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Small Irish Terminal Draws U.S. Oil With Global Storage Filling

  • Bantry Bay received first ever cargo of American crude
  • Over 2 million barrels of U.S. oil have sailed for Bantry

Photographer: Tim Rue/Bloomberg

Updated on

A cluster of ships with American oil has been heading to a small terminal in southern Ireland as buyers search for places to store crude in the wake of a global demand slowdown.

Since April, four vessels carrying a total 2.4 million barrels of American oil have set sail for the Bantry Bay terminal operated by Zenith Energy Management LLC, according to ship tracking data compiled by Bloomberg. Two of those tankers, which loaded oil on the U.S. Gulf Coast, were originally set for the Netherlands and the U.K., but were rerouted to Bantry Bay. The U.S. oil deliveries last month were the first ever for the facility.