Oman's state energy company, OQ SAOC, is evaluating the acquisition of two supertankers for floating storage at Duqm Port, which would add a combined 4 million barrels of storage capacity, CEO Ashraf Al Mamari told Bloomberg. A decision on this matter is expected later this year. Concurrently, OQ plans to expand Duqm Port's onshore crude oil storage tank capacity from the current approximately 5 million barrels to 10 million barrels within three years, with a long-term goal of eventually reaching about 40 million barrels. This move aims to establish Duqm Port as a critical energy hub amid potential disruptions in the Strait of Hormuz, addressing heightened shipping risks and soaring tanker freight rates driven by Middle East conflicts.