US Will Import Highest Quantity of Middle Eastern Crude Since Start of War
- U.S. imports of Middle Eastern crude are set to hit 600,000 barrels per day in August, the highest since the Iran war began, as a brief opening of the Strait of Hormuz and rerouting via the Suez Canal push barrels toward American ports.
- Shipments of Saudi Arabian oil dropped to zero in July, marking the first time that occurred for an entire month since 1985, as the US-Iran conflict effectively shut down Persian Gulf crude flows.
- To avoid the Strait of Hormuz, ships load Saudi Arabian oil at Yanbu and transit the Suez Canal to refiners like PBF Energy Inc, while Phillips 66 Chief Executive Officer Mark Lashier said his firm reduced Middle Eastern crude to less than 1%.
- Sending Saudi crude to the United States rather than Asia is a "preferable option given fleet logistics and the shorter time on the water," said Kpler analyst Matt Smith, as empty supertankers increasingly signal the U.S. as their destination.
- "As U.S. barrels continue to remain the marginal barrels rebalancing the export markets, that's pulling VLCCs towards the Gulf Coast for late-August and September loading," said Vortexa analyst Rohit Rathod, noting empty vessels heading to the U.S. could be as high as 40.
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A data analysis by the Handelsblatt shows how German chemistry gains from the consequences of the war in the Middle East. However, the risks remain high.
China’s Crude Imports Bounce Back After Historic June Slump
China’s crude oil imports reversed an earlier decline, rising by 22% from June to an average daily of 8.45 million barrels, or a total of 35.73 million tons, Bloomberg reported today, citing customs data. China slashed its total crude oil imports to a decade low in June, culminating three months of very low import levels amid high prices and constrained supply from the Middle East. Beijing could afford to dramatically reduce its crude buying, sl…
The US did not receive any crude oil from Saudi Arabia for the first time since 1985, owing to interruptions in supplies from the Persian Gulf.
Following disruptions to Saudi oil exports and escalating tensions in the Persian Gulf region, Saudi crude oil imports to the United States fell to zero in July for the first time since 1985.
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