Soaring Tanker Rates Leave Americas Awash in Crude Oil

AI Summary

Rising tanker freight rates have slowed crude exports from the Americas, leaving heavy crude accumulating in the region. U.S. refiners are operating close to capacity, limiting their ability to absorb the surplus.

Dense heavy crude, which oil refiners around the world favor for its typically low cost, is piling up in the Americas as soaring freight rates have stifled exports and US refiners have been running close to their limits.