According to preliminary data, US crude oil imports in April were almost stable compared with last month’s level, averaging 7.7 mb/d, though they lost 870 tb/d or 10% over last year. Year-to-date, US crude oil imports averaged 7.7 mb/d, reflecting a decline of 948 tb/d or11% from the same period last year. However, US product imports increased by 404 tb/d or 22% from last month, rising on an annual basis by 164 tb/d or 8% from last year.
Looking into US product exports, April saw a decline by 109 tb/d or 4% m-o-m, with a greater y-o-y decline registered of 383 tb/d or 12%. Consequentially, US net imports increased in April to average 7 mb/d, reflecting a monthly gain of 511 tb/d, but an annual drop of 743 tb/d.
Canada continued to be the top crude supplier to the US in February, averaging 2.8 mb/d, 118 tb/d or 4 % higher than the previous month. Canada accounted for 39% of total US crude imports. Saudi Arabia was the second largest supplier, with imports also up over the previous month. The country accounted for 14% of total US crude imports, with monthly imports higher by 61 tb/d or 6% over January. Mexico was third, with a share of 12%, though monthly volumes were lower by 135 tb/d or 13% over the previous month. Venezuela was the fourth biggest supplier with a share of 8%, averaging 579 tb/d, 33% lower than one month ago. In an annual comparison, Canada increased its export volumes to the US, while the volumes from all other top suppliers were found to be lower than the same period a year ago, ranging from 13% to 34%.
Crude imports from OPEC Member Countries declined from the previous month by 645 tb/d or 18% to average 2.9 mb/d in February. OPEC Member Countries accounted for 40.5% of imports. US product imports from OPEC Member Countries decreased by 111 tb/d or 43% over the previous month to average 148 tb/d; they accounted for 7.5% of total US product imports.
Canada and Russia maintained their position as top product suppliers to the US, holding shares of 31% and 20%, respectively. Canada decreased its product exports to the US by 136 tb/d or 18%, while Russia increased its quantities by 101 tb/d or 34%. The Netherlands was the third largest product supplier to the US in February, with an unchanged share of 6% from one month earlier.