Previously posted. This was from CNN Business. CNN had an interesting angle regarding this story:
Saudi Arabia drew the wrath of Republicans in Washington this spring by sending an armada of tankers to America to drown US oil makers with cheap crude. Now, the kingdom has reversed course, steering the fewest barrels here since the Reagan era.
The United States imported just 264,000 barrels per day of Saudi crude during August, according to estimates from ClipperData, a commodity research firm. That's down nearly 50% from 2019's average.
If confirmed by official government statistics, that would mark the lowest amount of Saudi oil exports to the United States since 1985.
There are so many story lines here but we've discussed them many times, so we'll move on. But add this story to the story that appeared about the same time that the world's biggest importer of crude oil (China) has recently bought less Saudi oil and more US and Brazilian oil.
For Saudi Arabia: exporting less oil and still selling it in the $45-range does not bode well for the Kingdom.
US crude oil imported from Saudi Arabia, August, 2020, data not yet posted:
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