15.6 C
New York
Tuesday, May 24, 2022

OPEC’s Oil Exports to U.S. Fall to Five-Year Low in January

OPEC's Oil Exports to U.S. Fall to Five-Year Low in January© Bloomberg. A gas flare burns from a pipe aboard an offshore oil platform in the Persian Gulf’s Salman Oil Field, operated by the National Iranian Offshore Oil Co., near Lavan island, Iran.

(Bloomberg) — Less foreign oil is reaching American shores, as OPEC production cuts kick in and U.S. sanctions on Venezuela curb its exports.

shipments to the U.S. from OPEC and its partners fell to 1.41 million barrels a day in January, the lowest in five years, according to data from cargo-tracking and intelligence company Kpler. Shrinking Iraqi imports and deep output cuts by Saudi Arabia fueled the decline.

At the same time, Venezuela’s exports to the U.S. dropped by nearly 30 percent. The kicker: Nearly half of it has yet to discharge into U.S. ports and U.S. sanctions may keep the rest of it on the water. Nearly 7.6 million barrels of Venezuelan crude is floating in the Gulf of Mexico, according to Kpler.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

11,301FansLike
12,893FollowersFollow
751FollowersFollow
- Advertisement -

Latest Articles

Popular Articles