Tuesday 10 March 2020

#SaudiArabia Seeks More Supertankers to Carry Its Flood of Oil - Bloomberg

Saudi Arabia Seeks More Supertankers to Carry Its Flood of Oil - Bloomberg:

Saudi Arabia is preparing to unleash so much oil on the world that its own fleet can’t handle it all.

The kingdom’s National Shipping Co., also known as Bahri, has booked on a preliminary basis at least eight supertankers to load this month and next from Saudi Arabia’s main oil ports, according to people familiar with the matter, who asked not to be identified because the information isn’t public. The ships, each able to carry about 2 million barrels of oil, include Dalian, Agios Sostis and Hong Kong Spirit, they said. It’s not uncommon for preliminary bookings to fail.

Saudi Arabia’s search for ships underscores how big a flood of oil it’s planning to unleash on the world, following the breakdown last week of talks between OPEC and its allied producers, particularly Russia. Most of the bookings so far have been to the U.S. Gulf, which will only compound the woes for deeply indebted U.S. shale producers that are already battered by a plunge in oil prices.


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