The world’s top oil exporter, Saudi Arabia, is making good on its
promise to flood the world with oil even as demand collapses, with a
surge in tankers carrying Saudi crude to the United States,
tanker-tracking data compiled by
Bloomberg showed on Wednesday. Last
month, when Saudi Arabia pledged to flood the markets with oil, the
Kingdom’s crude oil exports to the U.S. hit a one-year-high of 516,000
barrels per day (bpd), according to the data compiled by Bloomberg. So
far this month, at least seven supertankers carrying a total of 14
million barrels of oil are currently traveling to the U.S. Gulf Coast.
This compares to just 2 million barrels of Saudi oil en route to America
in the same period in March. Almost all tankers are chartered by the
Saudi state-run shipping firm Bahri, according to the data compiled by
Bloomberg. Just after the collapse of the OPEC+ production cut deal in early March, Saudi Arabia’s Bahri was understood to have
hired multiple very large crude carriers to
carry all the extra oil that the Kingdom planned on exporting in
April—a rare move indeed for the shipping company that sports its own
fleet of 41 tankers. The surge in Saudi oil exports coincides with colossal demand
loss around the world due to the coronavirus pandemic, and some analysts
see global oil demand in April crashing by 30 percent, or by 30 million
bpd, compared to the world’s typical levels of consumption...
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