Saudi daily oil exports to US fall to lowest level in 3 decades
- Date: 08-Dec-2020
- Source: Arab News
- Sector:Oil & Gas
- Country:saudi-arabia-top-picks
Saudi daily oil exports to US fall to lowest level in 3 decades
Saudi daily oil exports to US fall to lowest level in 3 decades
Saudi daily oil exports to US fall to lowest level in 3 decades
Above, Saudi Aramco tankers are loaded with oil at an undisclosed sea location. (Saudi Aramco via AFP)
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Saudi daily oil exports to US fall to lowest level in 3 decades
Slowdown due to increased Asian demand, changes in US-KSA energy relationship
Updated 07 December 2020
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JEDDAH: Daily exports of Saudi crude oil to the US recently fell to their lowest level in three decades, with industry experts putting the drop down to increased demand from Asia and a change in the energy dynamic between the two countries.
Data from the US Energy Information Administration (EIA) showed that two weeks ago 73,000 barrels per day (bpd) were shipped from the Kingdom to American refineries.
The figure represents the lowest daily amount on record since June 2010. However, going by monthly figures, it would also be the least since 1985 when Saudi imports fell to zero for several months as part of a price war.
Saudi Arabia has 16 percent of the world's proved oil reserves and is the largest exporter of total petroleum liquids in the world. According to the EIA, in