Palm Ventures Launches $30 Million Fund for Startups in AI Sectors
Feb 19, 2025
Saudi-based Palm Ventures has announced the closing of a $30 million investment fund aimed at supporting early-stage startups in the MENA region, with a particular focus on artificial intelligence, fintech and business solutions. The fund will also allocate a portion of its investments to US-based AI startups, reflecting a broader emphasis on global technological advancements.
Startups selected for funding will receive both capital and strategic guidance to aid their expansion and innovation efforts. Since its establishment in 2014, Palm Ventures has backed over 40 startups across various industries. Between 2020 and 2024, the firm invested in 20 startups spanning the MENA region as well as AI-focused ventures in the US.
In addition to working with private sector companies, Palm Ventures has collaborated with government entities on innovation-driven initiatives. As the MENA startup ecosystem experiences rapid growth, the firm's investments align with ongoing efforts to accelerate digital transformation and foster technology-driven economic expansion.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mada
36 minutes ago
- Mada
RSF's largest assault on Fasher in a year kills dozens of civilians in Abu Shouk camp Humanitarian collapse in South Kordofan's Kadugli, Dalang as RSF, SPLM-N tighten siege
In the first high-level engagement with the United States since the outbreak of war, a senior Sudanese delegation met with US officials in Zurich on Monday, a source in the Transitional Sovereignty Council (TSC) told Mada Masr. Responding to a US proposal for direct talks with the United Arab Emirates — a member of the Washington-led group on Sudan — the Sudanese side said that such a meeting would only happen if Abu Dhabi first ceased its military support to the Rapid Support Forces (RSF). The talks came as the UAE has rolled out a series of economic measures against Sudan in recent weeks. Earlier this week, the UAE, Sudan's largest gold buyer, suspended all trade with the country. Soon after, Khartoum began preparing to launch its first national gold exchange, a TSC member told Mada Masr. The move, the source said, aims to position Sudan as a global gold trading hub, with any transactions conducted outside the exchange deemed illegal. Meanwhile, the RSF mounted its largest ground assault in over a year on Fasher — the Sudanese Armed Forces' last major stronghold in Darfur — on Monday and Tuesday, deploying foreign mercenaries, military sources told Mada Masr. Military and allied forces repelled the attack and killed three RSF commanders, the military announced. In the offensive, RSF fighters stormed the Abu Shouk displacement camp north of Fasher and killed 34 civilians. In South Kordofan, the cities of Dalang and Kadugli are in the grip of deepening hunger and humanitarian collapse as the RSF and its ally, the Sudan People's Liberation Movement-North, tighten their joint siege. Child malnutrition rates have risen to 25 percent amid soaring prices, dwindling food supplies and a devastated agricultural sector, while around 80 percent of essential medicines have run out in both cities' hospitals, state officials said. The RSF-led Tasis coalition's government, declared in late July, continues to draw regional and international opposition. On Wednesday, the United Nations Security Council joined the African Union and the Arab League in rejecting the parallel administration. Khartoum welcomed the move, while Tasis said their new government draws legitimacy from 'the support of large sectors of the population.' *** Unannounced Sudan-US talks held in Switzerland In a first major step since United States President Donald Trump took office, a high-level Sudanese delegation met with US officials to discuss ending the war, humanitarian aid delivery and the role of the United Arab Emirates in negotiations. The meeting was held on Monday in Zurich, Switzerland, an informed source in the Transitional Sovereignty Council (TSC) told Mada Masr, and tackled three longstanding points of contention that have stalled US efforts to broker negotiations between Sudan's government, the RSF and international stakeholders — issues on which Khartoum has held a firm stance since the US-led Geneva peace talks in August 2024. Both sides explored the possibility of crafting a roadmap to end the war, discussing the government's conditions for entering broader negotiations involving the US-led Quad group on Sudan and other regional powers. While the US suggested that Sudan and the UAE could hold discussion sessions, the Sudanese delegation insisted that Abu Dhabi must halt all military assistance to the RSF before any consultations or formal process could begin. The talks also focused extensively on humanitarian aid. Sudan, the source said, rejected US claims that the government was slow in facilitating aid deliveries. The delegation outlined the government's