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Saudi Arabia Tanker Power Play Could Backfire as Oil Demand Shrinks
Reuters via gCaptain ^ | 03/23/2020 | Jonathan Saul and Dmitry Zhdannikov

Posted on 03/23/2020 10:22:05 AM PDT by Oatka

Top exporter Saudi Arabia has chartered an armada of ships to flood the market with additional oil, but in the process has driven freight costs so high refiners are reluctant to take the shipments.

That could leave the kingdom stuck with tens of millions of barrels in expensive ships at anchor when the coronavirus outbreak has destroyed oil demand and international prices have lost more than half their value compared with the start of the year.

(Excerpt) Read more at gcaptain.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: economy; energy; hydrocarbons; maga; oil; opec; saudiarabia; shipping
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To: Oatka

Wonder when Trump and Pompeo are going to give Mohammad Bin Salman Al Saud a hard lesson in diameter diplomacy?


21 posted on 03/23/2020 11:40:54 AM PDT by buckalfa (Post no bills.)
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To: Oatka

Wow. So much is happening so fast now that it’s easy to believe we won’t recognize our world next month...


22 posted on 03/23/2020 1:01:14 PM PDT by TalBlack
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To: redshawk

Boo yah!


23 posted on 03/23/2020 2:45:28 PM PDT by Pining_4_TX (The Nazis were socialists, and all socialists turn into Nazis.)
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To: SaxxonWoods

I like redshawk’s idea of turning the place into hot glass. :-)


24 posted on 03/23/2020 2:48:28 PM PDT by Pining_4_TX (The Nazis were socialists, and all socialists turn into Nazis.)
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To: Oatka

Never start a commodity war during a pandemic unless it’s the cure. Dumb sand fleas are too stupid. 75 IQ idiots with money. Doesn’t make the smart because they are rich.


25 posted on 03/23/2020 7:52:24 PM PDT by wgmalabama (Piss on China. They nuked US and Europe with a bio weapon. Payback time.)
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