The U.S. Navy has officially awarded a Lockheed Martin-led team a multi-billion dollar contract to construct four warships for the Kingdom of Saudi Arabia. The four Multi-Mission Surface Combatant (MMSC) ships will be constructed at the Fincantieri Marinette Marine shipyard in Wisconsin, where the Navy’s Freedom-variant Littoral Combat Ships are constructed. The 118-meter … [Read more...]
Iranian Tanker Reportedly Hit by Missiles Off Saudi Coast, Iran Media Reports
By Parisa Hafezi and Sylvia Westall DUBAI, Oct 11 (Reuters) - An Iranian-owned oil tanker was struck, probably by missiles, in the Red Sea off Saudi Arabia's coast on Friday, Iranian media said, an incident that if confirmed will stoke tension in a region rattled by attacks on tankers and oil sites since May. The Sabiti was hit in the morning about 60 miles (96 km) from the … [Read more...]
Saudi Aramco Sees Full Oil Production Restored by End of September
By Rania El Gamal and Stephen Kalin ABQAIQ, Saudi Arabia, Sept 20 (Reuters) - Saudi state oil company Aramco said it will bring back by end September full crude output at Abqaiq and Khurais, the two oil facilities damaged by attacks last weekend that U.S. officials have blamed on Iran. Aramco is shipping equipment from the United States and Europe to rebuild the damaged … [Read more...]
Saudi Arabia Joins U.S.-Led Gulf Naval Mission
By Abbas Al Lawati (Bloomberg) --Saudi Arabia joined a U.S.-led coalition to secure sea lines vital to oil shipping in the Middle East in the aftermath of a devastating attacks on Aramco’s oil facilities. The International Maritime Security Construct’s area of operation covers the Strait of Hormuz, the world’s most critical waterway for oil supplies, the Strait of Bab … [Read more...]
Oil Trims Losses on Conflicting Signals About Saudi Recovery
By David Marino and Sheela Tobben (Bloomberg) -- Oil pared an earlier decline on contradicting reports about when Saudi Arabia will restore production lost in unprecedented attacks. A Financial Times report citing unidentified Saudi sources contradicted an earlier article from Reuters that the kingdom is close to restoring 70% of its production it lost after the weekend … [Read more...]