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Saudi Oil Trade Shifts East as Asian Prices Fall and US Imports Dry Up
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The Middle East Observer
Asia at the Centre of Saudi Oil DemandThe September decision underscores Asia’s established importance to Saudi Arabia’s export strategy.
Preliminary US government data indicate that imports of Saudi crude fell to zero in July.
If confirmed by final monthly statistics, it would be the first full calendar month without Saudi crude imports since 1985.
The interruption comes against a longer structural decline in US reliance on Saudi crude.
The structural shift is harder to reverse: Asia is now the commercial centre of gravity for Saudi crude, while the US has become a smaller and more flexible destination.