Top exporter Saudi Arabia has chartered an armada of ships to flood the market with additional oil, but in the process has driven freight costs so high refiners are reluctant to take the shipments. Following the failure to persuade Moscow to support deeper output cuts at a meeting of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+ early this month, Saudi Arabia said it would increase output to record levels in a fight for market share. Shipping industry sources say Saudi Arabia has booked as many as 25 supertankers and provisionally chartered another …read more
Source:: Yahoo Finance
