• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 30 mins China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 15 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 8 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 7 hours US to Drown the World in Oil
  • 3 hours Used Thin Film Solar Panels at 15 Cents per Watt
  • 4 hours The Rarely Revealed Part of the Nuclear Problem
  • 10 hours Iran Is Winning Big In The Middle East
  • 7 hours With Global Warming Greenland is Prime Real Estate
  • 17 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 8 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 12 hours Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 4 hours Trump cancels Denmark visit amid spat over sale of Greenland
  • 15 hours LA Solar Power/Storage Contract
  • 12 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
Alt Text

Will Boris Johnson Back Fracking In The UK?

The decline of North Sea…

Alt Text

Buying The Dip In The Markets

Worries about the U.S., China…

Alt Text

Oil Markets Hit Hard By Trade War Escalation

China reignited fears of a…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Saudis To Oil Buyers: Protect Your Oil Tankers In Strait Of Hormuz

Khalid al-Falih, the energy minister of the world’s largest crude oil exporter and OPEC’s biggest producer, Saudi Arabia, urged on Thursday countries buying crude oil to secure the free navigation of tankers in the Strait of Hormuz.  

The Strait of Hormuz near Iran is the most important oil chokepoint in the world with daily oil flows averaging 21 million bpd, or the equivalent of 21 percent of global petroleum liquids consumption.

Several high-profile incidents in recent weeks and months have raised the tensions between Iran and the West in the Middle East, the latest being Iran seizing a British-flagged oil tanker last week, in what appears to be in retaliation for the seizure of an Iranian oil tanker by Gibraltar, with the help of the UK Royal Marines, earlier this month.

Speaking in India on Thursday, Saudi Arabia’s al-Falih said, as carried by Reuters:

“We, of course, call on the international community and have discussions with my counterpart Minister Pradhan today that India also needs to do its part of securing free navigation of sea links transporting energy to the rest of the world.”  

During the meeting with Saudi Arabia’s al-Falih, India raised concerns about the recent increase in Asian Premium pricing of OPEC oil, “disturbances in the Strait of Hormuz impacting the movement of oil/LNG tankers and the decision of OPEC Plus members on extending production cuts leading to oil price volatility & its adverse impact on the Indian economy,” India’s Petroleum Minister Dharmendra Pradhan tweeted Related: Hedge Funds Unexpectedly Set The Stage For An Oil Rally

Even before the most recent Iran-UK tension flare-up, U.S. President Donald Trump said at the end of June that countries that get their crude oil via the shipping routes in the Middle East should protect their own ships along the lanes.

After Iran seized a British tanker on Friday, a UK government spokesman said today that “The Royal Navy has been tasked to accompany British-flagged ships through the Strait of Hormuz, either individually or in groups, should sufficient notice be given of their passage.”

“This move will provide some much needed safety and reassurance to our shipping community in this uncertain time. However, we will continue to push for a de-escalation of tensions in the region and the safe return of our seafarers,” the spokesman added, as carried by the BBC. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play