RTRS: UPDATE 1-Saudi oil exports to U.S. down 37 pct in May-EIA
WASHINGTON, July 30 (Reuters) - U.S. crude oil imports from
Saudi Arabia fell 37 percent in May from a year earlier to the
lowest level in two decades, the Energy Department said on
Thursday, as the effects of OPEC production cuts and lower
American oil demand due to a weak economy kicked in.
Saudi Arabia exported just under 1 million barrels per day
(bpd) of oil to the U.S. market in May, the smallest volume for
the month in 21 years, according to the department's Energy
Information Administration.
"The Saudis have cut production hard and have successfully
increased prices, yet refiners are not as enamored with the
lower yielding heavy crude," said Phil Flynn, an analyst at
PFGBest Research in Chicago. "Refiners have no use for the
heavy crude," he said.
Total U.S. crude oil imports in May declined by 475,000 bpd,
or 5 percent, from the month before to 8.931 million bpd, the
lowest level since 1997, the EIA said.
May's total oil imports were down 733,000 bpd, or 7.6
percent, from 9.664 million bpd a year ago.