efforts to ensure aid reached its destinations and detailed RSF attacks on convoys, particularly those bound for Fasher, accusing the RSF of pursuing a strategy of looting humanitarian supplies. The source would not confirm whether TSC head Abdel Fattah al-Burhan personally led the delegation, but said it included senior officials from the council, the Foreign Ministry, the General Intelligence Service and military intelligence. The US side, they added, included advisors, members of the Central Intelligence Agency and State Department officials. Describing the talks as 'highly transparent' and conducted with 'a flexibility that could help build mutual trust,' the source suggested they could pave the way for more in-depth discussions toward a workable process. Meanwhile, Sudanese press reported that Burhan attended a Qatari-arranged high-level meeting in Switzerland on Monday night with Massad Boulos, the US senior advisor on Arab, Middle Eastern and African affairs. *** Humanitarian collapse in South Kordofan's Kadugli, Dalang as RSF, SPLM-N tighten siege Kadugli and Dalang in South Kordofan are facing a deepening hunger crisis and full-scale humanitarian collapse as the RSF and its allied Sudan People's Liberation Movement-North (SPLM-N) tighten their joint siege on the cities. On August 4, Finance Minister Jibril Ibrahim announced an emergency plan to airdrop food and medicine in coordination with government bodies and United Nations agencies. Conditions in the two cities had worsened sharply by the end of June, when RSF and SPLM-N forces closed the road linking Kadugli and Dalang, bringing supply chains to a complete halt. But the blockade itself began in October 2023 and has since driven prices of basic staples by up to 300 percent compared to pre-siege levels, South Kordofan Deputy Governor Jaber Daldoum told Mada Masr. Sixty percent of local grain reserves are now depleted, he said, while basic services have collapsed over the past two years, with near-total absence of water, healthcare and electricity. Fighting between the two sides has only worsened the acute food shortage. Around 40 percent of crops have been destroyed and 75 percent of livestock killed as the war continues to engulf the cities and their surrounding areas, according to an official in the state's Agricultural Ministry department. This has led to a 60 percent drop in agricultural output, the official said. Child malnutrition rates have risen to 25 percent, a public health official told Mada Masr, and 30 percent of residents now face severe shortages of clean drinking water. In late July, women and girls in Kadugli staged protests over the deteriorating living conditions, demanding that the military release food stored in its warehouses. The demonstrations were met with repression, and eight women were detained for at least two days, according to the Sudanese Women Rights Action. The group noted that most households in Kadugli are headed by women, 'who are disproportionately affected by rising prices and limited access to food.' On the healthcare front, around 80 percent of essential medicines have run out from hospitals in both cities, and half of all health centers have shut down entirely, the state's Health Minister Jawaher Suleiman told Mada Masr. Seventy percent of kidney failure patients in Dalang have been unable to access dialysis sessions, she noted, while the public health official said 40 percent of births take place without adequate medical care. Suleiman confirmed that the government is working with UN agencies to carry out urgent airdrops of medicines. Dalang and Kadugli are considered strategic strongholds for the military, serving as its largest bases in the south. Since 2010, they have been central hubs for protecting military and commercial interests and, since the outbreak of war in 2023, for supplying ground operations against the RSF in Darfur. The cities also play a key role in preventing North and West Kordofan from falling under RSF control, acting as launch points for strikes on RSF supply lines from Darfur and the Central African Republic. *** Sudan to establish gold exchange after UAE trade restrictions After the United Arab Emirates, Sudan's largest gold buyer, suspended all trade with the country, Transitional Sovereignty Council Chair Abdel Fattah al-Burhan ordered the activation of the Sudan International Gold Exchange, sources in the TSC and Cabinet told Mada Masr. According to the TSC source, the decision aims to position Sudan as a global hub for gold trading. The exchange will regulate all domestic and international sales, set the official price of Sudanese gold and operate an online platform for international transactions. Burhan instructed the Finance Ministry and the Central Bank of Sudan to activate the exchange, which was first approved in August 2021, when Finance Minister Jibril Ibrahim issued a decision to establish an exchange for gold and minerals. But implementation stalled due