YOKOHAMA: Nissan Motor Co. chief executive Makoto Uchida said on Monday that he would work to improve the automaker’s financial performance and co-operate closely with alliance partner Renault SA, while maintaining Nissan’s independence.
Uchida became CEO of Nissan on Dec. 1, as Japan’s No. 2 car maker tries to recover from a profit slump and draw a line under a year of turmoil after the Carlos Ghosn scandal.
Nissan is betting that bringing new blood into its executive ranks will help to get the company back on track financially after years of aggressive expansion in the United States and other regions pummeled overall profitability.
The new executive team, which also includes CFO Stephen Ma and COO Ashwani Gupta, took the helm this month, a year after former chairman Ghosn was arrested on financial misconduct charges in Japan.
Known for his straight-talking manner and relentless focus on cost control, Uchida is Nissan’s third CEO since September, when Hiroto Saikawa, a protege of Ghosn, was forced to resign after he admitted to being improperly overpaid.
Uchida, 53, replaced Yasuhiro Yamauchi, a company veteran and former COO who stepped down as interim CEO at the end of November.
A big task lies ahead of him and his team. Nissan is bracing for its lowest annual profit in 11 years and has slashed its dividend by 65 percent. Its struggles come at a time when car companies desperately need scale to keep up with sweeping technological changes like electric vehicles and ride-hailing.
Earnings have been undercut, particularly in the United States, a key market, by years of heavy discounts and low-margin sales to rental firms as part of a strategy to raise market share, which has cheapened Nissan’s brand image.
Uchida must also salvage ties with Renault. Since Ghosn’s ouster as chairman of both companies, Nissan and Renault have squabbled over the selection of Nissan’s board members and executives, as well a proposed tie-up between Renault and Fiat Chrysler (FCA) earlier this year, which ultimately failed.
Renault, which holds a 43.4 percent stake in Nissan after it saved the Japanese automaker from financial ruin two decades ago, has for years been pursuing closer ties with its bigger partner, only to be rebuffed by Nissan.
Nissan is implementing a global recovery plan under which it will axe nearly one-tenth of its workforce and cut global vehicle production by 10 percent through 2023 to rein in costs which it has said ballooned when Ghosn was CEO.
New Nissan CEO pledges better performance, cooperation with Renault
New Nissan CEO pledges better performance, cooperation with Renault
- Known for his straight-talking manner and relentless focus on cost control, Makoto Uchida is Nissan’s third CEO since September
- Nissan is bracing for its lowest annual profit in 11 years and has slashed its dividend by 65 percent
Gulf oil exports could stop within weeks, warns Qatar energy minister as Iran war continues
RIYADH: Gulf oil producers could halt exports within weeks due to the ongoing Middle East war, sending crude prices to $150 a barrel, according to Qatar’s energy minister.
In an interview published on Friday, Saad Al-Kaabi warned oil could hit the figure in two to three weeks if ships and tankers were unable to pass through the Strait of Hormuz, which is the world's most vital oil export route as it connects the biggest Gulf oil producers with the Gulf of Oman and the Arabian Sea.
Hostilities between US-Israeli forces and Iran, which began with strikes on Iran on Feb. 28, has continued to cause widespread disruption across the region, and led to the virtual closure of the Strait of Hormuz and the shutdown of multiple national airspaces.
Speaking to the Financial Times, Al-Kaabi said that “everybody that has not called for force majeure we expect will do so in the next few days that this continues. All exporters in the Gulf region will have to call force majeure.”
As well as the $150-a-barrel oil price warning, the minister also expects gas prices to rise to $40 per million British thermal units.
He added that if the war continues for a few weeks, “GDP growth around the world” will be impacted.
“Everybody's energy price is going to go higher. There will be shortages of some products and there will be a chain reaction of factories that cannot supply,” Kaabi said.
Qatar halted its liquefied natural gas production on March 2, as Iranian retaliation for US and Israeli strikes continued to target Gulf countries. The halt takes a major facility offline that accounts for roughly 20 percent of global supply, a key resource that balances demand in both Asian and European markets.
Al-Kaabi said even if the war ended immediately it would take Qatar “weeks to months” to return to a normal cycle of deliveries.
Oil continues to rise
Oil prices rose again on Friday, with Brent crude up 2.77 percent to $87.78 a barrel and West Texas Intermediate up 4.41 percent to $84.36 at 11:47 a.m. GMT
The price surge followed the start of the war on Feb. 28, which halted tanker movements through the Strait of Hormuz, a waterway that typically carries approximately one-fifth of the world’s daily oil supply, or about 20 million barrels per day.
