The biggest U.S. oil-import hub wants to grab a piece of surging North American crude exports. Louisiana Offshore Oil Port, the only terminal along the U.S. Gulf Coast able to handle a fully laden supertanker, is gauging interest from shippers in sending crude overseas on the world’s biggest ships by early next year. The port would continue to take in foreign oil, LOOP LLC said in an emailed statement Monday. Ports are competing to fill the needs of domestic oil producers looking for outlets for their growing supply. At the same time, the boom from U.S. shale fields and Canadian oil-sands mines has reduced refiners’ need for imported oil. LOOP’s ability to handle tankers capable of carrying 2 million barrels in their holds would reduce shipping costs for companies looking to send crude to refiners in Asia. … “LOOP is the most obvious place for U.S. crude exports since as a deepwater port it makes it more manageable to load up a large ship such as a VLCC,” Sandy Fielden, director of commodities and energy research at Morningstar Inc., said by phone from Austin, Texas.
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Written by Hailey Waller and Sheela Tobben @ Bloomberg