The highest number of Saudi oil shipments in years are making their way to the United States this month, threatening to make an already dire situation in the U.S. oil industry even worse. With oil demand crashing in the lockdown and storage capacity filling up fast, more Saudi oil imports is the last thing the U.S. oil market needs right now. In times of lockdowns and social distancing, inventories in the U.S. are soaring, storage capacity is stretching thin in many areas, producers are idling rigs and curtailing production, and some regional grades are priced so low that they could soon turn negative. In other words, producers may have to pay their customers to help them get rid of the oil they have pumped. As if this wasn’t enough to depress U.S. benchmark oil prices , a wave of Saudi oil is making its way onto tankers, headed for […]