Economics
Kuwait Oil to U.S. Stops for 1st Time Since 1990-91 Gulf War
- Kuwait is selling oil into Asia where it fetches higher prices
- U.S. net imports of foreign oil have dropped to a 45-year low
Photographer: YASSER AL-ZAYYAT/AFP/Getty Images
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Kuwait has all but stopped shipping crude to the U.S. for the first time since the aftermath of Saddam Hussein’s invasion in 1990, eroding an economic link between Washington and the Arab petro-monarchy.
The halt is the latest sign that booming demand for oil in Asia, particularly as the U.S. re-imposes sanctions on Iran, and rising supplies from America on the back of the shale revolution are re-drawing petroleum trade routes.