Air Freight News

As total US crude oil imports have fallen, imports from Canada have increased

Mar 19, 2020

In 2005, U.S. refineries relied heavily on foreign crude oil, importing a record volume of more than 10.1 million barrels per day (b/d). About 60% of the imported crude oil came from four countries: Canada, Mexico, Saudi Arabia, and Venezuela, and each was responsible for between 12% and 16% of total U.S. crude oil imports that year. By 2019, U.S. crude oil import trading patterns had changed significantly. In total, U.S. crude oil imports have fallen sharply, but imports from Canada have risen steadily to 3.8 million b/d, more than twice the imports from Canada in 2005. U.S. crude oil imports from Canada accounted for 56% of all U.S. crude oil imports in 2019, according to the U.S. Energy Information Administration’s (EIA) Petroleum Supply Monthly.

U.S. imports of crude oil remained relatively high through 2007 until the economic downturn in 2008–09 led to lower demand for petroleum products. However, since 2010, crude oil imports did not grow along with the U.S. economy because of increasing domestic crude oil production. As a result, by 2019, total U.S. crude oil imports were down to 6.8 million b/d, or about one-third less than 2005 volumes.
Domestic refineries’ use of crude oil from Canada has increased in nearly every year since 2009, but imports from Saudi Arabia, Mexico, and Venezuela have generally decreased. These changes in crude oil trade were driven by the relative price and refinery operational advantages for importing oil from Canada, which displaced more and more barrels from Saudi Arabia. Persistent decline in production in both Mexico and Venezuela, along with U.S. restrictions on crude oil imports from Venezuela in 2019, contributed to fewer imports from those countries.
Direct comparisons of the top three importing countries, based on EIA’s monthly data from 2019, further show that the crude oil imports from Canada of 3.8 million b/d were more than seven times greater than those from Saudi Arabia (500,000 b/d) and more than six times greater than crude oil imports from Mexico (599,000 b/d).

Similar Stories

https://www.ajot.com/images/uploads/article/PACT.jpg
CT Manufacturer debuts innovative safety solutions for lithium batteries at National Tech Convention
View Article
https://www.ajot.com/images/uploads/article/Korean-Register.jpg
KR grants approval in principle to Samsung Heavy Industries for 9,300 TEU ammonia-fueled container ship
View Article
https://www.ajot.com/images/uploads/article/645-port-south-louisiana.jpg
Proposed $1.35 billion investment in Southeast Louisiana would establish renewable natural gas plant and green hydrogen facility
View Article
https://www.ajot.com/images/uploads/article/DNV_HD-Hyundai-Vessel.jpg
DNV awards AiP to HD KSOE for 80K cbm electric propulsion liquefied hydrogen carrier
View Article
https://www.ajot.com/images/uploads/article/POLB_Petrolium-Tank-Project.jpg
Port of Long Beach: Final report released for petroleum tanks projects
View Article
https://www.ajot.com/images/uploads/article/TIE09182024.jpg
Today in Energy: West Coast jet fuel margins fell in August because of high inventories
View Article