• 4 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 7 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 12 hours Apartheid Is Still There: Post-apartheid South Africa Is World’s Most Unequal Country
  • 5 hours Visualizing How Much Oil Is In An Electric Vehicle (Hint: a heckuva lot)
  • 4 hours Theresa May to Step Down
  • 6 hours Look at the LONGER TERM bigger picture of international oil & gas. Ignore temporary hiccups.
  • 16 hours Total nonsense in climate debate
  • 16 hours IRAN makes threats, rattles sabre . . . . U.S. makes threats, rattles sabre . . . . IRAQ steps up and plays the mediator. THIS ALLOWS BOTH SIDES TO "SAVE FACE". Then serious negotiations start.
  • 15 hours Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 19 hours Will Canada drop Liberals, vote in Conservatives?
  • 19 hours Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
  • 19 hours Canada's Uncivil Oil War : 78% of Voters Cite *Energy* as the Top Issue
  • 15 hours Apple Boycott in China
  • 11 hours Australian Voters Reject 'Climate Change' Politicians
  • 2 hours Why is Strait of Hormuz the World's Most Important Oil Artery
Oil Market Volatility Surges

Oil Market Volatility Surges

Oil market volatility has seen…

Iran’s Trick To Sell Oil For A 30% Premium

Iran’s Trick To Sell Oil For A 30% Premium

Iran’s strategy to avoid U.S.…

Iran’s Navy to Escort All Tankers Leaving Coast

Oil tanker at open sea

Iran’s Navy will escort all tankers and other commercial vessels leaving the coast of the country to ensure their safe passage through risky waters. This is what Rear Admiral Habibollah Sayyari, the commander of the Navy force of Iran, told state news agency Shana.

Sayyari explained that the Navy had been approached by the National Iranian Tanker Company to guarantee the safety of commercial vessels setting sail from Iran to the south, where they must pass through the Bab al-Mandab Strait between Somalia and Yemen, and parts of the Red Sea.

As Oilprice reported last week, there has been a spate of pirate attacks on navy vessels and merchant tankers in the narrow strait off Yemen, which is raising concerns over the security of commercial oil and gas shipping in the vital Bab al-Mandab Strait, the waterway of global trade between the Mediterranean, the Suez Canal and the Indian Ocean. The strait links the Red Sea with the Gulf of Aden.

The Iranian Navy’s commander said that since 2008, when pirate activity spiked in the region, the Navy forces had escorted 3,800 commercial vessels, including tankers, ensuring their safe passage through pirate-infested waters.

The Bab-al-Mandab Strait sees some 3.8 million barrels of crude pass through it on a daily basis en route to ports around the world. The Bab al-Mandeb Strait had seen oil trade steadily growing in recent years, meaning even more oil was at risk.

According to the U.S. Energy Information Administration, trade in crude oil and petroleum products at this chokepoint jumped to nearly 4.7 million barrels per day in 2014, almost doubling from the 2.7 million barrels in 2010. That reduction is thought to be at least partly because of the higher risks associated with traffic through it.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Philip Branton on November 08 2016 said:
    Hmm......dare to wonder what else is being shipped in these escorted tankers in addition to oil..?

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News