Tag: Saudi Arabia

Freight rates to ship US crude to Asia are still on the rise, with costs to charter a supertanker increasing to a record $12 million on October the 3rd. This development comes as an aftermath of US's sanction against two units of COSCO, alleging that they were involved in transporting crude out of Iran.

According to Global Data, an analytics company, the US is expected to have a new-build gas processing capacity of 16.9 billion cubic feet per day (bcfd) by 2023, contributing to about 24% of the global processing capacity. 

Following the drone attack against Saudi Arabia's crucial oil facilities, Wood Mackenzie discusses with Ann-Louise Hittle, Head of Macro Oils how the attach affected Saudi Arabia's production. Middle East's weakness has been the open waters of the Strait of Hormuz, where the tensions have been increased in the last months. 

Saudi Arabia’s ability to quickly restore oil production after the weekend’s attacks on its oil facilities would demonstrate an important degree of resilience to potentially very damaging shocks, Moody’s said in light of the recent drone attacks against Saudi Arabia's plants. 

Providing a comment on the latest announcement by Saudi Aramco promising a swift restart of oil production after last Saturday’s attack, Rystad Energy chief oil market analyst Bjørnar Tonhaugen warned that there is the risk of a slower restart of Saudi Arabian oil production.

Saudi Aramco will fully restore its production capacity by the end of September, the President and CEO of Saudi Arabia's oil and gas giant announced, in light of the Saturday's drone attacks that caused disruptions on around half of the country's oil capacity.

Saudi Arabian International Maritime Industries (IMI) inked a Vessel Purchase Agreement (VPA) with Bahri, a logistics and transportation company, to construct one 319,000 DWT Class Crude Oil Carrier with delivery expected in October 2021.

The bullish reaction in oil prices will likely be limited by Saudi Arabia’s vast quantities of crude in storage, estimated to equal roughly 26 days of current crude exports, said Bjørnar Tonhaugen, head of oil market research at Rystad Energy, following Saturday's attacks on the world’s largest oil processing facility. 

Iran seized another vessel in the Gulf for allegedly smuggling 250,000 litres of diesel fuel to the United Arab Emirates, according to Iran’s semi-official Students News agency ISNA. The ship was detained near Iran’s Greater Tunb island in the Persian Gulf.

As Reuters reports, the drone attacks against Saudi Aramco's sprawling Abqaiq oil terminal has resulted to a traffic congestion, a slight rise in comparison to previous levels, as about a dozen tankers wait to conduct their loading operations at Ras Tanura and Juaymah.