LOOP Saudi Arabian Oil Imports Rebound

Saudi Arab Light Rebounding Slowly

As Saudi Arabia continues to report oil production cuts, imports of Arab Light from Saudi Arabia into the Louisiana Offshore Oil Port (LOOP) are rebounding slowly. June 6, 2018, ended a six-month dry spell with 1.4 million barrels, the first of the year. By comparison, during the same time frame in 2017 more than 39 million barrels of Saudi Arabian crude were brought into LOOP. Saudi Arabia has curtailed production as part of OPEC and non-OPEC cuts. By reducing over-compliance with cuts that had been in place, OPEC and 10 non-OPEC partners agreed on June 23 to boost output by 1 million barrels per day. This move is intended to alleviate any shortages caused by US sanctions on Iran and continued production problems in Venezuela.

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