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US Oil Trade in March 2014

Source: OPEC 4/8/2014, Location: North America

Preliminary data for February shows that US crude oil imports declined by 91 tb/d or 1% from the previous month to average 7.4 mb/d. This reflects an annual gain of 105 tb/d or 1.4% from one year earlier.

US product imports increased by 75 tb/d or 4% m-o-m to average 1.7 mb/d, while y-o-y they dropped by 233 tb/d or12%. In a year-to-date comparison, both crude and product imports declined — by 2% and 16%, respectively. US product exports registered an increase of 91 tb/d or 2% for the month to average 3.7 mb/d from the previous month. In an annual comparison, figures reflected a greater increase of 586 tb/d or 19%. As a result, US total net imports declined in February to average 5.3 mb/d, 2% lower than the previous month and 11% less than one year ago.

Canada maintained its position as top crude supplier to the US in December, accounting for 36% of total US crude imports, up by 225 tb/d or 9% from the previous month. Saudi Arabia was the country’s second largest supplier, representing 20% of total US crude imports, while Mexico was the third largest supplier, accounting for 13% of total crude imports. Imports from Mexico remained stable compared with the previous month.

Crude imports from OPEC Member Countries in December were up by a slight 0.7% from a month earlier, mainly due to reduced imported volumes from Saudi Arabia, Kuwait and Ecuador. This was counterbalanced by higher crude imports from Venezuela and Iraq. Crude imports from OPEC Member Countries accounted for 43% of total US crude imports.

In December, US product imports from OPEC Member Countries rose by 12% from one month earlier. Canada and Russia maintained their positions as first and second suppliers to the US, though they saw a drop in volume by 4 tb/d and 70 tb/d, respectively. Meanwhile, the UK came in as third biggest supplier, with increased volumes of 22 tb/d over the previous month.



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