Saudi Arabia may re-route tankers if U.S. imposes crude import ban, sources say

  • Date: 23-Apr-2020
  • Source: Reuters
  • Sector:Economy
  • Country:Saudi Arabia
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Saudi Arabia may re-route tankers if U.S. imposes crude import ban, sources say

Two sources said Saudi Arabia was looking into whether it could re-route the cargoes elsewhere if the United States halted imports.. "Europe looks full, but surely if the Saudis offer it at really cheap levels, buyers would take it," a source with an international trading firm said.. Refiners have been largely absent from oil markets in the United States in recent days as they slash processing rates and as demand dries up, physical oil market sources said.. "There is more reluctance now with fresh shipments as refiners in the U.S. have no homes for the oil," another shipping source said.. The region accounts for about half of all Saudi crude imports to the United States, according to the U.S.. The Gulf Coast is the second biggest destination in the United States for Saudi oil, and storage there was about 58% full..