Saudi Crude Exports Plummet Amid US-Iran Tensions

US imports of Saudi crude oil have reached an all-time low since 1985 due to ongoing tensions between the US and Iran. Preliminary data from the US Department of Energy shows that no Saudi crude was imported into the country in July, a first for any full month since 1985.

The disruption in Saudi oil exports has forced US refineries to seek alternative sources of supply, with Venezuelan oil emerging as one of the biggest beneficiaries. In July, US imports of Venezuelan oil rose to around 600,000 barrels a day, up from about 100,000 barrels a day at the beginning of the year.

Phillips 66, one of the largest US refiners, reduced its crude supplies from the Middle East to less than one percent of its total refinery feedstock. The company's Chief Executive Mark Lashier said that it replaced part of its foreign supplies by transporting light US crude to its refinery in New Jersey.