Friday, March 16, 2012

UPDATED--OPEC: "Saudi Arabia Books Most Oil Tankers to Supply U.S. in Years"

Update: Saudi Arabia to become the Saudi Arabia of Saudi Arabia's.
Original post:
I've given up on trying to fix Bloomberg headlines. Here's the story:
Saudi Arabia, the world’s biggest oil exporter, is booking the most tankers in years to supply the U.S., a sign the kingdom is fulfilling a pledge to compensate for a decline in Iranian sales, according to Dahlman Rose & Co.

Vela, the shipping unit of state-owned Saudi Aramco, booked nine so-called very large crude carriers in the past week to go to the U.S., Omar Nokta, a New York-based analyst, said in a report today. A further two vessels, each capable of carrying about 2 million barrels, were chartered earlier in March and all 11 are scheduled to load in the last week of this month or first week of April, Nokta said. Vela booked an average of one VLCC to the U.S. every other month last year, he said.

Iran, the second-biggest member of the Organization of Petroleum Exporting Countries, exported almost 2 million barrels a day last month, compared with 2.6 million in November, the International Energy Agency said in a report March 14. The country is facing tougher sanctions from the European Union and U.S., who say its nuclear program is aimed at making atomic weapons. Iran says it is for civilian purposes.
“It appears that Saudi Arabia is following up on its pledge to supply the global markets with increased crude oil ahead of the planned European embargo of Iranian supplies,” Nokta wrote in today’s report....MORE