• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 15 minutes WTI @ 67.50, charts show $62.50 next
  • 18 hours The EU Loses The Principles On Which It Was Built
  • 10 hours Starvation, horror in Venezuela
  • 39 mins Mike Shellman's musings on "Cartoon of the Week"
  • 13 hours Why hydrogen economics does not work
  • 11 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 10 hours Tesla Faces 3 Lawsuits Over “Funding Secured” Tweet
  • 23 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 2 days Chinese EV Startup Nio Files for $1.8 billion IPO
  • 3 hours Saudi Fund Wants to Take Tesla Private?
  • 1 day Crude Price going to $62.50
  • 6 hours California Solar Mandate Based on False Facts
  • 6 hours Oil prices---Tug of War: Sanctions vs. Trade War
  • 22 hours Saudi Arabia Cuts Diplomatic Ties with Canada
Goldman: Trade War Won't Crash Oil Prices

Goldman: Trade War Won't Crash Oil Prices

In spite of the impact…

A Major Setback Looms For Colorado Shale

A Major Setback Looms For Colorado Shale

November elections in Colorado are…

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