Despite the Qatar-GCC crisis, the number of crude tankers from Saudi Arabia and the UAE going to Qatar have increased to 17 tankers, up by one from 16 in under a month, Bloomberg informed.
The Saudi Arabian block mainly caused a logistical challenge for its own clients, forcing them to reorganize dozens of cargoes.
“We’ve seen an easing of the initial uncertainty in the market about the scale of the disruption that would be felt on co-loadings,” Richard Mallinson, a geopolitical analyst at Energy Aspects Ltd. in London, said according to, World Oil. Saudi Arabia and UAE may be hesitant to take any steps that could harm their reputations in the eyes of international buyers, he added.
The spat hasn’t affected oil prices. Brent crude, the global benchmark, slipped into a bear market earlier this month and is now trading near $47.80 a barrel, about 3.4 % below its close on June 5.
It is worth noting that Saudi Arabia, the UAE, Egypt, Bahrain, Yemen and the Maldives cut ties with Qatar on June 5. They were accusing Qatar of links to terror groups and being too close to Iran.