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Saudi Energy Ministry clarifies Iraqoil transfer costs
The Saudi Ministry of Energy commented on the rising costs of transporting Iraqi oil, clarifying that the Kingdom did not purchase the 25 ships claimed by the Iraqi Oil Minister. The increase in costs is attributed to factors such as military escalation, Iranian attacks on ships, and navigational disruptions in the Strait of Hormuz, which have led to higher shipping risks and insurance costs, rather than the purchase of new vessels.
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