U.S. Imports 9 Million Barrels of Middle Eastern Crude

The United States is receiving at least 9 million barrels of Middle Eastern crude oil throughout August to alleviate a market strained by high demand for American exports during the conflict with Iran. These shipments include oil released during a collapsed June ceasefire and barrels moved via shuttle-trade to bypass the Strait of Hormuz.

Imports include crude from Saudi Arabia, the United Arab Emirates, and Kuwait, marking the first time Kuwaiti oil has arrived in six years. To avoid Houthi rebel attacks in the Bab el-Mandeb Strait, some Saudi shipments are utilizing longer routes through the Mediterranean and the port of Yanbu.

This surge follows a period of extreme scarcity where U.S. commercial crude inventories neared an eight-year low. Saudi imports dropped to zero in July for the first time since 1985. Recent data from the Energy Information Administration shows U.S. crude inventories rose by 17.4 million barrels last week, the second-largest build on record.