According to preliminary data, US crude oil imports averaged 8.5 mb/d in September, down 86.3 tb/d or 1% from August and 385 tb/d or 4.3% from the same month last year. Year-to date, crude imports averaged 8.7 mb/d, reflecting a decline of 3.3% from the same period last year. US product imports also fell by 50 tb/d or 2.3% from last month to 2.1 mb/d, and were 247 tb/d or 10% down from last year.
In contrast, US product exports increased by a slight 27 tb/d or 1% m-o-m to average 2.7 mb/d, yet registered a y-o-y decline of 278 tb/d or 9%. Consequently, US net imports averaged 7.7 mb/d in September, reflecting monthly and annual declines of 2% and 4% respectively. As per the latest monthly government data release, crude oil imports fell in July by 495 tb/d or 5.4% m-o-m, the lowest level since April 2012, and 670 tb/d or 7.2% y-o-y to average 8.6 mb/d. Y-o-y, this represents the largest drop since April 2011.
Canada continued to be the top supplier of crude to the US in July, averaging 2.5 mb/d, up by 16 tb/d or 0.6% from the previous month, and thus accounted for 29% of total US crude imports. Imports from Saudi Arabia, the second-largest supplier to the US, were almost flat at 17% of total imports. Venezuela increased its exports to the US in July by 249 tb/d or 33% from the previous month, as the third-largest crude supplier in July, accounting for 8% of total US crude imports. Year-on-year, Venezuela raised its crude exports to the US by 14%. Mexico was fourth, to average 960 tb/d, up by 11% m-o-m, still a decline of 14% y-o-y.
Crude imports from OPEC Member Countries declined by 274 tb/d or 6% in July to average 4.1 mb/d, accounting for 48% of total US imports. US product imports from Member Countries decreased by 13 tb/d or 5% from the previous month to average 227 tb/d; Member Countries accounted for 11% of total US product imports. As for product supplier shares, Canada and Russia maintained their positions as top suppliers to the US, with 23% and 17% respectively; however, both countries saw declines in their exports to the US in monthly and annual comparisons by between 3% and 16%. Algeria was the third-largest product supplier to the US in July, increasing its monthly product exports by 28 tb/d or 26% to average 137 tb/d.