News on Saudi Arabia.

Media: Iranian tanker on fire off the coast of Saudi Arabia

Iranian news agency ISNA and Reuters report that an Iranian tanker ship has burst into flames after being hit by an explosion off the coast of Jeddah in Saudi Arabia. The ship allegedly belongs to Iranian oil company National Petroleum Company.

Saudi oil output back to pre-attack levels

The global crude supplier has restored its output volume to roughly 10 million bpd. Saudi Arabia has thereby reestablished its level from before last month's attack on Aramco.

Tanker rates may drop following attack on Saudi Arabian oil plants

VLCC and LPG rates will face pressure following Saturday's drone attack on two Saudi oil plants, assesses investment bank Cleaves Securities. The bank furthermore predicts that the strike may lead to "several attacks on shipping" in the area around the Strait of Hormuz.

Saudi shipyard to secure future of the country's economy

Plans for a new giant shipyard in Saudi Arabia worth about USD 6 billion form part of the country's strategy to relieve dependence on especially the oil market. "This is with the future in mind," a source close to the project tells ShippingWatch.

Saudi Arabia will invest billions in giant shipyard

A giant shipyard in Saudi Arabia will supply supply the country's oil industry with tanker vessels and rigs while also helping to create more than 10,000 jobs. Saudi Aramco and Hyundai Heavy Industries are part of the joint venture behind the yard. Investments will total billions of dollars.

Oil price balancing at highest level in a year

The oil price is balancing at its highest level in 12 months. Russian president Vladimir Putin has laid a solid market foundation, but Goldman Sachs questions the likelihood of balance being restored to the market.

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