Saudi Arabia’s oil exports to the US have fallen to the lowest level since the financial crisis, showing the impact of the shale boom and fast-growing imports from Canada.
The US has bought an average of less than 1m barrels a day of Saudi crude over the past year, weekly and monthly US government data show.
The kingdom has been compensating for the loss of sales by accelerating its pivot towards Asia, with China vying with the US as one of the biggest buyers of Saudi crude. But any weakening of the economic ties that bolster Saudi Arabia’s relations with the US may still provoke concern in Riyadh, as it undergoes a major power shift.
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