According to preliminary data, US crude oil imports averaged 7.9 mb/d in July 2013, down by 115 tb/d, or 1.4%, from June and 722 tb/d, or 8%, from the same month last year. Year-to-date, US crude oil imports averaged 7.7 mb/d, reflecting a decline of 11% from the same period last year. US product imports decreased as well by 105 tb/d, or 5%, from last month. However, the decrease is higher on an annual basis as it averaged 173 tb/d, or 8%, from last year. On the other hand, US product exports increased by 114 tb/d, or 4%, m-o-m yet registered a decline of 275 tb/d, or 9%, y-o-y.
Consequently, US net imports decreased in July to average 6.9 mb/d, reflecting both a monthly and an annual decrease of 8% and 14%, respectively.
As per the latest US government release, crude imports averaged 7.7 mb/d in May 2013. These were the highest since January, as refineries lifted crude processing to the highest levels so far this year. Crude imports were 13% lower y-o-y, while US production was 15% higher.
Canada continued to be the top supplier of crude to the US in May, averaging 2.3 mb/d, which is 188 tb/d, or 8%, less than the previous month. Canada accounted for 30% of total US crude imports in May. Imports from Saudi Arabia, the second largest supplier to the US, were up from last month’s level accounting for 19% of total US crude imports. The monthly imports of Saudi crude in May were 30% higher m-o-m, yet 2% lower than last year. Additionally, Mexico decreased its exports to the US in May by 128 tb/d, or 14%, from the previous month to stand as the third crude supplier, accounting for 10% of total US crude imports in May.
Crude imports from OPEC Member Countries went up by 267 tb/d, or 8%, in May to average 38 mb/d. OPEC Member Countries accounted for 49% of all US imports in May, while US product imports from OPEC Member Countries were almost stable from a month ago as they only decreased by 2 tb/d, or 0.8%, from the previous month to average 2.6 mb/d.
As for product supplier share, Russia and Canada maintained their positions as top suppliers to the US holding a share of 23% and 22%, respectively. However, while Russia increased its volumes by 47 tb/d, or 10%, Canada’s exports to the US declined by 133 tb/d or 21%. India came in as the third largest product supplier to the US in May as it increased its monthly product exports to the US by 44 tb/d, or 50%, to average 142 tb/d.