TEHRAN: Iran’s oil minister landed on Kharg Island, home to the country’s main export terminal, and held talks with a naval commander on Sunday, the oil ministry’s news website Shana reported, amid concern Israel could attack energy facilities.
An Israeli military spokesman said on Saturday that Israel would retaliate in response to last week’s missile attack by Tehran “when the time is right.”
US news website Axios cited Israeli officials as saying Iran’s oil facilities could be hit, while US President Joe Biden said on Friday that he did not think Israel had yet concluded how to respond.
Iran is a member of the Organization of the Petroleum Exporting Countries (OPEC) with production of around 3.2 million barrels per day (bpd), or 3 percent of global output. Iranian oil exports have climbed this year to near multi-year highs of 1.7 million bpd despite US sanctions.
Most of its oil and gas wealth is located in the south of the country, where the Kharg Island terminal is situated and from which around 90 percent of Iranian oil exports are shipped.
Oil Minister Mohsen Paknejad arrived on Sunday “to visit the oil facilities and meet operational staff located on Kharg Island,” Shana reported, adding that the oil terminal there has the capacity to store 23 million barrels of crude.
State media reported Paknejad met with Mohammad Hossein Bargahi, a Revolutionary Guards Navy commander, to check the security of Iran’s South Pars gas platforms and assess the effective actions of the Guards’ 4th Naval Region.
“The Islamic Revolutionary Guard Corps Navy plays an important role in the security of oil and gas facilities,” Paknejad was quoted as saying.
China, which does not recognize US sanctions, is Tehran’s biggest oil customer and according to analysts imported 1.2 to 1.4 million barrels per day from Iran in the first half of 2024.
Iran’s oil minister visits key oil terminal amid Israel strike fears
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Iran’s oil minister visits key oil terminal amid Israel strike fears
GCC states ‘face reliance on Saudi Arabia for food imports’
- With 70 percent of food coming through Strait of Hormuz, analysts warn of inevitable shortages
DUBAI: Some Gulf states may have to rely on overland food deliveries from Saudi Arabia if the US-Israel-Iran war continues to disrupt shipping through the Strait of Hormuz and restrict regional airspace, analysts warned on Thursday.
The region is up to 90 percent dependent on food imports, and price surges and scarcity of some goods are expected.
“With over 70 percent of GCC foodstuffs being imported through the Strait of Hormuz, Gulf states face shortages if the war persists,” said Neil Quilliam of the Chatham House think tank.
“While GCC countries have taken steps to diversify suppliers and ensure sufficient stores to withstand disruption, this can only last several months. At this point, price increases and longer lead times will start to hit the markets.”
Commodities analyst Ishan Bhanu said: “The biggest immediate effect will be due to the blockade of Jebel Ali in Dubai, serving about 50 million people. Qatar, Kuwait, Bahrain and Iraq effectively become landlocked and will depend on overland routes through Saudi Arabia.”
Bottlenecks are yet to show and the UAE has said its strategic reserves of vital goods cover four to six months of needs. It urged residents to report unjustified price increases through a dedicated hotline.
Supermarket staff throughout the Gulf said shelves remain largely stocked, though suppliers are taking longer to replenish certain products. Iran’s strikes on the Gulf since Saturday prompted panic buying in supermarkets, a dry run for what could come.
“Perception of risk matters, and even if stocks are sufficient now, public runs on supermarkets can spook the public,” Quilliam said.
