(Bloomberg) -- Saudi Arabia seems to have made good on its promise to cut oil production by a record amount in June. Observed Saudi crude exports for this month fell to 5.7 million barrels a day through June 29, the lowest since Bloomberg began tracking the flows at the start of 2017. That compares with 6.2 million a day in May. It’s a reduction equivalent to more than seven … [Read more...]
Saudi Oil Flotilla Faces Congested U.S. Ports
Anatoly Menzhiliy / Shutterstock By Stephen Cunningham and Robert Tuttle (Bloomberg) -- A fleet of supertankers carrying Saudi oil will add to the growing congestion at U.S. ports in coming weeks at the same time producers are shutting in output as they run out of space to store unwanted supplies. A total of 43 million barrels of Saudi oil is set to arrive on the U.S. … [Read more...]
Saudi Crude Buyers Cancel at Least 7 Supertankers After Freight Hike – Sources
Photo: Garry2014 / Shutterstock LONDON, April 29 (Reuters) - U.S. buyers of Saudi Arabian crude oil cancelled at least seven April-loading tankers after a jump in freight costs, two industry sources said, likely to result in lower-than-expected shipments from the world's top exporter. The move shows how some buyers are not rushing to take extra oil despite a slide … [Read more...]
Saudi Arabia May Re-Route Tankers if U.S. Imposes Crude Import Ban
Anatoly Menzhiliy / Shutterstock By Jonathan Saul, Devika Krishna Kumar and Olga Yagova LONDON/NEW YORK/MOSCOW, April 22 (Reuters) - Saudi Arabia is exploring re-routing millions of barrels of oil onboard tankers sailing to the United States if President Donald Trump decides to block imports of crude from the kingdom, shipping and trade sources say. Some … [Read more...]
OPEC+ Outlines Record Oil Cut
Photo: By Thor Jorgen Udvang / Shutterstock By Rania El Gamal, Olesya Astakhova and Ahmad Ghaddar DUBAI/MOSCOW/LONDON (Reuters) - OPEC, Russia and other allies outlined plans on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered by the coronavirus … [Read more...]