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Saudi Crude Building Off Egypt Starts Clearing

OIL

The backlog of Saudi-owned supertankers that has built up off Egypt’s Red Sea coast is beginning to clear according to Bloomberg vessel tracking.

  • The number of the Saudi-owned tankers anchored near Ain Sukhna dropped to five, down from a peak of eight in mid-June.
  • No Saudi VLCCs have arrived off Ain Sukhna so far in July.
  • An Argus source said last month this was a usual practice.

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