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Oil export

Saudi Arabia suspends oil exports through Red Sea lane after Houthi attack

DUBAI: Top oil exporter Saudi Arabia said on Thursday it was “temporarily halting” all oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb after an attack on two big oil tankers by Yemen’s Iran-aligned Houthi movement. Saudi Energy Minister Khalid al-Falih said in a statement sent by his ministry that the Houthis had attacked two Saudi Very Large Crude Carriers in the Red Sea on Wednesday morning, one of which sustained minimal damage. “Saudi Arabia is temporarily halting all oil shipments…

Iran raises oil exports to West, almost on par with Asia

TEHRAN: Iran's oil exports to the West surged in May to their highest level since the lifting of sanctions in early 2016 and almost caught up with volumes exported to Asia, a source familiar with Iranian oil exports said. Iran, which used to be OPEC's second biggest oil exporter, has been raising output since 2016 to recoup market share lost to regional rivals including Saudi Arabia and Iraq. While many Asian nations continued to purchase oil from Iran during sanctions, Western nations halted imports, halving Iran's…