Saudi Arabia Books Most Oil Tankers to Supply U.S. in Years

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.