TREE NEWS update: Oman’s state energy company OQ SAOC is evaluating the purchase of two supertankers to be leased as floating oil storage at Duqm port, CEO Ashraf Al Mamari said. The company also plans to more than double onshore crude tank capacity at the port from about 5 million barrels to 10 million barrels within three years, as Gulf producers seek routes bypassing the Strait of Hormuz.
Oman’s OQ Weighs Buying Two Supertankers for Floating Storage
AI take
The move signals that Gulf exporters are treating Hormuz risk as structural rather than temporary, pushing storage and export capacity toward ports outside the strait. Duqm's appeal lies in bypassing the chokepoint, but floating storage via leased supertankers is a flexible, reversible step compared with the onshore expansion. The open question is whether this reflects OQ's own volumes or a bid to position Duqm as regional third-party storage — and whether other Gulf producers follow with similar commitments.
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