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Thursday, April 23, 2020 12:25:25 PM
Saudi oil tankers holding almost 40m barrels of oil could be left stranded off the US coast as Donald Trump considers a block on crude imports to help prop up the US oil market.
US officials are reportedly considering steep import tariffs on oil imports, or a block on incoming tankers, to help ease the glut of oil. The measures may be put in place alongside Trump’s plan to use government funds to buy domestic crude to help keep the industry afloat.
The Saudis have limited time to find a home for their crude cargoes. The biggest oil storage facility in the US – at Cushing in Oklahoma – is likely to run out of space within the next three weeks and global storage facilities may be full by the end of next month.
A few noteworthy points...
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