NEW YORK—The United States sent a shipment of crude to Saudi Arabia in June, data from the U.S. Census Bureau showed on Aug. 5, in what appears to be the first such delivery since the U.S. ban on crude exports ended in 2015.
The United States shipped about 550,000 barrels, or 18,300 barrels per day (bbl/d), of crude to Saudi Arabia in June, U.S. Census data shows. The U.S. Energy Information Administration has no recorded instances of a U.S. crude shipment to Saudi Arabia.
U.S. Census data shows a miniscule 1,000-barrel shipment to Saudi Arabia in 2002. That was during the four-decade ban on exports.
The size of June’s cargo is less than what would be shipped even in the smallest class of crude tankers known as Aframax vessels. Traders said it is possible the cargo was part of another shipment headed to a different country. There are no records of a crude shipment to Saudi Arabia from the United States in Refinitiv Eikon vessel tracking data.
Saudi Arabia is one of the biggest suppliers of crude to the United States. It sent about 1.2 MMbbl/d of crude in May, the most in three years, the result of a short-lived oil price war between Saudi Arabia and Russia that erupted just as the coronavirus pandemic was worsening worldwide.
That created a major supply glut, which OPEC, led by Saudi Arabia, and allies agreed to deal with by cutting output by 9.7 MMbbl/d. OPEC oil output rose by more than 1 MMbbl/d in July as Saudi Arabia and other Gulf members ended voluntary additional supply curbs on top of that deal.
U.S. crude exports have surged since Washington lifted a ban in 2015, averaging 2.75 MMbbl/d in June.
Recommended Reading
For Sale, Again: Oily Northern Midland’s HighPeak Energy
2024-03-08 - The E&P is looking to hitch a ride on heated, renewed Permian Basin M&A.
Gibson, SOGDC to Develop Oil, Gas Facilities at Industrial Park in Malaysia
2024-02-14 - Sabah Oil & Gas Development Corp. says its collaboration with Gibson Shipbrokers will unlock energy availability for domestic and international markets.
E&P Highlights: Feb. 16, 2024
2024-02-19 - From the mobile offshore production unit arriving at the Nong Yao Field offshore Thailand to approval for the Castorone vessel to resume operations, below is a compilation of the latest headlines in the E&P space.
E&P Highlights: Feb. 26, 2024
2024-02-26 - Here’s a roundup of the latest E&P headlines, including interest in some projects changing hands and new contract awards.
CEO: Continental Adds Midland Basin Acreage, Explores Woodford, Barnett
2024-04-11 - Continental Resources is adding leases in Midland and Ector counties, Texas, as the private E&P hunts for drilling locations to explore. Continental is also testing deeper Barnett and Woodford intervals across its Permian footprint, CEO Doug Lawler said in an exclusive interview.