Saudis Start to Unleash Oil Wave Despite U.S. Pressure
- Kingdom’s observed flows picked up from fourth week in March
- Deliveries to an export facility in Egypt have been ramped up
Photographer: Simon Dawson/Bloomberg
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Saudi Arabia has made good on its pledge to ramp up oil exports in April, with a first wave of crude already on its way toward Europe and the U.S., a clear sign the price war remains in full swing.
The kingdom has loaded several of the supertankers it hired earlier this month to boost its ability to increase exports, according to ship-tracking data. In addition, Riyadh has used the last few weeks to shuttle large amounts of crude into storage in Egypt, a stepping stone to the European market.