Crude shipments to the U.S. from OPEC and its partners fell to 1.41 million barrels a day in January, the lowest in five years, according to data from cargo-tracking and intelligence company Kpler.
Shrinking Iraqi imports and deep output cuts by Saudi Arabia fuelled the decline, according to Bloomberg reports.
At the same time, Venezuela’s exports to the U.S. dropped by nearly 30 percent, as nearly half of it has yet to discharge into U.S. ports and U.S. sanctions may keep the rest of it on the water.
Bloomberg citing data by Kpler, reported that nearly 7.6 million barrels of Venezuelan crude is floating in the Gulf of Mexico.
The report noted that less foreign oil is reaching American shores due to the twin factor of OPEC production cuts and as U.S. sanctions on Venezuela curb its exports.