4-week average imports down 30% from May
U.S. imports of oil from Saudi Arabia are falling fast, as the kingdom seeks a new way to prop up disappointing oil prices.

One of the main stated goals of OPEC’s production cuts is to decrease global inventories, which are still well above historical averages. These large inventories weigh heavily on oil prices, and are part of the reason prices have not recovered like in other downcycles.
U.S. inventories have large effect on oil prices
U.S. inventories are especially important in this regard, mo...


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