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Kaboom in World Oil Supply!


  • Crude oil markets will certainly continue to react to new information as it becomes available in the days and weeks ahead, but this disruption and the resulting changes in global crude oil prices will influence U.S. retail gasoline prices.
  • Saudi Arabia can use these inventories to maintain a similar level of crude oil exports as before the strike, assuming the production outage is short in duration, as indicated by Saudi Aramco's update on September 17.
  • Although U.S. imports of crude oil from Saudi Arabia have declined during the past three years—and recently hit a four-week average record low of 380,000 b/d in the week ending September 6—the United States still imports about 7 million b/d of crude oil (Figure 4).



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