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There are currently 10.5 million barrels of Saudi crude in floating storage off the Egyptian Red Sea port of Ain Sukhna, down by almost half from mid-June, according to data from oil analytics firm Vortexa.
An increasing number of Saudi oil supertankers have been spotted idle off the coast of Egypt, raising concerns, with the most likely cause speculated to be a lack of storage.
The volume of crude oil sitting in stationary tankers has jumped to the highest level since October 2020.
A cluster of supertankers loaded with oil that has been idling off Egypt’s Red Sea coast is starting to clear.
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