Oil Imports to U.S. Seen Climbing as Global Price Slumps
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U.S. oil imports from West Africa and the North Sea will increase after global crude prices fell faster than the American benchmark, according to Lipow Oil Associates LLC, an energy consultant.
West Texas Intermediate cost $2.46 a barrel less than Brent crude yesterday, the smallest discount in 13 months, according to data from the ICE Futures Europe exchange. It traded at $3.34 at 3:23 p.m. in London today. Restrictions on shipping oil from the Gulf of Mexico to the East Coast mean imports will now be more attractive than domestic supplies, Andy Lipow, the company’s president, said by phone yesterday.