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US Oil Trade – June 2015

Source: OPEC 6/14/2015, Location: North America

In May, preliminary data shows that US crude oil imports declined by 641 tb/d from the previous month to average 6.9 mb/d, while on an annual basis, they dropped by 257 tb/d from a year earlier.

US product imports declined slightly by 13 tb/d or 0.6% to average 2.2 mb/d m-o-m, while y-o-y, there was a small increase of 16 tb/d or 0.7%. Year-to-date, crude imports dropped by 94 tb/d, while product imports increased by 194 tb/d.

US product exports went down in May by 222 tb/d or 6% to average 3.5 mb/d from previous month. On an annual comparison, the figures reflected a greater decline of 367 tb/d or 10%.

As a result, US total net imports dropped in May to average 5.2 mb/d, down by 397 tb/d from the previous month and by 44 tb/d from last year.

In March, Canada remained the top supplier as seen before, accounting for 43% of total US crude imports. Canada exports to the US in March increased by 43 tb/d from a month before. Saudi Arabia came in as the second largest supplier to the US, holding a share of 14% of total crude imports while Venezuela came in third, accounting for 11% of total US crude imports. Imports from both Saudi Arabia and Venezuela increased from a month before by 136 tb/d and 67 tb/d, respectively.

Crude imports from OPEC Member Countries increased in March from the previous month by 152 tb/d or 6%, accounting for 35% of total US crude imports. US product imports from OPEC Member Countries dropped from a month earlier to stand at 161 tb/d, holding a share of 8% of total products imported by the US, a decrease of 54 tb/d from the same month last year. As for the product supplier share, Canada and Russia maintained their positions as the first and second largest suppliers to the US, holding shares of 31% and 19%, respectively. South Korea came in as the third largest product supplier to the US with average imports of 64 tb/d.

In March, US crude imports from North America averaged 3.25 mb/d, making North America the top region for US crude imports, followed by Latin America, which stood at 2.6 mb/d in March. The Middle East came in as the third region with an average of 1.5 mb/d. Imports from Africa dropped from the previous month to average 233 tb/d, while imports from Asia stayed stable at last month’s level of 28 tb/d.

Crude imports to PADD 1 on the East Coast were sourced from North America, averaging 291 tb/d. Imports from Africa averaged 115 tb/d, up by 40 tb/d or 53%. Crude imports from Latin America to PADD 1 increased from the previous month to average 222 tb/d. Imports to PADD 2 were mostly obtained from North America to average 2.1 mb/d. PADD 2 imported only 31 tb/d from the Middle East in March. PADD 3 mostly sourced its imports from Latin America and the Middle East, which both showed higher exports during March, increasing by 151 tb/d and 89 tb/d, respectively. PADD 4 solely imported from North America, averaging 292 tb/d in March, a drop of 15 tb/d from the previous month. In PADD 5, the West Coast continued to source its imports mainly from the Middle East and Latin America. Imports from the Middle East were stable from February, while imports from Latin America were up by 118 tb/d in March.

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