Saudi Arabia Is Steering Ever More Oil to China, Draining U.S. - Bloomberg:
Signals from oil tankers last month suggest that Saudi Arabia is sending an ever-larger portion of its crude to China -- with the U.S. losing out.
Saudi Arabia’s observed exports to China soared to 1.74 million barrels a day in July, the highest since Bloomberg began tracking the tanker shipments in January 2017. At the same time, the kingdom’s shipments to the U.S. appear to have tumbled to 161,000 barrels a day, the lowest during that same period.
The divergence illustrates the current state of energy geopolitics. The Organization of Petroleum Exporting Countries -- of which Saudi Arabia is the largest producer -- and a group of allies last month agreed to extend production cuts. A big reason behind the curbs is soaring U.S. output, which is near record levels in weekly data. U.S. inventories have dropped in recent months as Saudi shipments to the country have declined.
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