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US Saudi oil imports hit zero for first time since 1985
U.S. Department of Energy data shows that U.S. imports of Saudi oil completely ceased in July, for the first time since 1985. This was due to disturbances affecting Saudi oil exports caused by the conflict with Iran and the closure of the Strait of Hormuz. As a result, American refineries turned to alternative sources such as Venezuelan oil, with imports rising to approximately 600,000 barrels per day. It is expected that Saudi imports will gradually return to around 300,000 barrels per day in August.
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