Rystad Energy estimated that the extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), while OPEC+ countries are able to add next month 2 million bpd, according to their storage, spare capacity and ramp up capabilities.
With one of the most powerful military commander of Iran announced to be killed by a US air strike in Baghdad, Iraq earlier this morning, the merchant shipping heading close to the Middle Eastern waters has been pushed back and put on high alert due to fears that Iran will respond to the American drone strikes.
Following the ongoing protests taking place at port of Umm Qasr, Iraq, now Khor al-Zubair commodities port near Basra, the second main port in the gulf port, reopened and is now able to continue its normal operations, as Reuters reports.
Hundreds of protesters blocked entry to the Port Umm Qasr, Iraq’s main commodities port near Basra, preventing employees and tankers from entering and bringing operations down by 50%, on Monday.
The port of Umm Qasr in Iraq has shut down once again, after its short reopening following days of closure. Protesters continued to block all the main roads leading to the port, a key part of the logistics chain for Iraq’s food supply, which has now been effectively closed for more than a week.
Boskalis, Dutch maritime company, inked a Memorandum of Understanding (MoU) with Iraqi oil ministry for the construction of a new export terminal in Iraq. The project will last for three years. Boskalis, according to the deal, will construct Iraq’s largest industrial island to export crude oil in the offshore area, located in the Persian Gulf.
Drone attacks on crucial Saudi Arabian oil facilities, which are among the world’s most important energy production centers, have caused disruptions on around half of the country’s oil capacity, or 5% of the worldwide oil supply. Yemen’s Houthi rebels took responsibility for the attacks, noting that 10 drones aimed Saudi Aramco’s oil facilities in Abqaiq and Khurais.
British Royal Marines captured an oil tanker in Gibraltar on June 27, after being accused of bringing oil to Syria, thus breaching EU sanctions. This could be considered a dramatic step that could escalate tensions between the West and Iran. Grace 1 tanker was seized in UK territory, after sailing around Africa from the Gulf.
The Iranian Ports and Maritime Organisation announced Iran’s and Iraq’s collaboration concerning the dredging operations on Arvand border river in Iranian southwestern city of Khorramshahr in Khouzestan. The dredging operations on the river will commence after the month of Ramadan.
A small ferry was carrying local residents across the Tigris to a tourist area on Umm Rabaen Island. Due to heavy rains and a water release from a dam upstream, the river was high and the current was strong, and officials had already issued a warning about hazardous conditions on the river. The ferry ran aground causing the loss of many.
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