Saudi energy ministry denies reports of purchasing 25 oil tankers

Saudi Arabia's Ministry of Energy has rejected Iraqi allegations that it acquired 25 oil tankers, attributing the surge in shipping costs to factors unrelated to Saudi decisions. Iraqi Oil Minister Bassem Mohammed Khudair Al-Abadi and Ali Nazar Al-Shatari, head of Iraq’s State Oil Marketing Organization, made these claims during a parliamentary session.

The Saudi ministry firmly denied any connection between tanker purchases and the rise in Iraqi oil transport costs. They emphasized that Saudi Arabia retains the full right to make commercial and investment decisions based on its needs and interests. The ministry highlighted that the steep increase in oil transport costs is attributable to various factors, such as heightened regional tensions, Iranian attacks on vessels, disruptions in the Strait of Hormuz, and a decline in the number of tankers willing to operate in the region.

These circumstances have led to exceptional shipping costs in the area, with the ministry asserting that attributing the rise in Iraqi oil transport costs to Saudi Arabia is inaccurate.