Incoming 50 Million Barrel ‘Saudi Oil Bomb’ Could Send Prices Even Lower [Yahoo! Finance News]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance News
By now even the165,727 "professional investorswe warned in late MarchView photosRobinhood-Which is why with the US unable to store its own output,some 50 million barrels of Saudi oil are on their way to the United States and due to arrive in the coming weeks,Source: MarineTrafficShipping data showed the more than 20 supertankers - each capable of carrying 2 million barrels of oil - were sailing to key U.S. terminals, especially in the U.S. Gulf. Three separate tankers, also chartered by Saudi Arabia, were currently anchored outside U.S. Gulf ports.According to Reuters sources, the kingdom had tried to seek storage options for the cargoes from tanker owners when the ships were chartered last month, but many pushed back given booming rates and not wanting tied up vessels.The result was an outpouring of anger from the increasingly political hedge fund manager, Kyle Bass, who tweeted earlier that "the Saudis and Russians have declared war against US shale energy companies. It seems they w
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