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Saudi Crude Build off Egypt "Usual Practice": Argus Source

OIL

Saudi Arabia appears to have built up ~20mn bbl of crude in floating storage in the Gulf of Suez off Egypt, according to Vortexa’s report on Friday.

  • Most tankers loaded in May before Riyadh announced at the Opec+ meeting a further 1mn b/d unilateral cut in its production, effective July.
  • The build-up is "usual practice," according to an Argus source.
  • Due to the lack of storage at Ain Sukhna, Aramco holds tankers offshore, sometimes for extended periods, so that they can carry on with operations smoothly, the source said.
  • Friday’s snippet about the build here: https://marketnews.com/iraq-turkey-talks-did-not-result-in-resumption-of-flows

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