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US Monthly Crude Oil Imports From OPEC Fall To A 30 Year Low - EIA

Gasoil News - Published on Tue, 18 Jun 2019

Image Source: Oil-Markets
Based on data in EIA’s Petroleum Supply Monthly, US imports of crude oil from members of the Organization of the Petroleum Exporting Countries in March 2019 totaled 1.5 million barrels per day, their lowest level since March 1986. US crude oil imports from OPEC members have generally fallen over the previous decade as domestic crude oil production has increased. From the early 1980s through the late 2000s, OPEC member countries were the source of about half of all US crude oil imports.

In the past decade, however, total US crude oil imports have fallen and OPEC’s share of those imports has decreased. Non-OPEC countries such as Canada, Mexico, Brazil, and Colombia have made up larger shares of US crude oil imports. In each of the past four years, Canada alone has supplied more crude oil to the United States than all OPEC members combined.

Through, the first three months of 2019, US crude oil imports from OPEC members Venezuela and Iraq have fallen the most. In 2018, Venezuela was the source of 505,000 barrel per day of US crude oil imports, or 20% of the OPEC total. In March, the United States imported just 47,000 barrel per day of crude oil from Venezuela. Preliminary weekly import values show several weeks in March and May when the United States imported no crude oil from Venezuela.

US sanctions directed at Venezuela’s energy sector generally and Petróleos de Venezuela, SA specifically have driven US imports from Venezuela to recent low levels. Before the United States imposed the sanctions, US imports had been declining as long-term mismanagement of Venezuela’s oil industry, and widespread power outages since the beginning of this year have led to significant declines in Venezuelan crude oil production.

US crude oil imports from other OPEC members also declined following a November 2016 agreement by OPEC members and a number of non-OPEC producers to cut crude oil production. As a result of the production cuts, many OPEC members reduced exports to the United States in favor of growing markets in Asia. In the first three months of 2019, the volume of US crude oil imports from Saudi Arabia and Iraq, the two largest sources of imports from OPEC in 2018, have averaged 26% and 28% below their 2018 average levels.

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Posted By : Sanju Moirangthem on Tue, 18 Jun 2019
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