US Crude Imports from Middle East Set to Reach Highest Level Since Iran War
US imports of Middle Eastern crude are set to reach their highest level since the start of the Iran war in August, at approximately 600,000 barrels per day. A brief opening of the Strait of Hormuz and Saudi Arabia's rerouting of oil through the Suez Canal have pushed barrels towards American ports.
Nearly a dozen ships carrying Middle Eastern crude are headed to US ports, with some vessels taking advantage of the shorter journey from the Suez Canal to load up on American refineries. The redirection of Saudi barrels has also tightened supplies for Asian refiners, who are now looking to the US for alternative oil.
A Kpler analyst notes that sending Saudi crude to the US rather than Asia may be a preferable option due to fleet logistics and shorter transit times. At least two dozen empty supertankers are currently en route to the US to pick up oil, with some vessels expected to arrive as early as late August.