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US Oil Trade in October 2013

Source: OPEC 11/14/2013, Location: North America

In October, preliminary data shows that US crude oil imports dropped for the third consecutive month by 290 tb/d or 3% from the previous month to average 7.7 mb/d. On an annual basis, this reflects a loss of 431 tb/d or 5% from the same period last year.

US product imports increased by 150 tb/d or 8% m-o-m, to average 1.99 mb/d, while y-o-y, they increased by 55 tb/d. Year-to-date (y-t-d), crude imports were lower by 877 tb/d, while product imports were up by 55 tb/d.

As for product exports, in October, US product exports registered a gain of 74 tb/d or 2% over the previous month to average 3,358 tb/d. On an annual comparison, the figures reflect a gain of 170 tb/d. As a result, US total net imports decreased in October to average 6,341 tb/d, 2% lower than the previous month and 7% less than last year’s level.

In August, Canada remained the top supplier to the US, accounting for 32% of total crude imports, up by 3% or 77 tb/d from last month. Canada has held this position since March 2006. Saudi Arabia was the second largest supplier to the US, holding a share of 16% of total crude imports. Saudi Arabia crude exports to the US were up by 14 tb/d from a month earlier. Mexico came in as the third largest crude supplier to the US in August, however its volume was slightly lower from last month by 7 tb/d.

Crude imports from OPEC Member Countries were slightly lower than the previous month by 54 tb/d or 1.5% to average 3.6 mb/d, accounting for 45% of total US crude imports. On the other hand, US product imports from OPEC Member Countries increased from a month earlier to stand at 278 tb/d, representing a share of 13% of total products imported by the US; on an annual basis, a gain of 14% was registered.

As for the product supplier share, Canada and Russia maintained their positions as first and second suppliers to the US with shares of 24% and 22%, respectively.

Looking at product import volumes in October, Russia was 14% higher while Canada was 2% lower than a month ago. The UK was the third product supplier to the US in August.



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