According to U.S. Census Bureau data, the United States exported its first batch of crude oil to Saudi Arabia in June since the crude oil export ban was lifted in 2015. This was also the first batch of crude oil exports to Saudi Arabia since 2002. first.
The United States exported a total of 550,000 barrels of crude oil to Saudi Arabia, the world’s largest crude oil exporter, in June. You must know that Saudi Arabia is one of the major suppliers of U.S. crude oil.
During the 40 years when the United States banned crude oil exports, it exported 1,000 barrels of oil to Saudi Arabia as early as 2002. But this amount does appear to be insignificant.
Saudi Arabia has always been one of the largest crude oil suppliers to the United States. In 2019, it was the third largest oil supplier to the United States after Canada and Mexico.
The picture below shows the amount of crude oil imported by the United States from Saudi Arabia over the past 10 years. The largest year occurred in 2011, when the United States imported approximately 489 million barrels of crude oil from Saudi Arabia.
In May 2020, U.S. crude oil imports from Saudi Arabia rose to a three-year high, reaching a daily 1.151 million barrels. In the first few months of 2020, U.S. crude oil imports from Saudi Arabia averaged about 400,000 barrels per day.
According to analysis, the crude oil shipped by the United States to Saudi Arabia in June may only be a re-export trade, part of a larger volume of goods shipped to another export destination.
As of May 2020, the U.S. Energy Information Administration (EIA) has never recorded U.S. crude oil exports to Saudi Arabia in its data.
In April this year, when Saudi Arabia and Russia reached a new OPEC production reduction agreement and demand collapsed in the world oil market, Saudi oil tankers were filled with a large amount of crude oil. The oil was exported to the United States. It was said that at that time, about 30 Saudi oil tankers were docked off the coast of California alone, carrying more than 20 million tons of oil.
Under Saudi Arabia’s fierce offensive, coupled with the economic recession caused by the new coronavirus pandemic, U.S. oil and gas producers can no longer withstand it, and the number of bankruptcy filings in 2020 It rose to a four-year high in the second quarter of this year.
Among the bankrupt U.S. oil and gas producers, the larger ones include Chesapeake Energy (with debts of $9.2 billion), Ultra Petroleum (with debts of $5.5 billion), and Whiting Petroleum (with debts of $5.5 billion). debt of $3.6 billion), Denbury Resources (debt of $2.1 billion) and oil and gas extraction companies (debt of $1.9 billion). </p
