Saudi oil exports to the US are at their lowest level in 35 years

 
Saudi Arabia has all but suspended supplies of US crude after flooding the country with exports in recent months.
 
So far in June, Saudi Arabia has exported just one shipload of crude to the US, according to tanker tracking data compiled by the media. That is equivalent to a tenth of the roughly 1.3m barrels a day it exported in April, when it flooded the world in a brief oil war with Russia.
 
If Saudi Arabia maintains its current pace of supply to the U.S. market in the second half of this month, Saudi oil exports to the U.S. are expected to fall to a 35-year low, helping to rebalance the U.S. crude market, traders and analysts said.
 
"Saudi crude will fall, while domestic refineries will start to increase production and domestic production will continue to fall," said AmritaSen, chief oil analyst at EnergyAspectsLtd in New York. "Crude inventories at U.S. refineries will fall and crude will have to be imported from elsewhere."
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