Things are slowing down at the US’s largest oil-import hub, reports Bloomberg. Six years ago, the Louisiana Offshore Oil Port (LOOP) was receiving more than one million barrels a day. Now it’s taking in just half of that.
Indeed, the US Customs district in Morgan City, Louisiana, where the LOOP’s barrels are tallied, had 46% less petroleum tonnage in September than the year before, according to Datamyne trade data.
The flow of oil around the world has shifted … and trade through the LOOP is a measure of the magnitude of the change.