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Interesting, I thought that the USA historically imported hardly any oil from Saudi Arabia (the main importers would have been mostly Europe and since a few dec

Interesting, I thought that the USA historically imported hardly any oil from Saudi Arabia (the main importers would have been mostly Europe and since a few decades, Asia) (and from the Middle East in general), but it looks like that wasn't quite the case ? https://www.washingtonpost.com/world/2019/09/16/who-buys-saudi-arabias-oil/ https://www.washingtonpost.com/world/2019/09/16/who-buys-sau... EDIT : Right, I have forgotten that even though OPEC is 'only' 44% of production, Middle East (and especially Saudi Arabia) is a much larger share of exports : https://en.wikipedia.org/wiki/List_of_countries_by_oil_exports https://en.wikipedia.org/wiki/List_of_countries_by_oil_expor... And Saudi Arabia is USA's ally, unlike Russia and Iran. (And this doesn't leave a lot of oil where to import from, once you exclude USA, Middle East and Russia...)

deleted 6y ago
[deleted]
FpUser 6y ago
>"once you exclude USA, Middle East and Russia" Despite all the talk the US actually does import oil from Russia: https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTTIM_NUS-NRS_1&f=M https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=M...
- yostrovs 6y ago
  That's about $1500000 of oil a year. It's miniscule. Probably purchased for some technical reason, to dilute for example, or due to proximity to something or other.
  - FpUser 6y ago
    I just stated the fact. who cares about the reason / amount.
    - Dumblydorr 6y ago
      Proportions matter. I've eaten sushi a couple times, but I don't regularly do so. So, talking about my reducing calories in my diet, we'd say I never really eat sushi. It's technically untrue, but the proportion is what matters. I'll find where to cut calories elsewhere in things that I eat more than once a year. If Russia provides a tiny fraction of 1% of us oil, it could be very special edge cases that don't affect the economy much at all. Side note, HN comment guidelines state each comment should enrich discussion. This comment you made is very low effort and snarky.
      - FpUser 6y ago
        >"Side note, HN comment guidelines state each comment should enrich discussion" And we all of course have exactly the same idea about what that "enrichment" constitutes.
      - cute_boi 6y ago
        "Proportions matter" Not always. We were taught if someone steal $1 or $10000 they will be called thief. In Sushi may be proportions mattered. But there are cases it doesn't matter. Like drinking 10ml or 1 litre both can kill you. And you cannot go to doctor and said 10 liter is very small quantity ignore it. And in this case "Crude Oil Flow from Saudi Arabia to U.S. Falls to Zero " Saying Zero might be misleading to many people. It may not to many people.
        beerandt 6y ago
        I get your point, and am generally of the mindset that technically correct is the best kind of correct. But masscomm isn't technical writing. To the people who already don't understand, it's more misleading to pretend the amount is meaningfully more than zero, than to call a negligible amount "zero."
sandworm101 6y ago
Listing oil imports to the US but no mention of Canada? 48% of oil imports in 2019 were from Canada, making canada the largest exporter of oil to the US, and the third largest oil exporter on the planet. Any serious discussion of international oil trade should at least mention the country. https://www.nrcan.gc.ca/science-data/data-analysis/energy-data-analysis/energy-facts/crude-oil-facts/20064 https://www.nrcan.gc.ca/science-data/data-analysis/energy-da...
- BlueTemplar 6y ago
  It was so obvious, that I didn't even think of mentioning Canada. Not to mention that Canada's too heavy tar sand oil is being mixed with USA's too light tight oil, forming in this way a single system.
  - beerandt 6y ago
    Yeah Canadas market is weird, since they are almost completely intermingled with the US for the sake of infrastructure and refining. Lots of the US imports from Canada end up being re-exported, or as you said blended/refined and re-sold.
fuzzfactor 6y ago
Seems to me the natural market forces of this declining market are not as vulnerable to the market distortion forces as traditionally applied. Ships need to keep moving, for those who do they can suffer not so much. Lots of ships have also stopped moving so some people are getting a zero who never had this happen. That could put downward presure on prices just to get a little movement going again.

deleted 6y ago

[deleted]

FpUser 6y ago

>"once you exclude USA, Middle East and Russia" Despite all the talk the US actually does import oil from Russia: https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTTIM_NUS-NRS_1&f=M https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=M...

yostrovs 6y ago
That's about $1500000 of oil a year. It's miniscule. Probably purchased for some technical reason, to dilute for example, or due to proximity to something or other.
- FpUser 6y ago
  I just stated the fact. who cares about the reason / amount.
  - Dumblydorr 6y ago
    Proportions matter. I've eaten sushi a couple times, but I don't regularly do so. So, talking about my reducing calories in my diet, we'd say I never really eat sushi. It's technically untrue, but the proportion is what matters. I'll find where to cut calories elsewhere in things that I eat more than once a year. If Russia provides a tiny fraction of 1% of us oil, it could be very special edge cases that don't affect the economy much at all. Side note, HN comment guidelines state each comment should enrich discussion. This comment you made is very low effort and snarky.
    - FpUser 6y ago
      >"Side note, HN comment guidelines state each comment should enrich discussion" And we all of course have exactly the same idea about what that "enrichment" constitutes.
    - cute_boi 6y ago
      "Proportions matter" Not always. We were taught if someone steal $1 or $10000 they will be called thief. In Sushi may be proportions mattered. But there are cases it doesn't matter. Like drinking 10ml or 1 litre both can kill you. And you cannot go to doctor and said 10 liter is very small quantity ignore it. And in this case "Crude Oil Flow from Saudi Arabia to U.S. Falls to Zero " Saying Zero might be misleading to many people. It may not to many people.
      - beerandt 6y ago
        I get your point, and am generally of the mindset that technically correct is the best kind of correct. But masscomm isn't technical writing. To the people who already don't understand, it's more misleading to pretend the amount is meaningfully more than zero, than to call a negligible amount "zero."

sandworm101 6y ago

Listing oil imports to the US but no mention of Canada? 48% of oil imports in 2019 were from Canada, making canada the largest exporter of oil to the US, and the third largest oil exporter on the planet. Any serious discussion of international oil trade should at least mention the country. https://www.nrcan.gc.ca/science-data/data-analysis/energy-data-analysis/energy-facts/crude-oil-facts/20064 https://www.nrcan.gc.ca/science-data/data-analysis/energy-da...

BlueTemplar 6y ago
It was so obvious, that I didn't even think of mentioning Canada. Not to mention that Canada's too heavy tar sand oil is being mixed with USA's too light tight oil, forming in this way a single system.
- beerandt 6y ago
  Yeah Canadas market is weird, since they are almost completely intermingled with the US for the sake of infrastructure and refining. Lots of the US imports from Canada end up being re-exported, or as you said blended/refined and re-sold.

fuzzfactor 6y ago

Seems to me the natural market forces of this declining market are not as vulnerable to the market distortion forces as traditionally applied. Ships need to keep moving, for those who do they can suffer not so much. Lots of ships have also stopped moving so some people are getting a zero who never had this happen. That could put downward presure on prices just to get a little movement going again.