SAUDI ARABIA
Saudi Arabia Runs Down Floating Storage
Saudi Arabia is sharply running down the volume of crude oil held in floating storage outside the Kingdom. MEES understands that by early December the floating storage had been reduced to around 27mn barrels, as compared with a peak of some 50-60mn barrels earlier in the year. A further run-down of the floating storage is expected, although it is unlikely to be eliminated altogether.
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