The US imported the least amount of crude oilNSE 1.37 % on a weekly basis in 23 years, as Opec-members Saudi Arabia and Venezuela cut their shipments to unusually low levels.
Weekly crude imports fell 1.61 million barrels a day to 5.92 million, the lowest level since 1996. Weekly imports from Saudi Arabia fell to 3,46,000 barrels a day for the week ending February 22, the Energy Information Administration reported on Wednesday. Domestic crude production skyrocketed to 12.1 million barrels a day.
The fall in imports comes as Venezuelan oil shipments drop due to US sanctions against the government of Nicolas Maduro, and as Saudi Arabia curtails exports to the US in an effort to reduce an oil glut in America. American crude stockpiles fell 8.65 million barrels last week. Saudi Arabia Energy Minister Khalid Al-Falih said earlier that the Saudis are leaning toward extending oil-output cuts into the second half of this year.
