while the OPEC group withholds supply to 'stabilize the market.' These days, as many as 48 tankers are headed to the U.S. and expected to load crude in the next three months, the highest number of vessels in at least six years, according to tanker-tracking data compiled by Bloomberg. Some of those tankers are en route to the U.S. Gulf Coast even with no cargo booked yet, London-based shipbroker EA Gibson told Bloomberg.
Related Higher Oil Output Pushes Occidental Petroleum Q3 Profits Up Despite the record exports, the United States remained a net crude oil importer in the first half of the year, according to EIA data, even with increasing domestic production, importing 8.836 million bpd in June—nearly half of which came from Canada. Refineries in the United States are geared to process heavy, sour crude oil, while most of the oil produced in the United States is light, sweet crude. With record-high U.S.