According to EIA data, for the first time in 35 years, no oil has flowed from Saudi Arabia to the United States, proving that the United States – at least for now – is not so dependent on oil from the Middle East. -East not. as it was before.
According to the EIA, the United States imported 8.544 million barrels in October. In June, it was more than 36 million, although the figure was a bit divergent as Saudi Arabia threatens to flood the US market with crude oil.
In much of the early 2000s, the United States imported more than 45 million barrels of Saudi crude oil monthly.
Source: OIB
That figure dropped to zero weekly.
Source: OIB
And U.S. crude oil imports are not just falling from Saudi Arabia. By October, the United States had imported significantly less crude oil from the Persian Gulf region.
In the early 2000s, the United States imported 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 a day – and that figure is not an anomaly, it’s a clear trend. The United States is relying less and less on foreign oil, and especially less on Persian Gulf oil.
Source: OIB
The data comes just as Saudi Arabia announces a voluntary cut of one million oil a day on its oil production, while the OPEC + group sits at the negotiating table to devise a plan to respond 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
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