Commodities
Saudi Arabia Denies Purchasing 25 Oil Tankers Worth USD 4.5 Billion
Saudi Arabia has denied allegations that it purchased 25 oil tankers worth around USD 4.5 billion, as claimed by Iraq's Oil Minister Basim Mohammed.
Mohammed linked the alleged tanker purchases to a sharp increase in Iraq's crude oil shipping costs, which have jumped from USD 26 to USD 37 a barrel.
The Saudi Energy Ministry said the information about the tanker purchases was incorrect and that higher oil shipping costs are driven by military conflicts in the region and disruptions to shipping through the Strait of Hormuz.