The Saudi state-owned shipping group Vela is sending 11 supertankers containing 22 million barrels of crude oil the the US this month and next leaving observers wondering why the oil market is being hit with such a large volume in such a short timeframe.
ArabianMoney can only join in the conspiracy theories at this point. The deliveries can have one or two reasons: to lower the price of oil or provide a stockpile for an imminent war in the Gulf of Arabia, or both. There is another suggestion of a complex oil short position requiring actual physical delivery that sounds a bit far fetched for our imagination.
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