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Floating Saudi Crude off Egypt Pulls Back but Remains High

OIL

The Saudi crude buildup off Ain Sukhna reported last week by Vortexa is showing signs of easing according to Bloomberg.

  • The vessel numbers dropped on Wednesday when one waiting ship discharged, and again on Thursday when the Wafrah, which had been anchored since June 1, moored.
  • The buildup was as high as 22mn bbls floating for at least 7-days.
  • It is not clear why the vessels have built up there.
  • The amount of oil stored at sea off the coast of Egypt hasn’t been this high since at least 2016, according to Kpler.
  • Saudi Arabia exported 7.5mn bpd of crude in April, but that fell to 6.6 mn bpd last month, and a similar flow has been observed so far this month, according to Kpler.

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