Saudi Oil Flotilla Heading to U.S. to Worsen Port Congestion
- About 43 million barrels of crude set to arrive by May 24
- Already 76 tankers sit off U.S. shores waiting to unload oil
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A fleet of supertankers carrying Saudi oil will add to the growing congestion at U.S. ports in coming weeks at the same time producers are shutting in output as they run out of space to store unwanted supplies.
A total of 43 million barrels of Saudi oil is set to arrive on the U.S. Gulf and West coasts by May 24, according to Rystad Energy. The flotilla -- comprising 28 tankers, including 14 very large crude carriers, or VLCCs -- will join a queue of 76 tankers waiting to unload in U.S. ports as the greatest oil glut in history plays out.