Oil imports from Saudi Arabia in the United States in July fell to zero for the first time in more than 40 years, since 1985, Bloomberg reports, citing preliminary data from the US government.
"Oil imports to the United States from Saudi Arabia in July fell to zero, which happened for the first time in a full month since 1985," the agency writes.
As the newspaper notes, Saudi oil supplies to the United States stopped amid disruptions in exports from The Persian Gulf, caused by the conflict between the United States and Iran and restrictions on navigation through the Strait of Hormuz. Earlier this year, American oil refineries purchased more than 800 thousand barrels of oil per day from Saudi Arabia.
American refineries began to look for alternative sources of raw materials after the rise in oil prices associated with supply disruptions. In particular, Phillips 66, according to Bloomberg, reduced the share of oil from the Middle East at its enterprises to less than 1%, replacing some of the imported supplies with oil from fields in the United States.
Venezuela became the main alternative supplier, the volume of oil imports from which American refiners increased to about 600 thousand barrels per day in July against about 100 thousand at the beginning of the year, the publication indicates.
At the same time, as noted by the analytical company Kpler, the drop in supplies from Saudi Arabia may turn out to be temporary, and as early as August, Saudi oil imports to the United States may recover to about 300 thousand barrels per day.
US President Donald Trump said on Sunday that he had canceled attacks on Iran in light of the upcoming settlement deal, the contours of which include the opening of the Strait of Hormuz and agreements on the nuclear program.
Earlier, the Saudi TV channel Al-Hadath, citing a high-ranking source, reported that Iran and Oman has reached an agreement on the full opening of the Strait of Hormuz for navigation, it must be approved by the Supreme National Security Council of Iran. According to the channel, the agreement will be officially announced in the coming days.
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