to arrangements related to the transitional government at the time, the TSC source said. The current directive establishes a facilitating committee chaired by the Finance Ministry and includes senior officials from the Minerals Ministry, the Central Bank of Sudan, the Sudan Gold Refinery Company and the Khartoum Stock Exchange. The committee is tasked with developing an implementation plan for the exchange, designing infrastructure in line with global standards, drafting executive regulations and outlining technical requirements for a digital trading system. All gold exports will be required to go through the exchange, with any transactions outside it deemed a breach punishable by law. Prices will be set at a competitive rate below the global market to attract buyers and investors, the source said, with the aim of boosting hard-currency revenues. The decision comes after the UAE suspended all trade with Sudan, a Cabinet source told Mada Masr. That move was preceded by a ban on Sudanese airlines landing at Emirati airports last week, imposed just days after Khartoum accused Abu Dhabi of financing mercenaries fighting alongside the RSF. The UAE is one of Sudan's largest trading partners. According to a source at the Central Bank of Sudan, exports to the UAE in 2024 reached US$1.7 billion, more than half of Sudan's total $3.14 billion in exports. Gold made up the bulk of these exports. Of the 23 tons shipped abroad in 2024, from a total of 64 tons produced, most went to UAE markets, the source said. The military controls all of Sudan's gold production sites, whether operated by investment companies or individuals working in traditional mining. Current production is concentrated in four main states, with the Nile River and Northern states accounting for over 80 percent of Sudan's total output, according to a source in the Sudanese Mineral Resources Company, which manages all gold-related activities. Since the 2011 secession of South Sudan, which saw Khartoum lose 75 percent of its crude oil production, Sudan has relied heavily on gold. From 2013 onward, Sudan's gold drew growing competition from business and military sectors. Mohamed Hamdan 'Hemedti' Dagalo rose both as a military and economic power through his control of the Jabal Amer gold mine and other areas. This financial expansion lasted until Burhan dissolved his companies in September 2023, bringing them under military control. Since the outbreak of the war in April 2023, Sudan's treasury has leaned even more heavily on gold exports, which have continued uninterrupted. Production surged to 64 tons in 2023, from 41 tons the previous year, according to the Sudanese Minerals Resources Company. Meanwhile, Sudan's imports from the UAE — the second largest source after China — have declined sharply during the war, dropping to between US$600 million and $800 million annually in 2023 and 2024, down from around $1.17 billion per year before the war, according to a source in the Finance Ministry. The source attributed the drop to the conflict's impact on commercial and industrial activity. Yet the trade balance between the two countries still yielded a surplus, providing Sudan with significant foreign currency to fund vital imports such as petroleum, medicines and other basic goods, according to the source. Much of Sudan's private sector relies on export revenues from gold, agricultural products and other commodities to finance their operations. *** Military, allied forces repel RSF attack on Fasher, dozens shot dead in raid on Abu Shouk camp Heavy fighting broke out this week in Fasher, the capital of North Darfur, in what a military source described as the fiercest RSF assault on the city in over a year. The offensive included a deadly raid on the Abu Shouk displacement camp, north of the city, which killed dozens of civilians. The RSF launched the assault at around 6:30 am on Monday, advancing from several directions in over 500 vehicles carrying troops and heavy weaponry, according to the military source. Drones were deployed extensively, striking Fasher's outskirts and residential areas before ground forces engaged. As part of the offensive, RSF fighters stormed the northern part of Abu Shouk camp, the camp's emergency room stated. Thirty-six civilians were killed, four others injured and six reported missing. Victims were shot dead in their homes and on the streets, while others were killed by stray bullets, according to the emergency room. Backed by the armed movements' joint force and Popular Resistance groups, the military repelled the attack on Fasher, the military source told Mada Masr. Initially withdrawing from some defensive positions to draw the RSF forward, particularly along the livestock market axis, they then launched a series of ambushes that inflicted heavy losses and forced the attackers to retreat to east Lafa Tagro on Fasher's outskirts. According to the joint force, 254 fighters were killed in the battle, with 16 combat vehicles