According to EIA data, for the first time in the last 35 years no oil has flowed from Saudi Arabia to the United States, a show that, for the United States – at least – has not yet depended on oil from the Middle East. Is as it used to be.
In October, according to the EIA, the United States imported 8.544 million barrels. In June, the figure was over 36 million, although the figure was a slight discrepancy as Saudi Arabia threatened to flood the US market with crude oil.
In the early 2000s, the United States imported more than 45 million barrels of Saudi crude oil on a monthly basis.
On a weekly basis, this figure is now reduced to zero.
And US 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 half a million barrels per day — and this figure is not an anomaly, a clear trend. The United States is relying less and less on foreign oil, and especially on oil from the Persian Gulf at least.
The data comes only after Saudi Arabia announced a voluntary million-barrel-per-day cut for its oil production, as the OPEC + group sat down at a negotiating table to react to the oil market and demand shortages.
It also comes on the same day that Saudi Arabia announced a $ 0Mor.20 per barrel increase in the price of crude oil for the United States for February.
By Julian Geiger for Oilprice.com
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