Record Tanker Rates Leave Heavy Crude Stranded in the Americas
The Middle East crisis has driven tanker rates to all-time highs and created a shortage of vessels. This oil logistics problem is now causing a ripple effect, tipping the heavy crude market in North and South America into oversupply—while Asia and Europe grapple with a shortage of heavy grades. Canada is producing over 5 million barrels of crude daily, most of it heavy crude.
Some 4 million barrels daily of that goes south to U.S. refineries. Venezuelan production has also moved higher after the U.S. disposed of the country’s government…
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