Iran's Blacklist Sparks Security Concerns Among Oil Firms

Iran's new blacklist of 45 ships has triggered a security concern among oil firms, prompting some to avoid using vessels on the list for ship-to-ship transfers. At least three Indian oil refiners and a global energy major plan to stop using these ships due to security concerns, according to four sources with direct knowledge of the matter.

The blacklist includes tankers owned or chartered by Saudi Aramco and Abu Dhabi National Oil Co (ADNOC), which have been used for shuttling crude, refined products, and liquefied natural gas out of the Gulf. Iran's announcement is designed to impede the shuttle runs that have kept alive oil flows from the Middle East.

The Persian Gulf Strait Authority has warned that non-compliant ships may be fined, detained, and have their cargoes confiscated. Some charterers and shipping firms are discussing whether to continue STS operations or not, evaluating Iran's warning. A Gulf crude buyer said it would be safer to buy oil on a delivered basis shipped to a final destination instead of free-on-board at STS locations in the Gulf of Oman.