X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 4 minutes IMPORTANT ARTICLE BY OILPRICE.COM EDITOR - "Naked Short Selling: The Truth Is Much Worse Than You Have Been Told"
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 1 hour Texas forced to have rolling black outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 15 hours Retired RAF pilot wins legal challenge over a wind farm
  • 19 mins Speaker Pelosi, "Tear Down This Wall"
  • 13 hours U.S. Presidential Elections Status - Electoral Votes
  • 11 hours NYT:  The Supreme Court’s order (Re:  Trump’s tax returns) set in motion a series of events that could lead to the startling possibility of a criminal trial of a former U.S. president
  • 3 hours Joe Biden's Presidency
  • 4 hours Interest article about windmills and waterwheels in Europe
  • 2 days Minerals, Mining and Industrial Ecology
  • 15 hours Wednesday Nikki Haley reached out to Trump for meeting at Mar-a-lago. Trump said No ! You blew it Nikki . . .
  • 6 hours Disaster looming in UK offshore wind power
  • 14 hours Scientist clone endangered Black Footed Ferret from Ferret that died 30 years ago . It's a 100% exact genomic match.
  • 22 hours Pipeline vs Train vs Ship to Transport Crude Oil.
  • 24 hours NG spot prices hit triple digits for weekend delivery
  • 2 days Chance for (Saudi)Arabian peninsula having giant onshore Gas too?
Could This Be The Hottest Commodity Play Of 2021?

Could This Be The Hottest Commodity Play Of 2021?

The rapid rise of lithium-ion…

Can This Man-Made “8th Continent” Help Clean Up The Ocean?

Can This Man-Made “8th Continent” Help Clean Up The Ocean?

Scientists and researchers are racing…

U.S. Begins Importing Iraqi Oil After Saudis Cut Exports

The United States has begun importing Iraqi oil at a rate of 1.1 million barrels per day to replace export cuts announced by Saudi Arabia late last month, new figures compiled by Bloomberg show.

New data from the Department of Energy suggests that during the first week of June, Iraqi oil entered the U.S. at the quickest rate in the past five years – marking the first time the nation’s exports exceeded those from Saudi Arabia over the same time period.

In late May, Riyadh announced its plans to purposely reduce exports to the United States to force a reduction in the latter’s sizeable inventories, which are preventing a greater rise in global oil prices, according to Saudi Oil Minister Khalid Al-Falih.

Earlier that same month, Saudi Aramco said it would cut crude supplies to China, South Korea, and South East Asia by 1 million barrels each. The nations exports to Indian buyers in June were set to decline by just over 3 million barrels, and supplies to Japan will drop by just under 1 million barrels this month, according to a Reuters’ source.

The Organization of Petroleum Exporting Countries’ (OPEC) deal to reduce production does not set limits on the amount any member country can export to its customers. This is why Saudi cargoes to the U.S. in recent months have totaled 1.21 million barrels a day – the highest rates since 2014, the year of the oil price crash.

As the de facto leader and largest producer of OPEC, Saudi Arabia has cut its production the most of any member of the bloc. But stubbornly high fossil fuel inventories - which have been maintained worldwide, but are most readily measured in the U.S. due to open customs data – have prevented the measures from buttressing oil prices in a lasting way. Importer nations have opted to take advantage of low oil prices to stock up for the future.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • EH on June 08 2017 said:
    So tell me, heck, be honest here for once in45 years with us USA capitalist consuming public,, you know us, the ones who foot the bill for public lands, the Military, do the physical labor in the mines,fields, factories and fields. The very ones with the technology visions to make this country work, move forward and send our children off to war to be injured or even killed. WHY ARE WE BUYING IMPORTED OIL,, ? Oh, that's right I forgot, it's NOT foreign Oil,, ITS OUR OIL THAT WAS MOVED DOWN THE XL PIPELINE, LOADED ON BARGES IN THE GULF, SHIPPED ROUND THE WORLD, And brought back to port and sold to us as foreign at inflated prices.

Leave a comment

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