On Tuesday, September 24, 2026, Saudi Arabia issued a statement announcing that it rejects the claim of purchasing 25 oil tankers. This statement was released in response to remarks made by Iraq's Minister of Oil, Basem Mohammed Khudair Al-Abadi, and the Chairman and Director General of the Iraqi State Oil Marketing Organization (SOMO), Ali Nizar Al-Shatari, during a session of the Iraqi parliament.
Denial of Tanker Purchases
The Saudi Ministry of Energy emphasized in this statement that no tanker purchases have been made in this regard and declared the information presented in this session as incorrect. The ministry also clarified that these explanations in no way diminish Saudi Arabia's full right to make business and investment decisions.
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Reasons for Increased Transportation Costs of Oil
The Saudi Ministry of Energy pointed to other factors that have led to the increase in transportation costs of Iraqi oil. Among these factors are the escalation of military tensions in the region, declared Iranian attacks on vessels, and disruptions in transportation through the Strait of Hormuz. These factors have increased transportation risks and insurance costs and reduced the number of tankers present in the region.
In the continuation of this statement, the Saudi Ministry of Energy announced that these conditions have led to an unprecedented increase in transportation costs in the region. Furthermore, the ministry noted that attributing the increase in transportation costs of Iraqi oil to Saudi Arabia does not reflect the real factors behind this increase.
Economic Consequences
These developments reflect the complex tensions in the oil market and their impact on the regional economy. With rising transportation costs, oil prices in the global market are likely to be affected, which could negatively impact oil-producing countries, especially Iraq. Additionally, the security situation in the region may influence investment and oil trade decisions, causing companies and investors to exercise more caution in this area.
Ultimately, the Saudi Ministry of Energy emphasized that the country has always sought to maintain its economic interests and will make the necessary decisions in this regard. This statement clearly demonstrates Saudi Arabia's desire to maintain stability in the oil market and respond to its needs in this area.
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