Saudi Gulf Oil Loadings Still Subdued as Shippers Avoid Hormuz

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessSaudi Gulf Oil Loadings Still Subdued as Shippers Avoid HormuzOil loadings by Saudi Arabia and other major producers inside the Persian Gulf remained subdued as recent attacks continue to deter shipowners from traversing the Strait of Hormuz.Author of the article:Priyanjana Bengani and Grant Smith You can save this article by registering for free here. Or sign-in if you have an account.4mptoc7x)9bimg9ev)dws}4f_media_dl_1.png Sentinel-1, Bloomberg(Bloomberg) — Oil loadings by Saudi Arabia and other major producers inside the Persian Gulf remained subdued as recent attacks continue to deter shipowners from traversing the Strait of Hormuz.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountNo large tankers have been seen berthed at the kingdom’s top Persian Gulf installations since July 12, according to satellite images from the European Union’s Sentinel-1 orbiter. The picture was slightly better at the main terminals across Iraq, the United Arab Emirates and Kuwait. A spokesperson for the UAE Energy Ministry declined to comment. The Energy Ministries of Saudi Arabia and Kuwait didn’t respond to requests for comment. A spokesman for Iraq’s Oil Ministry said the number of vessels loading at the country’s berths “fluctuates depending on the prevailing conditions.”Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againVisible traffic through the Strait of Hormuz — which connects the Persian Gulf to international buyers — has been constrained again since the US-Iran peace deal fell apart. The escalation of hostilities between the US and Iran has prompted warnings from the UN’s shipping agency that the waterway was unsafe. The disruption — which spread recently to include Yemen’s Bab el-Mandeb waterway that connects to the Red Sea — remains the largest of several supply crises whipsawing crude prices, squeezing consumers with high fuel costs and complicating central banks’ efforts to control inflation. On Wednesday, Iran’s Islamic Revolutionary Guard Corps claimed to have “struck and brought to a halt” three tankers that were moving along an “illegal route,” state-run IRIB News reported. Naval authorities in the Middle East haven’t confirmed any attacks on vessels in the region. Even so, traffic through Hormuz has picked up in recent days, with the US claiming its navy escorted some tankers across the waterway. The tanker Al Areesh openly exited the Persian Gulf early Thursday carrying the first shipment of liquefied natural gas from Qatar in several weeks.If this flow continues, it could allow Middle Eastern producers to begin loading more cargoes. Tensions have escalated in the Red Sea over the past week after at least one attack on a Saudi tanker by Iran-backed Houthi militants from Yemen. Still, two ships controlled by Dynacom Tankers Management Ltd. — one of the industry’s boldest shipowners during the Iran war — were observed heading for the Red Sea on Wednesday, according to tracking data.The war has led to an increase in ‘dark’ activity that is difficult to quantify using conventional ship-tracking data. While satellite flyovers are intermittent and vary by location, the resulting imagery helps to capture a portion of these hidden trade flows, offering deeper insights into the pace and scale at which barrels are being exported from ports. —With assistance from Salma El Wardany, Fiona MacDonald and Khalid Al-Ansary.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.