destroyed and 34 others captured. The military announced that three RSF commanders were killed in the fighting and said that the attackers included mercenaries from Colombia, South Sudan and other countries. The RSF, for its part, said it made significant advances toward the military's Sixth Infantry Division headquarters. On Tuesday, it renewed its assault from the south and southwest, but the Sixth Infantry Division said it repelled the attack, killing more RSF fighters, destroying and seizing combat vehicles and chasing the fighters out of Fasher. A field source in the armed movements told Mada Masr that Colombian fighters were among those ambushed on Tuesday, with some killed and others captured. Social media accounts and news outlets circulated videos showing foreign mercenaries fighting alongside the RSF. Joint force spokesperson Ahmed Hussein Mostafa told Mada Masr that Colombian mercenaries have been involved in Fasher for about a year. He said that they initially travelled from the UAE to Benghazi, Libya, and then crossed the desert to Fasher. But after the military intercepted several convoys along the desert route, the path was changed to run from the UAE to Benghazi and then on to Nyala International Airport in South Darfur before reaching Fasher. Mostafa said that the RSF's foreign fighters also include mercenaries from Chad, the Central African Republic, Libya, Ethiopia, South Sudan and beyond Africa. He accused the UAE of supplying mercenaries to bolster the RSF after its core forces had been depleted, aiming to secure a victory in Fasher. Mostafa maintained that the situation on the ground remains 'fully under control,' dismissing claims of RSF advances into Fasher and saying the group suffered a 'crushing defeat' after amassing forces in Libya for the Monday assault. The RSF, he added, continues to rely on long-range artillery and strategic drone strikes from outside Fasher. *** Drone strike hits military-allied Sudan Shield Forces parade in eastern Gezira A drone strike on Wednesday targeted a Sudan Shield Forces parade in Tambul, eastern Gezira, during celebrations marking the 71st anniversary of the founding of the Sudanese Armed Forces. The event was attended by Sudan Shield Forces Commander Abu Agla Keikel. Three people were killed and 10 others injured, including children, a source in Tambul told Mada Masr. Ground defenses shot down two suicide drones, while a third hit its target and a fourth crashed in an empty area, they said. The Sudan Shield Forces accused the RSF of carrying out the attack, confirming civilian deaths and injuries, among them three children. The group said the assault could have killed hundreds of its fighters and civilians. In a statement after the incident, Keikel said the attack would not intimidate his forces, vowing to press ahead with their advance to 'liberate Kordofan and Darfur' and secure 'complete victory over the militias.' In recent weeks, at the military's request, the Sudan Shield Forces have deployed large numbers of troops to Kordofan fronts, where they made territorial gains and engaged in heavy clashes with RSF forces. *** UN Security Council rejects parallel govt in western Sudan The United Nations Security Council has rejected the RSF's announcement of a parallel government in western Sudan. In a statement on Wednesday, council members said the formation of such an administration poses a 'direct threat to Sudan's territorial integrity' and could fuel the ongoing fighting and deepen an already severe humanitarian crisis. The statement comes weeks after the RSF-led Tasis coalition declared the parallel government in late July, naming RSF Commander Mohamed Hamdan 'Hemedti' Dagalo head of its presidential council. Council members stressed that the priority remains the resumption of negotiations aimed at securing a permanent ceasefire and creating the conditions for an inclusive political settlement involving all Sudanese political and social forces. They also urged all UN member states to avoid any external interference that could prolong the war. While the Foreign Ministry welcomed the statement, the Tasis coalition said on Thursday that its government draws legitimacy from 'the support of large sectors of the population who have been deprived, by the authority in Port Sudan, of their most basic constitutional rights.' Speaking to Mada Masr, the RSF commander's advisor Omran Abdallah dismissed the UN council's statement as symbolic with no binding effect on the RSF. He said that the group agrees with many of the council's points regarding humanitarian conditions in Darfur and Kordofan and supports calls for aid access, but rejected what he described as allegations of an RSF-imposed siege on Fasher. Abdallah maintained that the RSF is working to protect civilians and said the Tasis-led government emerged from urgent public needs for essential services, including identity documents, currency, security, medicine, healthcare and education.
