Preliminary data shows that US crude oil imports in May rose slightly, by 14 tb/d, from the previous month to average 8.2 mb/d. On an annual basis, US crude imports went up by 244 tb/d compared to last year.
US products imports also increased by 247 tb/d, or 12%, to average 2.25 mb/d m-o-m, while y-o-y they remained almost at last year’s level. On a year-to-date comparison, crude imports were higher by 306 tb/d while product imports rose by 25 tb/d.
US product exports went down by 41 tb/d, or 1%, to average 4.8 mb/d compared to the previous year.
As a result, US total net imports increased in May to average 4.8 mb/d, down by 152 tb/d from the previous month and up by 282 tb/d from last year.
In March, Canada remained the top supplier, as was the case in previous months, accounting for 44% of total US crude imports. Canadian exports to the US in March were almost stable compared to the previous month. Saudi Arabia was the second largest supplier to the US, holding a share of 15% of total crude imports while Venezuela was the third largest supplier to the US, accounting for 9% of total US crude imports. Imports from Saudi Arabia were 165 tb/d less than those in the previous month while imports from Venezuela increased from the previous month by 22 tb/d.
Total crude imports from OPEC Member Countries increased in March from the previous month by 181 tb/d or 6%, and imports from OPEC Member Countries accounted for 42% of total US crude imports. US product imports from OPEC Member Countries went down from the previous month to stand at 236 tb/d, thereby constituting 12% of the total products imported by the US, which was 33 tb/d less than the same month last year.
As for product supplier share, Canada and Russia maintained their positions as the first and second largest suppliers to the US, accounting for 28% and 18% respectively. Algeria was the third largest product supplier to the US, with average imports amounting to 141 tb/d.
With regard to US crude imports by region, in March, US crude imports from North America averaged 3.5 mb/d. North America was the leading region for US crude imports, followed by Latin America which averaged 2.1 mb/d in March. The Middle East came in as the third largest region for crude imports, with an average of 2 mb/d. Imports from Africa increased, while there were no imports reported from Asia.