2023-06-17 11:51:53
Data from the “Vortexa” oil analytics company revealed that giant oil tankers carrying more than twenty million barrels of oil for Saudi Arabia are moored near the Red Sea coast in Egypt.
Bloomberg agency indicated that it is not known the reason for this step, which comes following Saudi Arabia pledged to further reduce its oil production in order to raise prices.
Bloomberg stated that this gathering of oil tankers is the largest that has been monitored since the peak of the epidemic in 2020.
“The last time we saw Saudi Arabia do more floating storage rates, it was in the second quarter of 2020,” when it reached 30 million barrels, Guy Maro, director of information and market analysis for the Middle East and North Africa at Vortexa, wrote on Friday.
Maro added that the previous rates were in light of a greater increase in the rates of floating storage of oil in light of the rise in futures prices compared to the spot ones.
The analyst wrote, in a note, that the most likely explanation for this step is the high rate of demand for Saudi oil in Europe, noting that the existence of infrastructure problems is an unlikely hypothesis.
According to Bloomberg, other oil tankers are arriving on the coast of the Egyptian city of Ain Sukhna on the Red Sea and unloading their shipments on time or with a slight delay.
The Sumed pipeline runs from the city of Ain Sukhna, which extends to the crude oil storage and loading station in the Egyptian city of Sidi Kerir, also on the Mediterranean coast. Several countries in the Middle East, such as Saudi Arabia, partially own a stake in these facilities.
According to ship tracking data, eight out of ten ships anchored in Ain Sukhna are owned by Saudi Arabia.
1687036786
#Carrying #million #barrels.. #Saudi #oil #tankers #pile #Egypt #raise #questions