The conflict has since spread across the key Middle East energy-producing region, causing disruptions to oil output and the shutdown of refineries and liquefied natural gas plants.
The US Treasury Department indicated it would announce measures to combat rising energy prices from the Iran conflict, including potential action involving the oil futures market, a move that would mark an unusual attempt by Washington to influence energy prices through financial markets rather than physical oil supplies.
The Treasury also granted waivers for companies to start buying sanctioned Russian oil stored on tankers to ease supply constraints that have pushed Asian refineries to reduce fuel processing.
“To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil. This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea,” Treasury Secretary Scott Bessent said on X.
He emphasized that India is an “essential partner” and expressed anticipation that New Delhi will ramp up purchases of US oil. “This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage.”
Imad Salamey, professor of political science and international affairs at the Lebanese American University, told Arab News that such measures “may work as short-term shock absorbers by calming markets and preventing immediate price spikes.”
However, he warned that financial engineering cannot permanently compensate for disrupted physical supply.
“If the Strait of Hormuz remains impaired, markets will eventually adjust to the reality of reduced flows. Relying too heavily on financial tools risks creating distortions where prices no longer reflect actual supply conditions,” Salamey explained.
If the war drags on and global economic costs continue to rise daily, Salamey added, the impact will spread far beyond the region. “Substituting Gulf oil with supplies from Russia or Venezuela could severely damage Gulf economies and shift long-term market dynamics,” he warned.
In an interview with Arab News, economist and Lebanese University professor Jassem Ajaka noted that “US President Donald Trump would not allow an internal uprising to undermine him before the midterm elections, suggesting he would make strategic reserves available if needed.”
He added that the US also has the capacity to ramp up shale oil production, as higher prices make extraction more economically viable. Trump said on March 4 that the US Navy may escort tankers through the Strait of Hormuz.
Aramco pricing reflects return of geopolitical risk premium
Saudi Aramco’s crude oil differentials for April 2026, reflect the severe fragmentation of the regional energy market. The OSPs showed significant premiums for light crude grades across North America, Northwest Europe, Asia, and the Mediterranean.
In the Asian market versus Oman/Dubai, Super Light crude commanded a premium of $4.15 in April, up from $2.15 in March, a change of plus $2. Extra Light crude in Asia rose to $3 from $1, while Light crude reached $2.50 from zero. Medium and Heavy grades in Asia saw smaller increases but remained in positive territory for April.
Ajaka said: “Saudi oil giant Aramco has demonstrated its ability to deliver oil through alternative routes, specifically via pipelines to the Red Sea, despite supply disruptions caused by the ongoing war.”
This, he explained, highlights how Saudi Arabia is leveraging its position as a “reliable supplier” in a region where many other producers are either sanctioned, directly targeted, or logistically constrained.
Salamey said Iran aims to widen the conflict to make it globally costly: “By threatening Gulf infrastructure and shipping, Tehran hopes GCC (Gulf Cooperation Council) states will pressure Washington to negotiate and end the war.”
According to the expert, Tehran seeks sustained disruption of energy markets rather than a full blockade, since a total closure would “almost certainly” trigger a major military response. The strategy risks backfiring if direct harm to Gulf states pushes them to join the war.
Airlines grapple with airspace closures
The region’s aviation sector has faced its most severe test since the COVID-19 pandemic, with carriers across the Middle East announcing mass cancelations and emergency schedule adjustments.
Etihad Airways said it would resume a limited commercial flight schedule from March 6, operating between Abu Dhabi and a number of key destinations, while Emirates Airline anticipates a return to 100% of its network within the coming days, subject to airspace availability and the fulfilment of all operational requirements.
Qatar Airways announced that its scheduled flight operations remain temporarily suspended due to the closure of Qatari airspace, and it would provide a further update on March 7.
Saudi low-cost carrier Flynas confirmed it is operating limited exceptional flights between Saudi Arabia and Dubai starting from March 6.
Saudia Airlines, however, canceled flights to and from Amman, Kuwait, Dubai, Abu Dhabi, Doha, and Bahrain, effective until March 6 at 23:59 GMT.
In Beirut, Middle East Airlines’ spokesperson Rima Makkaoui told Arab News that the carrier is “operating flights to all destinations normally, except those that have their airspace closed such as Iraq and Kuwait.”
MEA announced a strict new No-Show policy, imposing a $300 fee for economy class and $500 for business class passengers who fail to cancel bookings within the specified timeframe.
The move comes in response to passengers and travel agents booking multiple seats simultaneously, then failing to show up without cancelation, depriving other travelers of seats during this critical period.
Royal Jordanian continued operating flights to Beirut as scheduled, while flights to Doha and Dubai remained canceled according to the Queen Alia International Airport website.
