For The First Time In 40 Years, The U.S. Did Not Purchase Saudi Oil
- 7.08.2026, 11:52
Iran has blocked the usual flow of oil from the Persian Gulf.
Oil imports from Saudi Arabia to the U.S. fell to zero in July—as noted by Bloomberg, this is the first time since 1985 that shipments from the kingdom have been suspended for such a period.
At that time, Saudi Arabia sharply increased production and exports because other OPEC countries were secretly violating quotas, and Riyadh was losing profits by voluntarily cutting production. This led to a collapse in global oil prices, from $30 to less than $10 per barrel.
The current sharp drop in volumes is the result of the conflict between the U.S. and Iran, which has effectively blocked the usual flow of oil from the Persian Gulf. The closure of the Strait of Hormuz and other military risks have led to a spike in oil prices, forcing U.S. companies to seek alternative sources of crude, the agency notes.
At the same time, according to data from the analytics firm Kpler, shipments from Saudi Arabia could recover to 300,000 barrels per day this month.
According to Bloomberg, U.S. imports of Saudi oil last hit their lowest level at the end of 2020.
On August 7, Fars reported that Iran had proposed banning the passage of U.S. ships through the Strait of Hormuz as part of a draft agreement with Oman.
The document, which, according to Fars, is being considered by the Iranian parliament, also provides for a ban on the transport of Israel-related cargo and the imposition of tolls for passage through the strait.
According to Fars, Iran will retain control over the entry of ships into the Strait of Hormuz, while exit will be managed jointly with Oman. Meanwhile, the U.S. insists on free navigation without permits or tolls, while Tehran links the full opening of the strait to the lifting of the U.S. naval blockade.
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