EnergyWatch

Saudi retreat from US oil market cuts exports to 30-year low

Saudi crude exports into the US fell to a 30-year low last month, a result of Saudi Aramco's decision to constrict supply to its once-prized market.

For a generation, the huge, whitewashed storage tanks at America's largest oil refinery in Port Arthur, Texas, have stored almost nothing but Saudi crude.

The plant is owned by Saudi Arabia’s state-run oil company, Aramco, and since it first bought a stake in 1988, the Motiva refinery guaranteed the kingdom a strategic foothold in the world’s largest energy market. The tankers carrying millions of barrels a month of Arab Light crude from Saudi export terminals to Port Arthur were testament to the strength of the energy and political ties binding Riyadh and Washington.

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