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U.S. October imports of Saudi crude second lowest on
record
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Saudi crude imports by West Coast to more than halve this
year
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U.S. imports of Canada crude touch record highs after TMX
By Arathy Somasekhar
HOUSTON, Oct 30 (Reuters) - U.S. imports of crude oil
from Saudi Arabia hit a near four-year low last week, U.S.
government data showed on Wednesday, as Canada's Trans Mountain
pipeline sent more oil to the U.S. West Coast.
The $24.84 billion Trans Mountain pipeline (TMX) expansion
started in May, nearly tripling capacity to Canada's Pacific
Coast to 890,000 barrels per day and changing global trade
flows.
U.S. imports of Saudi crude fell to 13,000 bpd in the week
to Oct. 25, according to U.S. Energy Information Administration
data released on Wednesday. The imports were set to finish
October at 160,000 bpd, the second lowest month on record, data
from ship tracking firm Kpler showed.
West Coast refiners cut their Saudi crude imports to 23,000
bpd in October, the lowest on record, and the total for 2024
likely will average around 50,000 bpd, about 63% below last
year, according to the Kpler data.
Meanwhile imports of crude oil from Canada reached a record
high in July following the start of TMX .
Refineries owned by Marathon Petroleum ( MPC ) in Los
Angeles and Anacortes, Washington, and by Phillip 66 in
Ferndale, Washington - all purchasers of Saudi crude last year -
have been large buyers of Canadian crude in 2024.
"Increased TMX flows into U.S. West Coast kept Saudi barrels
away from those markets," said Rohit Rathod, an analyst with
ship tracking firm Vortexa.
However, shipments of Saudi crude to the U.S. Gulf Coast are
expected to continue as Saudi Aramco supplies crude to
its Texas-based Motiva refinery.
Several supertankers carrying Saudi crude were headed to the
U.S. Gulf Coast, and the weekly import drop reflected in part
timing issues, Kpler analyst Matt Smith said.
Saudi Aramco, the world's top oil exporter, cut October
prices for flagship Arab light crude to Asia to a near
three-year low on demand concerns, while price cuts to the U.S.
were much smaller.
"Saudi Aramco was sending barrels to Asia and Europe in
August and they had to keep some barrels domestically for power
generation, hence, they cut the barrels going to North America,"
Rathod said.