US Oil Trade - November 2015

In October, preliminary data shows that US crude oil imports dropped to average 7.2 mb/d, down by 149 tb/d from last month, while still gaining 34 tb/d compared with the same month last year. Y-t-d, US crude imports in October were 53 tb/d lower.

lowest level seen since November 2014. On an annual comparison, they dropped by 69 tb/d or 4%. Y-t-d, product imports were up by 198 tb/d.

US product exports in October were 140 tb/d higher than a month ago to average 3.9 mb/d. On an annual comparison, product exports increased by 117 tb/d or 3% over the previous year.

As a result, US total net imports dropped by 453 tb/d in October to average 4.5 mb/d.

In August, the top first and second suppliers to the US maintained the same order as seen last month. Canada remained the premier crude supplier to the US, accounting for 45% of total US crude imports, yet its exports to the US were up from the month before by 381 tb/d from a month ago. Saudi Arabia was again the second largest supplier to the US in August, although its exports to the US were down by 168 tb/d. Venezuela came in as the third top supplier, accounting for 11% of total US crude imports, an increase of 71 tb/d from a month before.

Crude imports from OPEC Member Countries went down in August from last month, dropping by 210 tb/d or 8% and accounting for 33% of total US crude imports. On the other hand, US product imports from OPEC Member Countries were up by 65 tb/d or 36% 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 24% and 16%, respectively.

In August 2015, US crude imports from North America averaged 3.4 mb/d, maintaining the premier supplier position to the US as seen earlier, followed by Latin America, which exported 2.5 mb/d to the US. Imports from the Middle East and Africa declined from last month. The Middle East came in as the third region with an average of 1.2 mb/d, while imports from Africa were down from last month to average 250 tb/d.