WASHINGTON: Total U.S. imports of crude oil from Saudi Arabia are down roughly 15 percent from last year, U.S. federal data show.
The U.S. Energy Information Administration reports Saudi Arabian oil accounts for roughly 17 percent of all crude oil imported into the United States, putting it at the No. 2 spot behind Canada. Total imports of Saudi crude for the week ending Sept. 4 were 1.06 million barrels per day, down 15.2 percent from the same week in 2014. Saudi oil imports are down 32 percent from the first week of September 2013.
“U.S. crude oil imports averaged about 7.5 million bpd last week, down by 396,000 bpd from the previous week,” EIA said in its report. “Over the last four weeks, crude oil imports averaged over 7.6 million barrels per day, 0.5 percent above the same four-week period last year.”
Saudi officials were in Washington D.C. this week to visit with President Barack Obama. Representatives from oil company Saudi Aramco hosted a reception for dignitaries and energy officials on the sidelines of the visit.
Khalid al-Falih, the board chairman at Saudi Aramco, said during the reception the oil-rich kingdom was “the anchor of global energy markets,” adding Washington offered praise for Saudi Arabia’s “consistent policy of being a reliable supplier of oil.”
According to the Organization of Petroleum Exporting Countries, Saudi Arabia produced 10.3 million bpd in August, a slight increase from the previous month. Full-year 2014 production was around 9.7 million bpd.
Saudi Arabia has defended a strong production policy by saying it needs to protect its market position at a time when U.S. oil production is gaining. High supplies and low demand have pushed crude oil prices down more than 50 percent from June 2014 highs above the $100 per barrel mark.
A report Friday from the International Energy Agency said despite the drop in U.S. crude oil imports, Saudi Arabia’s move has been effective at driving inefficient players out of the market.
The U.S. Energy Information Administration said in a short-term market report this week U.S. crude oil production is expected to fall by around 4 percent from current levels by next year.
