Saudi Production Cuts Erase Oil Tanker Earnings

Reduced availability of seaborne crude oil shipments from the world’s top oil exporter, Saudi Arabia, and a rising number of oil tankers available on the market, have hit the earnings of supertanker owners so much that some are losing money on shipping crude from the Arab Gulf to China, shipbrokers and analysts tell Bloomberg. Saudi Arabia’s surprise announcement earlier this month that it would cut an additional 1 million barrels per day (bpd) from its crude oil production in February and March has reduced the crude shipments in the…