Preliminary data shows that US crude oil imports remain almost unchanged in May from the previous month, to average 7.7 mb/d. On an annual basis, this reflects a decline of 1.2 mb/d, or 14%, from a year earlier.
US product imports dropped by 82 tb/d, or 3.7%, to average 2.2 mb/d on m-o-m, while y-o-y they dropped by 46 tb/d or 2%. On a year-to-date comparison, both crude and product imports were lower by 12% and 1%, respectively.
In May, US product exports registered a decline by 112 tb/d, or 4%, to average 2.7 mb/d from the previous month. On an annual comparison, the figures reflect a greater drop of 390 tb/d or 12%. As a result, total US net imports declined in May to average 7.1 mb/d, close to the previous month’s level, however 11% less than last year.
In March, the top first and second supplier to the US maintained the same order as seen last month. Canada remained the premier crude supplier to the US, accounting for 34% of total US crude imports. However, in terms of volume, imports from Canada were lower by 297 tb/d, or 11%, from a month earlier. Saudi Arabia, the second largest supplier to the US, maintained its position with an increase of 256 tb/d, or 25%, over the previous month. Venezuela also increased its crude exports to the US from a month ago to come in third with a share of 10% of total US imports. Crude imports from OPEC Member Countries increased in March, accounting for 48% of total US crude imports.
On the other hand, US product imports from OPEC Member Countries declined by 2% from last month. As to the product supplier share, Canada and Russia maintained their position as first and second supplier to the US. Nevertheless, in March Canada’s share of US product imports decreased by 20% while Russia’s product exports to the US increased by 9% from levels seen a month ago. The Netherlands’ product exports to the US were stable from a month earlier with a share of 6%.