Saudi Arabia is significantly cutting its crude oil exports to the United States this month, with shipments likely to hit a 35-year low and reducing the overhang in U.S. oil inventories, Bloomberg reported , citing tanker-tracking data that it has compiled. The drastic cut in Saudi crude oil exports to the U.S. is a radical shift from the Kingdom’s tactics from two months ago, when it sent a fleet of supertankers to flood the U.S. market with oil during the price war with Russia at the end of March and early April. Back in April, the tanker fleet from Saudi Arabia coincided with the massive oil demand loss and threatened to overflow U.S. storage capacity. But after Saudi Arabia and Russia forged a new pact to cut a record amount of OPEC+ production to support oil prices, the Saudis now look intent to help reduce U.S. inventories by withholding […]