Aramco and Adnoc Navigate Oil Amid Iranian Threats
Saudi Arabia's Aramco Trading Co. and the UAE's state oil company Adnoc have been moving crude oil tankers through the Strait of Hormuz despite Iran's effective closure of the waterway. This action comes as Iran has been menacing shipping in the strait, seizing vessels, and escalating tensions in the region. The companies have been taking significant risks, including turning off transponders to avoid detection, to ensure that some oil supply reaches global markets. The flow of non-Iranian crude through Hormuz has significantly decreased since the conflict began, with current shipments averaging about 500,000 barrels a day, compared to 13.6 million barrels a day before the war.