Saudi Arabia to Charter 19 Supertankers to Boost Oil Exports This Week

Saudi Arabia to Charter 19 Supertankers to Boost Oil Exports This Week

Bahri, Saudi Arabia’s national shipping firm, has provisioned 19 supertankers this week in order to export a record 12.3 million barrels per day (bpd) throughout the month of April, Reuters has reported.

Of the 19 supertankers chartered, six are set to take 12 million barrels of Saudi crude to the United States, as the US intends to stockpile in the aftermath of record low oil prices.

Bahri’s efforts to book tankers has driven market activity over the past two days helping send freight rates for supertankers or Very Large Crude Carriers (VLCCs) surging.

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