CairoScene
10 hours ago
- CairoScene
Saudi Arabia Launches AI Curricula and Global University Partnerships
Saudi Arabia's education reforms bring AI-focused curricula, new teacher training, and global university partnerships, aiming to prepare students for a tech-driven future. Saudi Arabia is accelerating its education reform agenda with a nationwide rollout of artificial intelligence (AI) curricula, expanded programs for gifted students, and a series of new partnerships with leading global universities. The Ministry of Education's latest initiatives are designed to equip students with advanced digital skills and foster a culture of innovation across the Kingdom's schools and universities. The introduction of AI-focused curricula marks a significant shift in classroom learning, with students now engaging in lessons that cover machine learning, data analysis, and ethical considerations in technology. The Ministry has also launched comprehensive training programs for teachers, ensuring that educators are prepared to deliver these new subjects and support students in developing critical digital competencies. In parallel, Saudi Arabia is expanding its programs for gifted and talented students, offering specialized tracks and resources to nurture high-achieving learners. These efforts are supported by collaborations with international institutions, including partnerships with universities in the United States, United Kingdom, and Asia. The goal is to provide Saudi students with access to world-class research, exchange opportunities, and joint degree programs. The new initiatives also include updates to assessment methods, with a greater emphasis on project-based learning and real-world problem solving. Schools are being equipped with advanced digital infrastructure, and students are encouraged to participate in international competitions and research projects.
Egypt Independent
a day ago
- Egypt Independent
The US and Europe are still doing billions of dollars' worth of business with Russia despite years of war
US President Donald Trump is threatening an additional 25% tariff on India as well as higher tariffs on other countries that buy Russian oil, in an attempt to pressure Moscow to end the war in Ukraine. But the United States and Europe themselves are still doing billions of dollars in trade with Russia – although that's a fraction of the trade that took place before the war. India has argued that it's being unfairly targeted with the tariff increase, calling it 'unjustified' given that other nations also do business with Moscow. Trade between Russia and the US has fallen by about 90% since the Kremlin launched its full-scale invasion of Ukraine, but last year, the US still imported $3 billion worth of goods from Russia, according to the latest data from the US Bureau of Economic Analysis (BEA) and Census Bureau. Meanwhile, the European Union – which has been the Americans' partner in sanctions against Russia – imported $41.9 billion (36 billion euros) of goods from Russia in 2024, data from the bloc's statistics agency shows. 'It's significant, but I think the more significant thing is how quickly the EU adjusted to reduce their dependency on Russia,' said Kimberly Donovan, director of the Economic Statecraft Initiative at the Atlantic Council, a DC-based think tank. 'They're making huge strides to further reduce how much they're getting from (Russia).' EU imports from Russia dropped by 86% between the first quarters of 2022 and 2025, according to Eurostat data. A view of a processing plant at the fertilizer company EuroChem VolgaKaliy, which is developing a potash deposit in Russia's Volgograd region, in September 2024. Kirill Braga/Reuters 'I do think that there is a lot of opportunity for the US and even the EU to increase our trade with countries like Canada and get the products that we need from them,' Donovan added. 'That's where the trade wars and the negotiations over tariffs are really throwing things for a loop and are reducing our ability to be strategic in how we're approaching the Russia problem.' As Trump prepares to meet Russian President Vladimir Putin in Alaska Friday, a top US official warned that India could see more tariffs coming their way if the talks don't go well. 'We've put secondary tariffs on the Indians for buying Russian oil. And I can see if things don't go well, then sanctions or secondary tariffs could go up,' US Treasury Secretary Scott Bessent told Bloomberg. These are the areas where economic ties with Russia remain the strongest, for the US and Europe respectively. US trade with Russia: • Fertilizer: The US imported $927 million worth of fertilizer in the first half of this year, US Census Bureau data shows. Last year, fertilizer imports from Russia totaled more than $1 billion. The US particularly relies on Russia for imports of three types of chemical fertilizers: urea, urea ammonium nitrate (UAN) and potassium chloride muriate of potash, also called potash. 'Unless the US sanctions Russian fertilizer imports, as it does with Belarusian potash, this (level of trade) is likely to continue,' said Allan Pickett, head of fertilizer analysis at S&P Global Commodity Insights. 'Russia remains one of the most important global fertilizer suppliers and the influence of it has not diminished since 2022.' 