Has someone already agreed to accept the shipments?
Exactly! The Saudis don’t just “send” 50M barrels of oil.
Someone bought, and paid for those shipments.
The US cannot store, and cannot process the incoming crude.
At any price.
Whatever is aboard ships right now, or in tanks already, can only be downloaded when consumption resumes.
Now that we need them, where are the Buick Roadmasters and the Lincoln Town Cars? Or even the fleet of commercial air liners that once plied the skies?
That’s a good question. My oil and gas is not sold until it’s in the possession of the buyer. With that said it could just as well be under contract where the refinery agrees to take x million barrels for 3 to 6 months.