Heavy Oil Glut Builds in Americas as Freight Squeeze Limits Exports
Heavy crude is piling up in North and South America as soaring freight rates stifle exports and US refiners run close to capacity. Buyers in Asia and Europe are scrambling for barrels.
Dense crude, generally prized by refiners worldwide for its lower cost, is accumulating across the Americas. Surging freight rates have curbed exports, while US refiners are operating near capacity. The surplus spans North and South America…