Saudi Arabia’s Bahri is ‘not breaching US sanctions’

Until the sanctions were imposed, Venezuela’s oil was loaded and shipped on Bahri oil tankers to Indian and Chinese ports. (Photo: Bahri.sa)
Updated 11 February 2019
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Saudi Arabia’s Bahri is ‘not breaching US sanctions’

  • Oil production in Venezuela has slumped in recent months from more than 2 million barrels per day (bpd) to around 1.4 million bpd

JEDDAH: The National Shipping Company of Saudi Arabia (Bahri) on Sunday clarified that its giant oil tanker “ABQAIQ” was not breaching the US sanctions on Venezuela.
The Saudi oil tanker has set sail free of cargo from the Red Sea. Its destination is Venezuela’s Port of Jose to load a shipment agreed on Jan. 9, 2019, prior to the imposition of sanctions on Caracas, Bahri said in a statement.
The US imposed sanctions on Venezuela on Jan. 28, 2019.
It added that the giant tanker is expected to complete its journey and deliver the shipment to one of its permanent customers in India — before the end of the grace period set by the US sanctions.
Until the sanctions were imposed, Venezuela’s oil was loaded and shipped on Bahri oil tankers to Indian and Chinese ports.
Oil production in Venezuela has slumped in recent months from more than 2 million barrels per day (bpd) to around 1.4 million bpd.
The Latin American nation sits on the world’s largest oil reserves of more than 300 billion barrels, most of it heavy crude.
And Caracas, whose coffers depend on its crude reserves, could struggle to find other buyers for the oil it is able to extract.
The US is leading the way with sanctions. Washington had already implemented some sanctions against President Nicolas Maduro and his top aides, but last month it instituted more against Venezuela itself, particularly its oil industry.
Although crude output by Venezuela has slumped in recent years, its heavy oil is sought after by US refineries who mix it with lighter crudes to make petrol.


Saudi Arabia welcomes US decision on Iran oil sanction waivers

Updated 23 April 2019
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Saudi Arabia welcomes US decision on Iran oil sanction waivers

  • The Saudi minister said Iran uses state income to finance their dangerous policies
  • Saudi Arabia will work with other oil producing countries to stabilize international market

DUBAI: Saudi Arabia has welcomed US Foreign Minister Mike Pompeo’s announcement that waivers on the sanctions on Iranian oil exports will be lifted, Saudi state agency SPA reported.

Saudi Arabia believes the US decision is a necessary step to pressure the Iranian government to stop jeopardizing peace and end their global support for terrorism, the Saudi Foreign Minister, Ibrahim bin Abdulaziz Al-Assaf, said.

The Iranian regime uses the country’s income to finance dangerous policies without any consideration for international law, the minster added.

International pressures on Iran must continue until it stops interfering in the domestic affairs of other countries, he stressed.

Saudi Arabia will continue their strict adherence to the policies, which aim to stabilize international markets, and will not produce oil beyond the balance, Al-Assaf said.

The Kingdom will cooperate with other oil producing countries to produce enough oil for consumers, he added.