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US Oil Trade in May 2014

Source: OPEC 5/27/2014, Location: North America

According to preliminary data, US crude oil imports in April were higher from the previous month’s level by 449 tb/d to average 7.7 mb/d. However, compared with last year, they lost a slight 11 tb/d or 0.1%. Year-to-date, US crude oil imports averaged 7.4 mb/d, reflecting a decline of 1610 tb/d or 2% from the same period last year.

On the other hand, US oil product imports increased by 81 tb/d from the previous month, but dropped on an annual basis by 464 tb/d or 20%. Looking at US oil product exports, in April they suffered a decline of 289 tb/d or 8% m-o-m. However, they still showed an increase from last year of 332 tb/d or 11%. Consequently, US net oil imports increased in April to average 6.1 mb/d, reflecting a monthly gain of 816 tb/d. However, this represented an annual drop of 743 tb/d.

As for the top oil suppliers to the US in February, Canada continued to be in first place, with crude supplies averaging 2.6 mb/d, 256 tb/d or 9% lower than in the previous month. Canada accounted for 36% of total US crude oil imports in February. Imports from Saudi Arabia were in second place, but they were also lower than in the previous month. Saudi Arabia accounted for 20% of total US crude imports with its imports lowerby 12 tb/d from a month earlier. In third position was Mexico, with a share of 11%. However its exports to the US experienced a loss of 191 tb/d or 11% from the previous month. Venezuela was the fourth top supplier to the US with a share of 10%. Its supplies averaged 757 tb/d, 14% higher than in the previous month. In an annual comparison, Canada’s and Mexico’s exports to the US declined, while all other top suppliers’ volumes were found to be higher than in the same period the year before .

Crude oil imports from OPEC Member Countries were stable at the same level as seen the previous month, averaging 3.2 mb/d. OPEC Member Countries accounted for 44% of total US crude oil imports in February. US oil product imports from OPEC Member Countries gained 79 tb/d or 52% from the previous month to average 230 tb/d. OPEC Member Countries accounted for 12% of total US oil product imports. As to the oil product supplier share, Canada and Russia maintained their position as top suppliers to the US in February, holding shares of 31% and 19%, respectively. Canada and Russia increased their oil product exports to the US by 30 tb/d and 163 tb/d, respectively, in February from the previous month. The Netherlands was recorded as the third-largest oil product supplier to the US in February with a share of 5%of the country’s total petroleum product imports.

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