'Urea and potash could be readily sourced from elsewhere, although with potash it would further increase US dependence on Canada, which currently has an interesting trade dynamic,' Pickett added. The Trump administration recently hiked tariffs on Canada to a minimum of 35% –unless goods are compliant with the terms of the US-Mexico-Canada free trade agreement – escalating ongoing trade tensions with its northern neighbor. • Palladium: Although palladium imports from Russia have reduced significantly since 2021, data shows that the US still imported $878 million worth of the metal in 2024 and $594 million worth in 2025, through June. The silvery metal is used in various electronic and industrial products and it's a key component in the catalytic converters of cars. • Uranium and plutonium: The US has imported $755 million worth of uranium and plutonium from Russia so far this year, according to Census data through June. It imported $624 million worth of those commodities from Russia in 2024. A ship carrying Russian liquefied natural gas (LNG) unloads gas in the port of Bilbao, Spain, on March 10, 2022. Vincent West/Reuters European trade with Russia: • Oil: Russia was the largest supplier of petroleum to the European Union prior to Moscow's full-scale invasion of Ukraine. The EU has since imposed a ban on maritime Russian oil imports, as well as refined oil products, like diesel. As a result, oil imports to Europe fell to $1.72 billion (1.48 billion euros) for the first quarter of 2025, down from $16.4 billion (14.06 billion euros) in the same quarter of 2021, according to the most recent data from Eurostat. The top European importers of Russian fossil fuels in July 2025 were Hungary, France, Slovakia, Belgium and Spain, according to an analysis by the Centre for Research on Energy and Clean Air, an international research organization. Hungary and Slovakia accounted for the vast majority of crude oil imports, according to the analysis, while the others import mostly liquefied natural gas. • Natural gas: The value of natural gas imports from Russia actually increased in the last four years as a result of price increases, growing to $5.23 billion (4.49 billion euros) in the first quarter of 2025, Eurostat data shows. However, the EU has slightly reduced Russia's market share of liquefied natural gas imports since 2021 – from 22% down to 19% in 2025 – while also greatly increasing the US market share. • Iron and steel: Russia's share of iron and steel imports in the EU has dropped sharply. Iron and steel imports amounted to $850 million (730 million euros) in the first quarter of 2025 – about half of what they were in the same quarter in 2021, according to Eurostat. • Fertilizer: Sanctions and import duties have not hit the fertilizer industry, and as a result, European imports of Russian fertilizer have changed very little since 2021. In the first quarter of 2025, EU countries imported $640 million (550 million euros) of Russian fertilizer, data shows. • Nickel: The EU has diversified imports to rely more on nickel from the United States, Norway, the United Kingdom and Canada. Still, the bloc imported $300 million (260 million euros) worth of nickel from Russia in the first quarter of 2025. Nickel is primarily used to make stainless steel and other alloy steels, as well as batteries. A view inside a plant at Russia's Nornickel company, the world's leading nickel and palladium producer, is seen in August 2021 in the Arctic city of Norilsk. Tatyana Makeyeva/Reuters Hundreds of Western firms still in Russia Beyond imports and exports of commodities, many Western companies remain entrenched in Russia. Some notable American-based holdouts continue to operate in Russia, including top 100 companies, according to lists compiled by the Yale School of Management and the Kyiv School of Economics Institute. Dozens of European businesses, including consumer-facing brands, retailers and software companies, have also remained in Russia. The amount of tax revenue that Western companies generate for the Kremlin is relatively small, but analysts say the companies that remain have allowed aspects of normal life to continue for the Russian population. Corporate exits serve to bring the war closer to the Russian people and confront their 'complacency,' as well as make it more difficult for Putin to paint a picture of a well-functioning economy, said Yale School of Management's Jeffrey Sonnenfeld, whose large team of researchers keeps track of which companies have left. 'It's an imploding market – it was never an economic superpower to start with – which is just a lot of smoke and mirrors, a lot of bravado on the part of Putin to try to create an aura of something bigger,' Sonnenfeld told CNN. India's and China's energy imports In contrast to the reduction in trade with Moscow seen in the United States and EU, India imported $67 billion worth of goods from Russia in 2024, according to data aggregated by the United Nations. Roughly $53 billion worth of that was petroleum oils and crude oil. Before the full-scale war, in 2021, India imported $8.7 billion worth of goods from Russia. India's imports of Russian oil and gas have skyrocketed since before the war began. Russian oil now makes up 36% of the Indian market, according to Vortexa, an energy data firm, meaning it imports more crude oil from Russia than from anywhere else. China has also ramped up purchases of Russian crude oil following Moscow's full-scale invasion of Ukraine in 2022. Its price fell after Western countries sharply scaled back their imports of Russian fuel. Russia now accounts for 13.5% of China's crude imports, according to Vortexa. China imported roughly $130 billion in Russian goods in 2024, including $62.6 billion of petroleum oils and crude, the UN-aggregated data shows.
