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US Oil Trade in October 2012

Source: OPEC 11/19/2012, Location: Europe

Preliminary data shows that US crude oil imports declined in October for the second consecutive month, by 225 tb/d or 2.7% from the previous month to average 8.3 mb/d. On an annual basis, this reflected a loss of 604 tb/d or 6.8% from a year earlier. US crude imports reached their lowest level since February 2011.

US product imports dropped by 82 tb/d or 3.9% to average 2.03 mb/d month-on-month (m-o-m), while year-on-year (y-o-y) they fell by 119 tb/d or 5.5%. On a year-to date comparison, crude and product imports declined by 4% and 18% respectively. US product exports decreased in October by 100 tb/d or 3.5% from the previous month to average 2.8 mb/d. In an annual comparison, the figures reflect a greater drop of 297 tb/d or 10%. As a result, total US net imports declined slightly in August to average 7.52 mb/d, which was 2.7% lower than in the previous month and 5% less than last year’s level.

In August, the first and second suppliers to the US maintained the same order as last month. Canada remained the premier crude supplier, accounting for 28% of total US crude imports, which was just 21 tb/d or 0.85% lower than a month earlier. Saudi Arabia maintained its position as second-largest supplier, albeit with a 238 tb/d or 16% lower volume than the previous month.

Mexico increased its crude exports to the US by a slight 0.83% to come in third position.Crude imports from OPEC Member Countries remained steady in August, accounting for 48% of total US crude imports. On the other hand, US product imports from Member Countries increased by 4% from last month. As for the product supplier share to the US, Canada and Russia maintained their positions as first and second. Nevertheless, in August, Canada’s share of US product imports increased by 14%, while Russia’s product exports to the US decreased by 24% from the levels seen a month ago.

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