• 6 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 11 hours British Utility Companies Brace For Major Reforms
  • 15 hours Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 17 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 18 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 19 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 20 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 21 hours Rosneft Signs $400M Deal With Kurdistan
  • 24 hours Kinder Morgan Warns About Trans Mountain Delays
  • 1 day India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 1 day Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 6 days Trump Passes Iran Nuclear Deal Back to Congress
  • 7 days Texas Shutters More Coal-Fired Plants
  • 7 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 7 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 7 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 7 days Renewable Energy Startup Powering Native American Protest Camp
  • 8 days Husky Energy Set To Restart Pipeline
  • 8 days Russia, Morocco Sign String Of Energy And Military Deals
  • 8 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
Alt Text

This Unexpected Move Could Derail Mexico’s Oil Boom

A possibly disastrous move from…

Alt Text

Who Are The Biggest Buyers Of U.S. Oil?

Exports of U.S. petroleum and…

Alt Text

Has The Bear Market In Oil Finally Ended?

Recent data provides reasons to…

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

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

Oil

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


Leave a comment

Leave a comment




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