US Oil Trade in April 2014

Source: OPEC 4/16/2014, Location: North America

Preliminary data for March shows that US crude oil imports dropped by 108 tb/d from the previous month to average 7.26 mb/d on an annual basis, reflecting a loss of 193 tb/d or 3% from one year earlier. US product imports increased by 72 tb/d to average 1.8 mb/d m-o-m, while on a y-o-y basis they dropped by 192 tb/d or 10%. Product imports in March were the highest since November 2013. On a year-to-date comparison, crude imports dropped by 152 tb/d, while product imports declined by 278 tb/d. US product exports in March were stable from the previous month, averaging 3.7 mb/d. When compared annually, figures reflect an increase of 687 tb/d or approximately 23%. Thus, US total net imports dropped in March to average 5.3 mb/d, around 1% lower than the previous month and 16% below the previous year’s level.

In January, Canada remained the country’s top supplier, accounting for 37% of total US crude imports, up 3% or 90 tb/d from the previous month. Canada has held the top supplier position since March 2006. Saudi Arabia was the second-largest supplier to the US, with a 19% share of total crude imports, while Mexico came in third, with a share of 13%. Mexico slightly increased its exports to the US from the previous month — by 3 tb/d — while Saudi Arabia’s crude exports to the US dropped by 57 tb/d from a month ago.

In January, crude imports from OPEC Member Countries were lower than the previous month by 194 tb/d, or 6%, and accounted for 42% of total US crude imports. At the same time, US product imports from OPEC Member Countries dropped from one month earlier to stand at 151 tb/d, representing a share of 9% of total product imports in an annual comparison. Product imports from OPEC Member Countries in January were at 108 tb/d, less than in the same month a year earlier. Canada and Russia maintained their positions as first and second product suppliers to the US with shares of 35% and 12%, respectively. However, while Canada increased its volumes by 4%, imports from Russia dropped by 14% from a month earlier. The United Kingdom came in as third product supplier to the US, though its product exports were lower than in the previous month by 22 tb/d or 15%.

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