Saudi Arabia’s crude oil exports to the United States fell to the lowest in 35 years in October, averaging less than 100,000 bpd.

In the week to November 27 alone, the volume of Saudi oil shipments to the US fell to as little as 73,000 bpd.

The average daily volume for October beat another low, recorded for August, at 177,000 bpd, as OPEC’s top producer and exporter tried to tighten crude oil supply amid plummeting prices.

To compare, the Saudis shipped as much as 1.3 million bpd to the United States in April, when they sent a fleet of supertankers to flood the US market with oil during the price war with Russia at the end of March and early April. Back in April, the tanker fleet from Saudi Arabia coincided with the massive oil demand loss and threatened to overflow US storage capacity.

Also on rt.com

© Reuters
ISIS calls for attacks on Saudi oil industry

After that, however, Saudi Arabia changed tack and started tightening exports to the US while raising shipments to China. From January to November this year, Saudi oil exports to China averaged 1.6 to 1.7 million bpd as the Kingdom vied with Russia for the title of top crude oil supplier to the world’s largest importer of the commodity.

US total oil imports, meanwhile, have been on the decline, too. For the four weeks to November 27, according to the EIA, these averaged five million bpd, down by 10.5 percent on a year ago. Canada remained the biggest foreign supplier of crude to the US, with Saudi Arabia ranking third, after Mexico.

Saudi Arabia is currently negotiating the future of oil production cuts with OPEC+, implemented in order to arrest the slide of oil prices caused by the price war and the coronavirus pandemic.

This article was originally published on Oilprice.com

By

Translate »
Legal Notice: Views expressed in articles published in www.ebusinessbrief.com are those of the authors and www.ebusinessbrief.com or its owners take no responsibility regarding the same. Advertisements in www.ebusinessbrief.com are published for information of the subscribers. www.ebusinessbrief.com does not authenticate, endorse or guarantee any of the products or services or claims made by the Advertisers. Readers are advised to themselves verify the details. No part of this publication may be reproduced by any means without prior written permission from the Editor. Permission is normally granted wherever sufficient acknowledgement is given to www.ebusinessbrief.com.