January preliminary data shows that US crude oil imports increased to average 8.4 mb/d, up by 489 tb/d from the previous month and 683 tb/d or 9% over the previous year.
US monthly product imports also increased from a month ago by 268 tb/d and by 155 tb/d or 8% from the same month last year.
In January, US product exports were 350 tb/d less than a month ago to average 4.9 mb/d. In annual terms, they were higher than a year ago by 351 tb/d or 4%.
As a result, US total net imports rose in January by 450 tb/d or 9% to average 5.7 mb/d, showing an increase of 1.1 mb/d or 26% from the same month last year.
In November, the top first and second suppliers to the US maintained the same order as seen last month. Canada remained the premier crude supplier, accounting for 44% of total US crude imports, up from a month ago by 320 tb/d or 10%. Saudi Arabia maintained its position as second-largest supplier to the US in November, although with exports down from the previous month by 23 tb/d. Venezuela came in as third-top supplier, accounting for 10% of total US crude imports, as it increased its exports to the country by 73 tb/d or 10% from the previous month.
Total crude imports from OPEC Member Countries were higher in November from the previous month, up by 153 tb/d or 5%, accounting for 40% of total US crude imports. US product imports from OPEC Member Countries were higher by 100 tb/d or 50% from the previous month and 31 tb/d or 11% from the previous year.
Looking to product supplier share, Canada and Russia maintained their position as the first and second suppliers to the US, accounting for 22% and 19%, respectively. In November, Canada’s product exports to the US rose from the previous month by 116 tb/d, while Russia’s imports went down by 19 tb/d from a month before. Algeria came in as third supplier to the US, holding a share of 8% as it increased its exports to the country by 30 tb/d from the previous month.
Looking into import regions, the largest US crude imports continued to be sourced from North America, averaging 3.6 mb/d in November. Latin America was in second place with average imports of 2.2 mb/d in November. The Middle East came in third, with an average of 1.7 mb/d, while imports from Africa increased from the previous month to average 589 tb/d.
As to crude imports by PADDs, in East Coast PADD 1, the highest crude imports came from Africa and North America, averaging 4,100 tb/d and 261 tb/d, respectively. Imports from PADD 2 remained mostly sourced from North America and averaged 2.3 mb/d, showing slight imports from the Middle East.
PADD 3 showed higher imports in November, as volumes increased from all sources. However, Latin America and the Middle East remained the main crude oil suppliers to the PADD, averaging 1.7 mb/d and 1.3 mb/d, respectively. As seen earlier, PADD 4 only imported from North America and averaged 322 tb/d in November, up by 16 tb/d from a month ago. Main imports to the West Coast came from Latin America, North America and the Middle East and stood at 370 tb/d, 284 tb/d and 256 tb/d, respectively.