Saudi Oil Stranded in Supertankers as Backlog Piles Up


Saudi Oil Stranded in Supertankers as Backlog Piles Up

Saudi Arabia’s oil-price war with Russia flooded the market with crude. Now, with demand having dried up and buyers hard to find, the kingdom is resorting to storing much of it at sea.

At least one in 10 supertankers around the world is serving as a floating oil storage facility, Saudi oil officials say. With many of those vessels filled with Saudi crude, stranded at sea without buyers, the world’s top oil exporter is trying to manage the repercussions of its monthlong price war with Russia. 


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