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US Oil Trade in June 2013

Source: OPEC 7/15/2013, Location: North America

Preliminary data show an increase in US crude oil imports to average 8 mb/d in June, the highest level seen this year so far and up by 298 tb/d or 4% from last month. On an annual basis, this still reflects a loss of 1.1 mb/d or 12% from one year earlier.

In June, US product imports dropped by 103 tb/d or 5% to average 2 mb/d, the lowest level seen since March 2013, while an annual comparison shows a fall of 218 tb/d or 10%. On a year-to-date comparison, both crude and product imports declined by 12% and 0.2%, respectively. US product exports in June were stable, averaging 2.7 mb/d from the previous month. Annual comparison reflects a drop in figures of 418 tb/d or 12%. As a result, US total net imports increased in June to average 7.5 mb/d, 6.4% higher than the previous month and 10% less than last year’s level.

April data shows that y-o-y crude imports were 10% lower, while US production was 17% higher. In April, the first- and second-largest suppliers to the US maintained their positions in relation to the previous month. Canada remained the premier crude supplier to the US, accounting for 32% of total US crude imports; monthly volumes maintained the same levels seen a month earlier. Saudi Arabia maintained its position as second-largest supplier to the US in April, with lower volumes than seen in March by 177 tb/d, or 14%. Mexico came in as third-biggest supplier, accounting for 12% of total US crude imports, up by 297 tb/d or 50% from last month’s level.

Crude imports from OPEC Member Countries remained almost steady in April, accounting for 45.5% of total US crude imports. Although US product imports from OPEC Member Countries increased by 118 tb/d or 81% over last month, annually the figure reflects a drop of 50 tb/d or 16%. Canada and Russia maintained their positions as first- and second-largest suppliers to the US, accounting for 28% and 21%. Canada increased its product exports to the US by 32% over the previous month, and Russia increased its volumes by 12%. The UK was the third-largest supplier to the US, increasing its exported volumes by 20 tb/d or 21% over the previous month.

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