General News | Oil & Gas Prices
US Oil Glut Deepens with Arrival of Saudi Oil Armada; 68 Million Barrels
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As many E&Ps scramble to shut-in production to combat a historic oil glut, the impending arrival of 68 million barrels of imported oil from Saudi Arabia is putting further pressure on the already strained industry, according to multiple reports.
The oil is arriving on multiple tankers during late May and early June 2020 (the first tanker arrived on May 22, 2020). They were dispatched to the US prior to the oil cut agreements that OPEC reached on April 12, 2020.
While the specific details regarding the imports have not been discussed, industry analysts speculate US refiners were central to the import deal, which allowed them to purchase the oil at a bargain price point, according to a report by NPR.
Numerous politicians and E&Ps have urged US President Donald Trump to reject the Saudi imports or impose tariffs (most notably Ted Cruz (R-Texas) and Kevin Cramer (R-North Dakota)).
At present, no such actions have been taken.
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