According to Houston Bloomberg News, as OPEC cuts production and U.S. sanctions against Venezuela begin to curb its exports, the number of foreign oil flowing into the U.S. coast is declining.
In January, OPEC and its partners’crude oil shipments to the United States fell to 1.41 million barrels a day, the lowest level in five years, according to data from cargo tracking and intelligence firm Klager. The reduction in Iraqi imports and the dramatic reduction in Saudi Arabia’s production have contributed to the decline in transport volumes.
Meanwhile, Venezuela’s exports to the United States fell by nearly 30%. The reason is that nearly half of the crude oil has not yet entered the U.S. ports, and U.S. sanctions may leave the remaining crude oil in the Gulf. According to Kogler, nearly 7.6 million barrels of Venezuelan crude oil are floating in the Gulf of Mexico.