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Oil-services firms report Middle East logistics costs up as much as threefold

Mountain Time
Local time
6:30 PM UTC
Where
Middle East

Executives at the ADIPEC energy conference said the Iran war has disrupted equipment deliveries and raised operating costs for oil-services contractors. Maire CEO Alessandro Bernini said logistics costs on some regional contracts had tripled and labor costs had risen by 30% to 40%; Saipem CEO Alessandro Puliti said equipment had been waiting outside Hormuz for months.

Why it matters

Higher contractor costs and delayed equipment deliveries can postpone oil and gas projects and feed through into energy prices and regional project budgets.

Source

Confidence: Published by a named news organization. Not yet independently confirmed. About confidence labels