US crude imports surge as Saudi oil ‘armada’ arrives

FINANCIAL TIMES 🔒| US oil imports surged last week, with almost half of the extra crude arriving from Saudi Arabia, as foreign producers took market share from the struggling American shale patch.


The federal Energy Information Administration on Thursday said Saudi supplies to the US jumped almost 1m barrels a day during the week ending May 22, to 1.6m b/d, while commercial imports from all countries soared to 7.2m b/d, almost 40 per cent more than the week before.


“The armada of ships bringing Saudi crude to the US has arrived,” said Amrita Sen, a director at Energy Aspects, a consultancy.


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