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Saudi delivery cuts, Mexican rules keep U.S. oil supply chains off balance

Energy - Conventional 426 Energy - Crude Oil 291 Energy - Refined Oil 195 Mexico 816 Saudi Arabia 43 U.S. 5064

Oil supply chains in North America continue to be roiled by a mixture of market fundamentals and regulations. The U.S. imported no oil from Saudi Arabia in the week to Jan. 1, the first time that has occurred since at least June 2010, while Saudi Arabia’s new production cut may keep flows down. U.S. seaborne imports of crude oil from Saudi Arabia, led by sourcing for Chevron and Marathon had increased sequentially in Q4 by 40.0% versus Q3, though they remained 62.5% below their 2018 levels in 2020. The Mexican government meanwhile has tightened import regulations for gasoline and distill...

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