• 8 minutes U.S. Shale Oil Debt: Deep the Denial
  • 13 minutes WTI @ $75.75, headed for $64 - 67
  • 16 minutes Trump vs. MbS
  • 9 mins Knoema: Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030
  • 7 hours Nuclear Pact/Cold War: Moscow Wants U.S. To Explain Planned Exit From Arms Treaty
  • 7 hours Why I Think Natural Gas is the Logical Future of Energy
  • 7 hours Merkel Aims To Ward Off Diesel Car Ban In Germany
  • 6 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 17 hours Get on Those Bicycles to Save the World
  • 3 hours Iraq war and Possible Lies
  • 23 hours Satellite Moons to Replace Streetlamps?!
  • 1 day Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 23 hours Can “Renewables” Dent the World’s need for Electricity?
  • 13 hours Long-Awaited Slowdown in China Exports Still Isn’t Happening
  • 21 mins EU to Splash Billions on Battery Factories
  • 17 hours Can the World Survive without Saudi Oil?
Alt Text

The Oil Keeps Flowing: Iran Evades U.S. Sanctions

While President Trump’s stated aim…

Alt Text

Iran Sends Record Amount Of Oil To China

Tanker tracking data suggests that…

Alt Text

Rig Count Rises Amid Oil Price Recovery

The active number of rigs…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Saudis Cut Oil Exports To U.S. To Seven-Year Low

Saudi Arabia is following through on cuts to its crude oil exports to the United States, weekly EIA crude import data show, after Riyadh stated a couple of months ago that it would purposely reduce exports to the U.S. to force a reduction in the world’s most transparently reported inventory.

According to EIA figures, U.S. crude oil imports from Saudi Arabia averaged 524,000 bpd in the week to July 14, the lowest weekly level since June 11, 2010. In the week to July 7, U.S. imports of crude from Saudi Arabia averaged 851,000 bpd.   

Weekly import numbers are volatile due to the timing of crude tanker arrivals and customs clearance, Reuters analyst John Kemp recalls.

Nevertheless, the latest available weekly import data is the lowest level of weekly Saudi crude imports in more than seven years.

The four-week average U.S. imports of crude oil from Saudi Arabia was 810,000 bpd for the four weeks ending the week to July 14 – and this was the lowest 4-week average import figure since January 2015.

For the month of July, the Saudis were planning last month to cut exports to the U.S. by around 35 percent.

For August, Saudi Arabia is planning its oil exports to the U.S. to be below 800,000 bpd, as it will be slashing its total crude oil exports by more than 600,000 bpd to the lowest level this year, a Saudi industry source told Reuters last week. Related: “Dirty, Difficult, And Dangerous”: Why Millennials Won’t Work In Oil

As early as in June, the U.S. started importing Iraqi oil at a rate of 1.1 million bpd to replace the export cuts announced by Saudi Arabia, figures compiled by Bloomberg showed.

Over the past few weeks, the EIA has been reporting draws in crude inventories, and this week’s draw of 4.7 million barrels put U.S. commercial oil inventories at 490.6 million barrels, within seasonal limits, which wasn’t the case six months ago.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News