SAUDI ARABIA

Saudi Arabia Moves to Cut Back Floating Storage

Saudi Arabia is understood to be taking steps designed to reduce drastically or perhaps even eliminate entirely by the end of this month its crude oil stocks held in floating tanker storage in various parts of the world. However, it seems that although some of the floating storage has been sold off, much of it has in fact been transferred to cheaper onland storage, mainly at Rotterdam, Bonaire in the Caribbean, and LOOP (US Gulf,...