Preliminary March data shows that US crude oil imports increased slightly by 16 tb/d from the previous month to average 7.2 mb/d. On an annual basis, US crude imports remained flat from a year earlier. Year-to-date, crude imports declined by 122 tb/d. US product imports declined by 175 tb/d or 8% to average 1.8 mb/d m-o-m, the lowest since November 2014. In y-o-y terms, they dropped by 105 tb/d or 5%. Year-todate, product imports increased by 184 tb/d.
In March, US product exports went up by 73 tb/d or 2% to average 3.8 mb/d from the previous month. On an annual comparison, the figures show an increase of 273 tb/d or 7%. As a result, US total net imports dropped in March to average 4.8 mb/d, a 5% decrease from the previous month and an 11% drop from last year.
In January, Canada remained the top crude supplier as seen before, accounting for 32% of total US crude imports, although its exports to the US were lower by 4% or 115 tb/d from last month. Canada has held the top US supplier position since March 2006. Saudi Arabia came in as the second largest supplier to the US, holding a share of 11% of total crude imports while Mexico was the third largest US supplier with similar share to Saudi Arabia. Imports from both Saudi Arabia and Mexico dropped from last month by 3% each.
Crude imports from OPEC Member Countries dropped in January from the previous month by 200 tb/d or 8% and accounted for 32% of total US crude imports. US product imports from OPEC Member Countries dropped as well from a month earlier to stand at 219 tb/d, representing a share of 10% of the total amount of products imported by the US and a decline of 45% from the same month last year.
As for the product supplier share, Canada and Russia maintained their positions as the first and second suppliers to the US with a share of 34% and 16%, respectively. Imports from both countries were up from the previous month by 133 tb/d and 11 tb/d, respectively. The United Kingdom came in as the third largest product supplier to the US with a similar level of imports from what it had the previous month.
In January, US crude imports from North America averaged 3.2 mb/d, making North America the top region for US crude imports, followed by Latin America, which stood at 2.4 mb/d in January, while the Middle East was the third region with an average of 1.3 mb/d. Imports from Africa were down from last month to stand at 185 tb/d, while imports from Asia dropped by 32 tb/d to average 28 tb/d.
Looking at crude imports by PADD, in PADD 1, the highest crude imports to the USEC were sourced from North America to average 355 tb/d. Imports from Africa declined slightly by 8 tb/d or 2%. Crude imports from Latin America to PADD 1 increased from the previous month to average 154 tb/d. Imports from PADD 2 were mostly obtained from North America to average 2 mb/d, while PADD 2 imported only 32 tb/d from the Middle East in January. PADD 3 sourced its imports from Latin America and the Middle East, with both suppliers exporting higher volumes in January by 75 tb/d and 59 tb/d to average 1.8 mb/d and 836 mb/d, respectively. PADD 4 sourced all of its imports from North America, averaging 279 tb/d in January, down by 18 tb/d from the previous month. In PADD 5, the West Coast’s largest imports continued to be sourced from the Middle East with an average of 413 tb/d, up by 13 tb/d from the month before. Latin America and North America were the second and third largest sources, exporting 385 tb/d and 225 tb/d, respectively, in January, with increases of 76 tb/d and 20 tb/d from last month.