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Phillips 66, Marathon cut imports as hurricanes, pandemic roil oil shipping

Coronavirus 430 Energy - Conventional 384 Energy - Crude Oil 264 U.S. 4633

The west-Atlantic hurricane season has had the worst impact on the offshore oil industry in at least 10 years with 40.9 million barrels of lost capacity compared to 9.3 million tons in 2019. Demand for refined oil in the U.S. has been falling during the pandemic. U.S. seaborne imports of crude oil have also been in decline with a 36.4% year over year slide in October. Shipments linked to Phillips 66 dropped by 82.6% while Marathon’s fell by 16.9%. Others have increased imports with Valero and Saudi Refining up by 55.2% and 99.3% respectively.

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