Volatile oil prices in 2020 due to COVID-19 distortions and the Russia-Saudi Arabia price war have produced unusual knock-on effects for the global oil product supply chain. Phillips 66 has reportedly planned to ship gasoline from South Korea to the U.S. to utilize capacity freed up by a drop in demand for aviation kerosene. The wider decline in demand for refined oil in the U.S. can be seen in a 30.7% year over year drop in U.S. seaborne imports of refined oil in April, led by a 79.8% slump in shipments to the U.S. east coast ports. There’s also been a drop in shipments of crude oil as ...