The carrying capacity of oil tankers that docked at Ras Tanura, Saudi Arabias biggest crude-loading port, gained 22 percent in the latest week, according to ship- tracking data compiled by Bloomberg.
Vessels with a combined capacity of 10.1 million deadweight tons arrived at the facility in the week ended Jan. 28, compared with 8.29 million a week earlier. The ships would be able to haul about 74 million barrels of crude in total, assuming a conversion factor of 7.33 barrels a ton. Japan will be the largest recipient, followed by China and Singapore.
Arab Heavy, the Kingdoms cheapest oil, will be sold to Asian customers in March for $2.02 a barrel less than higher-quality Arab Light, the smallest difference since April 2010, according to a Bloomberg survey of 10 buyers in Japan, Singapore, China, South Korea and India. Aramco will announce official selling prices, which act as benchmarks for pricing in Iran, Iraq and Kuwait, on Feb. 5.
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