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Saudis NOT leasing tankers to FLOOD U.S. with oil

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(edited)

 Saudis own the Motiva Refinery in Port Arthur, Texas.  Their U.S. refinery processes 600k bbls/day = 18 mm bbls/month

Due to the precipitous drop in Saudi delivery of oil to China there is an increased number of Saudi Tankers parked off of China waiting to offload their tonnage. Basically acting as temporary storage.

This has required Saudis to lease extra ships to deliver the usual crude to their Gulf of Mexico Motiva Refinery.

Understand the virus has screwed up the logistics of not just Saudi tankers but all producers and shipping companies.

My guess is some type of Saudi / Russian deal gets worked out before April.  All talk and bluster up until deal signed.  A lot of saber rattling.

THE QUESTION is even with an agreement what, if any effect will it have at this point as the coronavirus infections grow around the world.  

Edited by BLA
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The Saudi import around 400,000 per day and I assume to that refinery. Curious if those imports are mixed with LTO or depending on what they import maybe Canadian heavy oil? Anybody have a source for that information?

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