Saudi Oil Exports to US Plummet to Zero Amid Houthi Threats
Saudi Arabia's oil exports to the US have dropped to zero for the first time since 1985, according to preliminary Energy Information Administration data. This marks a sharp reversal from earlier this year when US refiners were taking an average of over 500k bbl / d of Saudi oil.
The decline is attributed to the Houthi threats against vessels calling at Saudi ports in the Red Sea, making it commercially risky for Western firms to route crude west through the East-West pipeline to Yanbu. As a result, US imports of Venezuelan crude rose to 18.2 mn barrels for the month, roughly 586k bbl / d.
Aramco's CEO Amin Nasser stated that recent attacks led to some production interruptions but had no material operational impact. The halt may prove temporary as Saudi shipments to the US are expected to recover to around 300k bbl / d in August, according to Kpler data.