Reduced Saudi oil imports lead U.S. oil inventories lower

26 Jul 2017   Saudi Arabia, USA

The Khurais oil field in Saudi Arabia. Continued low imports to the United States of Saudi crude oil is a factor in the decline in U.S. oil inventories. File Photo by Ali Haider/EPA July 25 (UPI) — Low imports of crude oil from Saudi Arabia, coupled with firm domestic petroleum demand, will likely reduce U.S. oil inventories, analysts said Tuesday. U.S. commercial oil inventories are expected to fall in the week ending July 21, analysts surveyed by S&P Global Platts said in a report. U.S. crude oil stock has fallen nearly 19 million barrels in the past three weeks, as excess surplus is reduced. The supply, as of July 14, was 26 percent higher than the five-year average, but lower than the 37 percent surplus above the five-year average seen at the start of 2017. Sabotage was reported in Nigerian crude oil production on Tuesday, which came after Nigeria […]

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