Are you investing in any product from the Arabian region? Do you want to stay updated with their prices? Check this article and learn how to use a commodities rates API!
On the Arabian Peninsula, the United Arab Emirates is made up of seven states: Abu Dhabi, Dubai, Ras Al Khaimah, Ajman, Sharjah, Umm al-Quwain, and Fujairah. The EIA was established to maintain the UAE’s unity in managing its riches for the long-term benefit of the whole country.
Natural gas and crude oil, as well as foodstuffs and re-exported products, are among the EIA’s principal export commodities. The UAE also exports aluminum and copper, with Japan, South Korea, Thailand, India, and Iran as its key export partners. To put ourselves in context, these are the commodities that abound in the region:
Brent Crude Oil
Brent Petroleum is referenced in almost two-thirds of all crude contracts throughout the world, making it the most frequently used benchmark. These days, “Brent” refers to oil from four separate North Sea fields: Brent, Forties, Oseberg, and Ekofisk. The light, sweet crude from this region is good for refining diesel fuel, gasoline, and other high-demand products. Furthermore, because the supply is aquatic, it is simple to deliver to far regions.
Dubai/Oman
This Middle Eastern crude is a good benchmark for oil with a lesser quality than WTI or Brent. It’s a “basket” product made up of crude from Dubai, Oman, or Abu Dhabi that’s somewhat heavier and has a greater sulfur concentration, making it “sour.” The major reference for Persian Gulf oil transported to the Asian market is Dubai/Oman.
Natural Gas (NG)
The United Arab Emirates (UAE) is thought to have the world’s seventh-largest proven oil and gas reserves. The Dolphin Energy pipeline project, a 3.2 Bcf per day, 226-mile underwater pipeline that links to the other emirates and Oman, provides the majority of UAE natural gas imports.
These three commodities are part of the market and, therefore, their prices can vary considerably within the investment spectrum. To keep up to date, we recommend the use of Commodities-API.
Commodities-API
It’s a website that sells monetized data on coffee, cereals, and oils, among other things. It obtains them using an API that takes less than a minute to set up once the financial institutions have been established.
Platform Registration
Commodities-API has the benefit of being extremely simple to use. To do so, take the following steps:
• Go to the website and create a user account.
• Select a product as well as a currency.
• Make an API request from the dashboard, and the app will respond with an API response, and you’re ready to go!
Secure Site
SSL encryption is used by the Commodities-API to safeguard web-to-web connections. Financial firms utilize this type of security. Data is obtained from financial organizations and even the World Bank via this API.
Reliable Data
The API can provide real-time commodities data with a two-decimal-point accuracy and a 60-second frequency. Commodities-API is designed on a solid back-end architecture that assures full functionality and response times for defined API requests of less than 50 milliseconds.