Saudi Arabia increased oil exports to the US to a four week average of one million bpd last week in response to Trump administration calls to keep oil prices down. By lowering the price from $1.30 per barrel to just 60 cents, the Saudis' were able to persuading US refiners to buy more and even double exports from a 30-year low in October last year of 506,000 bpd. The increased exports allowed Saudi Arabia to regain its market share with the US, and represents half of Saudi Arabia’s output increase following the PMSeptember production increase agreement.
Saudi Arabia increased oil exports to the US to a four week average of one million bpd last week in response to Trump administration calls to keep oil prices down. By lowering the price from $1.30 per barrel to just 60 cents, the Saudis' were able to persuading US refiners to buy more and even double exports from a 30-year low in October last year of 506,000 bpd. The increased exports allowed Saudi Arabia to regain its market share with the US, and represents half of Saudi Arabia’s output increase following the OPEC production increase agreement.