• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 48 mins Joe Biden's Presidency
  • 46 mins So Is COVID a Media Hoax or Not?
  • 22 mins Navalny Poisoning Weakens Russo German Relations
  • 3 hours Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 24 mins GENERAL NORMAN SCHWARZKOPF: The Third Tour
  • 3 hours Parler’s New Partner Has Ties to the Russian Government
  • 1 hour The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 4 hours a In 2020, we produced and delivered half a million cars.
  • 5 hours CIA Death Squads
  • 8 hours An exciting development in EV Aviation: Volocopter
  • 11 hours Rejoining Paris Climate Accord is Devestating
  • 8 hours Did I Miss Something?
  • 9 hours The Debate Starts : Remake Republican Party vs. Third Party
Investors Growing More Bullish On Oil

Investors Growing More Bullish On Oil

Investors are becoming increasingly bullish…

EIA Sees WTI at $56 For Q1 2021

EIA Sees WTI at $56 For Q1 2021

The U.S. crude oil benchmark…

Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Crude Oil Flow From Saudi Arabia To U.S. Falls To Zero

For the first time in 35 years, no oil flowed from Saudi Arabia to the United States last week, according to EIA data, in a show that the United States—at least for now—isn’t as reliant on oil from the Middle East like it used to be.

In October, according to the EIA, the United States imported 8.544 million barrels. In June, that figure was more than 36 million, although that figure was a bit of an anomaly as Saudi Arabia threatened to flood the U.S. market with crude oil. 

In much of the early 2000s, the United States imported more than 45 million barrels of Saudi crude oil on a monthly basis.

Source: EIA

On a weekly basis, that figure has now fallen to zero.

Source: EIA

And the U.S. imports of crude oil are not just falling from Saudi Arabia. Through October, the United States imported significantly less crude oil from the Persian Gulf region.

In the early 2000s, the United States was importing more than 3 million barrels of crude oil per day from the Persian Gulf region. In October 2020, the United States imported less than a half a million barrels per day—and that figure isn’t an anomaly, it’s a clear trend. The United States is relying less and less on foreign oil, and particularly less and less on oil from the Persian Gulf.

Source: EIA

The data comes just as Saudi Arabia announced a voluntary million-barrel-per-day cut to its oil production as the OPEC+ group sat down to the negotiating table to hatch a plan to react to the oil market and the lack of demand.

It also comes on the same day that Saudi Arabia announced a crude oil price increase for the United States for February by $0Mor.20 per barrel.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




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