Iran’s Military is Ready to Protect Oil Tankers Against Threats, Deputy Commander

DUBAI, Nov 12 (Reuters) - Iran's armed forces will protect Iranian oil tankers against any threats, an Iranian military official said on Monday after the United States called the ships a "floating liability" and warned ports operators not to allow them to dock. The United States resumed sanctions on Iran's oil, shipping and banking industries last Monday after U.S. President … [Read more...]

Saudi Tanker Company Bahri Targets Acquisitions in Asia, Middle East

By Marwa Rashad RIYADH, Nov 7 (Reuters) - Saudi Arabia's Bahri is targeting acquisitions in Asia and the Middle East as the exclusive oil shipper for state energy giant Saudi Aramco seeks to expand its reach, the chief executive said on Wednesday. Bahri is the world's largest owner and operator of very large crude carriers (VLCCs). Saudi sovereign wealth fund the Public … [Read more...]

Opinion: Trump’s Iran Sanctions Won’t Squeeze Oil Markets

By Ellen R. Wald (Bloomberg Opinion) -- New U.S. sanctions on Iran’s oil industry, set to begin on Sunday, were supposed to exert maximum pressure on Iran’s economy. Since the pullout from the Iran nuclear deal was announced in May, the Trump administration has claimed a goal of cutting Iran’s oil exports to zero. Officials have repeatedly said that they expected customers to … [Read more...]

Replacing Iran’s Lost Oil Supply a Boon for Supertankers

By Alex Longley (Bloomberg) -- Higher OPEC oil production and longer voyages are propelling shipowners back to good times. Just a month ago, hiring a supertanker for the benchmark Middle East Gulf-to-China route cost about $18,000 a day. That almost tripled to $51,000 a day as of Monday, the highest level since at least early 2017. The surge has come as the ships … [Read more...]

Rising U.S. Crude Output Sparks Race to Build Export Terminals

By Jarrett Renshaw and Collin Eaton NEW YORK/HOUSTON, Oct 30 (Reuters) - A high-stakes competition is emerging among energy exporters proposing multi-million-dollar crude terminals along the U.S. Gulf Coast to handle a gusher of shale oil coming from West Texas oilfields. On Monday, private equity firm Carlyle Group became the latest to place a bet, proposing with the Port … [Read more...]