U.S. refiners last month imported the most heavy crude in nearly two years, customs data showed, as they cranked up motor fuel production and sought to replace sanctioned Russian oil. Higher heavy-crude imports are common in summer-driving months, but this year’s increase comes as the Biden administration is calling on for refiners to ramp up output and shave profit margins to ease soaring prices. The administration has asked for a parley to explore further efforts. read more Heavy crudes are cheaper than lighter shale oils produced in the United States and typically make more diesel and less gasoline. Diesel stocks are draining, with U.S. inventories down 19% last month, and margins are soaring, boosting refiners’ profits. Refiners imported 33.5 million barrels of heavy crude in May, the highest in nearly two years, customs data showed, with 56 vessels discharging nearly 1.1 million barrels per […]