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US Oil Trade - August 2015

Source: OPEC 8/30/2015, Location: North America

In July, preliminary data shows that US crude oil imports increased to average 7.49 mb/d, up by 466 tb/d from the previous month, while y-o-y they declined by 136 tb/d or 2%. On a year-to-date basis, US crude oil imports in July were down by 92 tb/d.

US product imports in July declined from the previous month by 49 tb/d, while on an annual comparison, they increased by 342 tb/d or 19%. On a year-to-date basis, product imports increased by 12%.

US product exports in July were 179 tb/d higher than in the previous month, averaging 3.7 mb/d. On an annual comparison, product exports were lower than a year before by 337 tb/d or 8%. As a result, US total net imports increased in July to average 5.27 mb/d, up by 86 tb/d m-o-m and 462 tb/d y-o-y.

In May, the top two oil suppliers to the US retained their positions from the previous month. Canada remained the premier crude supplier to the US, accounting for 40% of total US crude oil imports with lower volumes from the previous month by 306 tb/d. Saudi Arabia, the second-largest supplier to the US in May, maintained a stable share with deliveries averaging 1.2 mb/d. Venezuela was the third top supplier, accounting for 12% of total US crude oil imports with an increase of 49 tb/d or 6% from the previous month.

Crude oil imports from OPEC Member Countries increased in May from the previous month by 287 tb/d or 11%. Imports from OPEC Member Countries accounted for almost 40% of total US crude imports in the month. On the other hand, US product imports from OPEC Member Countries were up by 72 tb/d or 37% from the previous month and higher by 61 tb/d or 30% from the same time last year. Canada and Russia maintained their positions as the top two oil product suppliers to the US in the month, accounting for 29% and 14%, respectively. Canada’s product exports to the US in May were higher by 34 tb/d. Russia’s volumes were lower by 27 tb/d from the previous month. Algeria was the third-largest oil product supplier to the US in the month, supplying 44 tb/d more than in the month before.

In May, US crude oil imports from North America averaged 2.9 mb/d, the top region, followed by Latin America with 2.3 mb/d, and the Middle East with an average of 1.7 mb/d. Imports from Africa were almost the same as the previous month, averaging 227 tb/d, while imports from Asia increased from the previous month by 44 tb/d.

Looking at crude imports by PADDs, in PADD 1 the highest crude imports to the East Coast remained from North America, followed by Africa with deliveries averaging 234 tb/d and 185 tb/d, respectively.

Imports from PADD 2 were generally from North America, which stood at 1.9 mb/d, lower by 228 tb/d from the previous month. PADD 2 also imported a small quantity from the Middle East – 45 tb/d in May.

PADD 3 sourced their imports from both Latin America and the Middle East. However, imports from the Middle East increased by 124 tb/d from the previous month, while imports from Latin America dropped by 32 tb/d.

PADD, 4 as seen earlier, covered its total requirements from North America with deliveries averaging 251 tb/d in May.

West coast imports came from the Middle East which exported 396 tb/d to PADD 5 in May, followed by Latin America and North America which exported 359 tb/d.

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