fundamentals. Together with a special guest of this episode, Rohit Rathod - Senior Oil Market Analyst, Vortexa's expert host, Samantha Hartke, Head of Americas Analysis, provides the latest updates on: Strait of Hormuz: Risk signals vs real fundamentals for LPG, naphtha, crude, and middle distillatesUS export strength: Supply abundance and new Gulf projectsTMX shift: Canada to Asia vs USGC as Venezuelan supply drops Want to see real-time market moves as they happen? Request a personalised demo of the Vortexa platform: https://bit.ly/434EReP

Pro-pain: Tariffs and summer signals in LPG, light ends and US markets

36 min

In our premiere episode, our host Samantha Hartke, Head of Americas Analysis, dives into the shifting dynamics of the LPG and light ends markets against the backdrop of the US-China trade war. We explore how tariffs have restructured trade flows, the ripple effect of LPG cargo reshuffling and what the outlook is for Asia pro-naps swaps. Download the report for more detail: https://bit.ly/3YQK6wa Further, together with a special guest Rohit Rathod, Senior Oil Market Analyst, we discuss the broader Americas oil market and the refining front with key developments in PADDs 1 and 3, and issues in PADD 5. Finally, we conclude with an outlook on LatAm flows. Want to see real-time market moves as they happen? Request a personalised demo: https://bit.ly/434EReP

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