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Coverage, page 6

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The Oil Market’s Backup Plan Is Breaking Down

For decades, the biggest geopolitical risk hanging over the oil market has been the Strait of Hormuz. Before the conflict in Iran began in late February, roughly one-fifth of the world’s petroleum liquids moved through the narrow waterway separating Iran from Oman, making it the most important oil chokepoint in the world. Now that traffic through Hormuz has been severely disrupted, Gulf producers have increasingly relied on the limited alternatives available to keep oil moving. For Saudi Arabia, the most important of those alternatives is…

OilPrice.comOilPrice.com•Robert Rapier18 Sept

US approves sale of F-35 fighter jets to Saudi Arabia

The United States has approved a $24.3 billion sale of 48 F-35 stealth warplanes to Saudi Arabia, the State Department said Thursday, the kingdom's latest major arms purchase since the start of the Iran war. Saudi Arabia has been repeatedly targeted with drone and missile strikes by Tehran's forces since the United States and Israel launched their war against Iran in February, and has also been hit by Yemen's Iran-backed Houthi rebels.

France 24France 24•FRANCE2418 Sept

Japan's Refiners Have Enough Crude to Last Through November, Industry Body Says

Japanese refiners have procured enough crude oil to last them through November, the head of the Petroleum Association of Japan (PAJ) said on Friday, amid yet another twist in supply availability from the Middle East.  The temporary shutdown of the East-West oil pipeline in Saudi Arabia following attacks last week added another uncertainty in oil cargo movements from the Middle East region after the Kingdom halted loadings at the Red Sea port of Yanbu.    The Saudis, however, have boosted shuttle-shipping through the Strait of…

OilPrice.comOilPrice.com•Michael Kern18 Sept

WTI Retreats as Saudi Oil Workaround Eases Supply Fears

November WTI crude oil futures were trading at $96.35 at 0:51 GMT early Friday, up $0.49, or 0.51%, for the week. The contract traded as high as $101.69 and as low as $94.64. The range reflects a market caught between broken Saudi infrastructure and an export workaround that only moves part of the lost volume. Saudi Arabia’s East-West pipeline outage drove WTI through $100. The kingdom’s Sohar transfers to Asian refiners pulled the contract back. The supply problem remains in place. The market is now putting a smaller premium on it.…

OilPrice.comOilPrice.com•Editorial Dept18 Sept

Saudi Oil Exports Rebound at Hormuz While East-West Pipeline Remains Offline

Saudi Arabia has sold as many as 60 million barrels of crude oil from the Persian Gulf port of Ras Tanura for September and October loadings outside the Strait of Hormuz via ship-to-ship transfers, trade sources told Reuters on Friday. Saudi oil giant Aramco has offered buyers of the crude from the Ras Tanura port to be loaded via ship-to-ship (STS) transfers at the port of Sohar in Oman just outside the Strait of Hormuz, according to the sources. Saudi Arabia has hiked shuttle-shipping to the Strait of Hormuz this week, after it was forced late…

OilPrice.comOilPrice.com•Tsvetana Paraskova18 Sept

Hormuz Tanker Traffic Slumps as Saudi Arabia Scrambles for New Oil Routes

Only four commodity vessels were detected to have moved inbound or out of the Strait of Hormuz on Thursday, shipping data showed early on Friday, while oil shipping options out of the Middle East became fewer with the closure of the Saudi pipeline to the Red Sea port of Yanbu. Three vessels moved into the Persian Gulf, and one exited the Strait on Thursday, down from the 10-day average of as many as 16 ships daily transiting the chokepoint, according to preliminary data from Kpler cited by Reuters. The tracking excludes any movements of ships that…

OilPrice.comOilPrice.com•Tsvetana Paraskova18 Sept

‘We cried the whole way’: Refugees flee Yemen fighting

An estimated 125,000 people, including more than 57,000 children, have fled since hostilities erupted in July between the Iran-backed Houthi rebels, the Yemeni government and its ally Saudi Arabia, with the UN calling it one of the most rapid and volatile waves of displacement in Yemen in years. Thousands have even been making the dangerous crossing across the Bab el-Mandeb strait to Djibouti, many of them children, travelling in extreme heat, often without enough water.

France 24France 24•FRANCE2418 Sept

Japan raises interest rates to 31-year high as central bankers fight inflation; retail sales rise in Great Britain – business live

Rolling coverage of the latest economic and financial news The oil price has dropped by 2% this morning, pushed down by hopes that supply disruptions from Saudi Arabia may not be as severe as feared. Brent crude has dropped to $102.55 a barrel, following reports that Saudi authorities hope to bypass a damaged section of its 1,200-km East-West Pipeline and restore roughly half its capacity within days. Continue reading...

The GuardianThe Guardian•Graeme Wearden18 Sept
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Oil Prices Head for Weekly Loss as Saudi Export Fears Ease

Crude oil prices were on course for a weekly decline after a three-week series of gains, as traders' fears about Saudi Arabia’s ability to continue exporting oil appeared to have been quelled by reports about ship-to-ship transfers in the Gulf of Oman. At the time of writing, Brent crude was trading at $103.65 per barrel, with West Texas Intermediate at $101.04 per barrel, both set for a modest loss. However, it bears noting that both remain above $100 per barrel, which keeps the pressure on end fuel prices that are frustrating drivers and…

OilPrice.comOilPrice.com•Irina Slav18 Sept