Wednesday, February 9, 2011

Piracy and Oman

A recent story from the BBC website on Somali piracy in the Gulf:

http://www.bbc.co.uk/news/world-africa-12403528

So Somali pirates are now operating in the waters off the coast of Oman. A lot of OEB crude oil trade is with East Africa and beyond (requiring the use of the Red Sea / Suez Canal shipping route), as is quite a bit of the excess finished product from Oman's refineries. The seized shipment is around 2 million barrels of crude oil, which would equate to about 0.7% of Oman's yearly production. The article doesn't say if the crude oil was from Oman, but doubtless the threat exists. I wonder how worried the Omani government is about piracy affecting its exports?

I must say, as strongly as I condemn this sort of lawless act I cannot help but somehow admire the enterprise of the pirates. Talk about expanding a lucrative business!! If only they could be allowed to channel their enthusiasm for making money in other, more law abiding ways!

No comments: