Middle Eastern oil producers are continuing to load oil and liquefied natural gas (LNG) despite recent attacks on ships in the Strait of Hormuz and renewed tensions between the U. S. and Iran. Shipping data shows that energy shipping in the strait faced delays after attacks on a container ship and an oil tanker prompted retaliatory strikes, creating strain on a temporary peace deal. However, a U. S. official reported on Sunday that both nations agreed to cease hostilities and resume discussions regarding the waterway.
On Monday, a Very Large Crude Carrier (VLCC) was spotted loading at Saudi Arabia’s Ras Tanura terminal, even after a helicopter crash on Sunday resulted in 14 deaths. Four VLCCs have loaded oil and turned off their transponders to avoid attacks while navigating the Gulf. One vessel exited the strait and is en route to Japan, while two VLCCs entered the strait on Sunday to load crude in the United Arab Emirates.
Iran is also increasing its oil loadings after the U. S. decided to waive sanctions on its exports for 60 days. Iran has begun simultaneous loading at both its export terminals for the first time in nearly a week. The movement of about 8 million barrels of crude from the region has impacted global oil prices, which decreased by 10.6% last week, although prices rose following the weekend attacks.
In terms of LNG, additional ballast tankers have appeared in the western part of the strait after going dark, while two loaded LNG tankers have exited Hormuz. The Al Kharaitiyat is heading to Kuwait after loading in Qatar, while another ship is waiting off Qatar. The ADNOC-controlled Mraweh is scheduled to deliver to India, and Al Hamla, also from Qatar, is set to reach China soon.
With information from Reuters
