Obama to be aided by Saudi oil welfare?

What’s the deal?

The Financial Times reports:

For the traditionally dull oil shipping market, the events of the last week have come as a shock.

In a matter of days, Saudi Arabia has hired the largest number of super-tankers in years. When the tankers load their cargo in Ras Tanura, the world’s largest oil terminal, in the next couple of weeks and start a 40-day voyage towards the US Gulf coast, they will deliver a wall of oil with a single aim: to bring prices down.

“This is the first time in several years for [Saudi Arabia] to hit the market with such volume – and in such a short time frame,” says Omar Nokta, a shipping expert at specialist investment bank Dalham Rose & Co…

3 thoughts on “Obama to be aided by Saudi oil welfare?”

  1. Saudi Arabia is signaling to the US and others that Saudi Arabia is still the ‘Saudi Arabia of oil’. It’s a good marketing move to help keep the US dependent on Saudi exports, and to prop up Obama’s anti-US-oil campaign.

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