Saudi Arabian exports to the United States
Saudi Arabian exports to the U.S. are steadily trending lower as the kingdom attempts to rebalance the crude oil market. The latest weekly EIA release revealed U.S. imports from Saudi Arabia at 872 kbd for week-ending 6/16. Additionally, the 4-week moving average of 970 kbd has consistently fallen since late May.

Kpler data reveals that imports of Saudi crude week-ending 6/23 will continue the downward trend. As of Thursday, 6/22, only 405 kbd of crude oil from Saudi Arabia have been imported to the United States. It should be noted that part of this decline is a result of inclement weather from Tropical Storm Cindy, which disrupted some loading operations in and around Sabine Pass, New Orleans and Lake Charles.1

Supply of arab grades over the next weeks will come from:

  • 7.85 million barrels currently available in U.S. Gulf Coast
  • 6.31 million barrels in transit to Padd 3 over the next 25 days (including ship-to-ship operations)
  • 6.39 million barrels in transit to Padd 5 over the next 25 days (including ship-to-ship operations)
The above volumes represent approximately 20.5 million barrels of Saudi crude that will become available over the next 25 days. Such availability should imply U.S. imports of arab crude averaging 800-850 kbd over the same period.