OPEC`s Oil Exports to U.S. Fell to Five-Year Low in January

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Less foreign oil is reaching American shores. as OPEC production cuts kick in and U.S. sanctions on Venezuela curb its exports.

Crude shipments to the U.S. from OPEC and its partners fell to 1.41 MMbpd 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 fueled the decline.

At the same time. Venezuela’s exports to the U.S. dropped by nearly 30%. The kicker: 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. Nearly 7.6 MMbbl of Venezuelan crude is floating in the Gulf of Mexico. according to Kpler.