News

Saudi minister says two of its oil tankers were attacked in UAE waters

Saudi Arabia’s Energy Minister said on Monday that two Saudi oil tankers had been targeted in a “sabotage attack” off the coast of the United Arab Emirates. Energy Minister Khalid al-Falih confirmed in a statement by state-owned Saudi Press Agency that the attack occurred at 6 a.m. local time as […]
Saudi minister says two of its oil tankers were attacked in UAE waters
Markets

The 7 Most Important Oil Chokepoints In The World

[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:JuliusBeckmannMainFrankfurt_gobeirne.jpg”] “About half of the world’s total oil production of nearly 90 million barrels per day is transported over water,” write US Funds analysts.At some point, almost all of this seaborne oil passes through one of seven chokepoints, or a narrow body of water.
The 7 Most Important Oil Chokepoints In The World
News

UK Government Accused Of Creating Mass Panic By Telling People To Stockpile Fuel Ahead Of A Possible Strike

[credit provider=”Wikimedia Commons” url=”http://commons.wikimedia.org/wiki/File:GAS_STATION_ATTENDANTS_PEER_OVER_THEIR_%22OUT_OF_GAS%22_SIGN_IN_PORTLAND,_ON_DAY_BEFORE_THE_STATE%27S_REQUESTED_SATURDAY…_-_NARA_-_555434.jpg”] The UK government has been accused of being “intent on creating a crisis” after urging the public to stock up on fuel ahead of a possible strike by tanker drivers, The Huffington Post reports. The announcement has created panic in Britain, with numerous pumps running dry […]
UK Government Accused Of Creating Mass Panic By Telling People To Stockpile Fuel Ahead Of A Possible Strike
News

The Showdown With Iran: Why It Matters

[credit provider=”Wikimedia” url=”http://commons.wikimedia.org/wiki/File:US_Navy_060618-N-8492C-221_The_Kitty_Hawk,_Ronald_Reagan_and_Abraham_Lincoln_Carrier_Strike_groups_sail_in_formation.jpg”] Why is the Strait of Hormuz so important?A narrow strip of water separating Iran from Oman, the strait is the major maritime link between the oil-rich Persian Gulf region and the rest of the world. Tankers carry 17 million barrels of oil, about a fifth of the […]
The Showdown With Iran: Why It Matters
News

The EU’s Oil Embargo On Iran May Be Weaker Than It Seems

[credit provider=”Flickr | Official U.S. Navy Imagery” url=”http://www.flickr.com/photos/usnavy/6383350623/”] The European Union‘s unprecedented sanctions on Iranian oil exports are aimed at seriously punishing Iran over questions about the nature of its nuclear program, delaying military action, and, however likely or unlikely, spurring talks.The sanctions, agreed upon yesterday in Brussels but not to be implemented until July, […]
The EU’s Oil Embargo On Iran May Be Weaker Than It Seems
News

Pirates Have Just Set Fire To This Oil Tanker Carrying 1 Million Barrels Of Oil

[credit provider=”Shipspotting” url=”http://www.shipspotting.com/gallery/photo.php?lid=986097″] The oil tanker Brillante Virtuoso is on fire after being attacked by Somali pirates Wednesday morning.Sources in the Kenyan Navy say a fire broke out in the crew quarters and on the bridge during the attack forcing both the crew and the pirates to abandon the vessel […]
Pirates Have Just Set Fire To This Oil Tanker Carrying 1 Million Barrels Of Oil
News

Politics In 60 Seconds: What You Need To Know Right Now

[credit provider=”The Rogue Blog” url=”http://www.joemcginniss.net/new-york-times-calls-sarah-palin-the-woman-who-might-be-president/Joe%20McGinniss”] Good morning! Here’s what you need to know:1. The New York Times reports: “Backed by tanks and helicopter gunships, government forces smashed what remained of an armed uprising in Jisr al-Shoughour, after residents fled into neighbouring Turkey.”
Politics In 60 Seconds:  What You Need To Know Right Now
Markets

A Deep Look At Oil Tankers And The Suez Canal In The Wake Of The Egyptian Crisis

[credit provider=”U.S. Energy Information Adminstration” url=”http://www.eia.doe.gov/cabs/world_oil_transit_chokepoints/Suez.html”] Gail Tverberg’s analysis of some of the underlying causes of the current Egyptian crisis is cogent, but one of the other consequences caught my attention today. For, as was noted in Forbes:While most equity-related assets got battered, a select group of stocks, oil shippers, […]
A Deep Look At Oil Tankers And The Suez Canal In The Wake Of The Egyptian Crisis