Due to supply disruptions in the Gulf region and refineries being forced to seek alternative sources, U.S. crude oil imports from Saudi Arabia fell to zero in July 2024—the first full month without Saudi crude imports since 1985. As a result of conflicts related to the Strait of Hormuz, U.S. refineries significantly reduced crude procurement from the Middle East, with Venezuela emerging as a key alternative supplier. Currently, Venezuela’s crude exports to the U.S. have risen to about 600,000 b

Due to supply disruptions in the Gulf region and refineries being forced to seek alternative sources, U.S. crude oil imports from Saudi Arabia dropped to zero in July 2024, marking the first full month without Saudi crude imports since 1985. Impacted by the conflict associated with the Strait of Hormuz, U.S. refining companies have significantly reduced crude oil purchases from the Middle East, while Venezuela has become a key alternative crude supplier. Venezuela's current crude oil exports to the U.S. have risen to about 600,000 barrels per day. According to data from the energy data agency KPLER, Saudi Arabia's crude oil exports to the U.S. are expected to rebound to around 300,000 barrels per day in August.