Saudi Crude Shipments to US Plunge to Zero as Oil Refiners Pivot

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Or sign-in if you have an account.e(2r1abf64]55}(1(u0f4}{[_media_dl_1.png US Energy Information Administra(Bloomberg) — US imports of Saudi Arabian oil dropped to zero in July, the first time that’s happened for an entire month since 1985, according to preliminary government data.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountSaudi oil exports have been disrupted for months as the US-Iran conflict all but shut down Persian Gulf crude flows. Last month, US-bound shipments of the kingdom’s crude ground to a halt, according to US Department of Energy data released Wednesday. It’s a significant decline given that US refiners were buying more than 800,000 barrels of Saudi oil a day earlier this year.US refiners have been seeking replacements for Saudi cargoes as the closure of the Strait of Hormuz and other war-related disruptions sent prices for barrels linked to the global benchmark soaring. Phillips 66 reduced the proportion of Middle Eastern crudes flowing into its plants to less than 1%, Chief Executive Officer Mark Lashier said Wednesday. The company has been sending light crude from US fields to its New Jersey refinery to replace some foreign grades. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againOther US refiners that historically have been heavy users of Saudi oil include Chevron Corp. and PBF Energy Inc. Motiva Enterprises LLC, which owns the nation’s largest refinery in Port Arthur, Texas, is wholly owned by the Saudi state oil company and in normal times processes Mideast oil.Venezuela has been a big winner in the pivot away from Saudi crude. American refiners imported around 600,000 barrels of the Latin American country’s crude in July, up from roughly 100,000 at the start of the year.There have been occasional weeks when Saudi deliveries to the US dropped to zero but July was the first time they bottomed out for a full month in more than 40 years. To be sure, the drop may be temporary. US imports of crude from Saudi Arabia are forecast to rebound this month to about 300,000 barrels a day, in line with recent historic norms, according to Kpler data.—With assistance from Christopher Charleston and Lucia Kassai.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.