In December, preliminary data showed that US crude oil imports increased to average 7.52 mb/d, up by 198 tb/d from last month, but were down by 251 tb/d from the same month last year. For the whole year, US crude imports were 361 tb/d lower. US product imports increased slightly from last month’s level to average 2.14 mb/d, the highest level seen since May 2014. On an annual basis, they increased by 374 tb/d or 21%. For 2014, product imports declined by 12%.
In December, US product exports were 119 tb/d less than seen a month ago to average 3.4 mb/d. On an annual basis, product exports were lower than a year before by 994 tb/d or 23%. As a result, US total net imports increased in December to average 5.9 mb/d.
In October, the top first and second crude suppliers to the US maintained the same order as last month. Canada remained the premier crude supplier to the US accounting for 43% of total US crude imports, yet with a decrease of 79 tb/d in exports to the US compared to the month before. Saudi Arabia, which maintained its position as the second largest supplier to the US in December, also saw a drop in its exports to the US by 178 tb/d. Mexico came in as the third top supplier, accounting for 10% of total US crude imports, however its exports to the US were lower by 82 tb/d from the previous month.
Crude imports from OPEC Member Countries decreased in October from last month, dropping by 484 tb/d or 17%, accounting for 34% of total US crude imports. Similarly, US product imports from OPEC Member Countries declined by 103 tb/d or 32% from last month.
As for the product supplier share, Canada and Russia maintained their positions as first and second suppliers to the US, accounting for 22% and 16%, respectively. Looking at US crude imports by region, in October 2014, US crude imports from North America averaged 3 mb/d, continuing to make it the top regional supplier, followed by Latin America, which exported 2.2 mb/d in October to the US. Imports from the Middle East and Africa declined from last month. The Middle East came in as the third regional supplier with an average of 1.4 mb/d, while imports from Africa were down from last month to average 314 tb/d.
Turning to crude imports by PADD, in PADD 1, crude imports were lower from Africa and Latin America by 74 tb/d and 2 tb/d, respectively, from last month. Imports from PADD 2 remained mostly sourced from North America as they averaged 2 mb/d. PADD 2 imports from the Middle East averaged 30 tb/d. PADD 3 sourced their imports mainly from Latin America and the Middle East. In October, imports from the Middle East were 18% lower than the previous month, and imports from Latin America were 5% lower. PADD 4 continued to cover its imports from North America, averaging 245 tb/d in October, however, they decreased by 37 tb/d from a month ago. PADD 5 West Coast imports were sourced mainly from the Middle East, which exported 432 tb/d to PADD 5 in October, followed by Latin America and North America, which exported 330 tb/d and 215 tb/d, respectively.