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The Persian Gulf is nearly out of available tankers to accept new cargoes of oil. According to Kpler, the number of VLCCs in ballast and ready to load has fallen sharply. This means that oil producers in the region are losing the ability to use f...
...loating storage and postpone production cuts while waiting for the Strait of Hormuz to partially open. While the strait is closed, exporters are attempting to maintain production by loading oil onto tankers. If traffic resumes, these fully loaded vessels can quickly be sent to global markets. However, this strategy is now nearly exhausted, as there are virtually no available tankers left in the region. Saudi Arabia and the UAE may be able to hold out a little longer by rerouting flows thro...