Saudi Arabia is shipping the most oil to the U.S. since 2008 even as the world’s largest consumer cuts total imports in a drive toward energy independence.
The CHART OF THE DAY shows how U.S. crude purchases are declining while the percentage of cargoes from OPEC’s biggest producer increases. Imports averaged 8.7 million barrels a day this year, on course for the lowest since 1997, according to Energy Department data. Saudi Arabia accounted for about 17 percent, up from 13 percent a year earlier, the data show.
A glut of natural gas, increased fuel efficiency in cars and the highest domestic oil production since 1999 are reducing America’s reliance on energy imports just as Saudi Arabia boosts output to compensate for Middle East supply disruptions. The desert kingdom, pumping the most since 1980, is supplying Motiva Enterprises LLC’s expanded refinery in Port Arthur, Texas, that processes the heavy grades Saudi Arabia produces.
No comments:
Post a Comment