Posts tagged “crude oil imports”
While U.S. crude oil inventories have been surging since last fall, I have argued that these inventories should peak off soon. There are several reasons for this, but the primary reason is that March is historically the month that refinery utilization is at its lowest, due to the popularity of performing refinery maintenance during the month. The difference in crude oil demand from refiners between March and July has historically been about 10 million barrels per week. This alone should be enough to halt the ~8 million weekly crude oil build that we have seen thus far in 2015.
Another factor is that the large capital spending cuts that have accompanied the oil price collapse will begin to negatively impact oil production. The Energy Information Administration reported 2 weeks ago that U.S. oil production had suffered a weekly decline for the first time since January. Last week, production was almost flat, up only 18,000 bpd over the previous week. Meanwhile, U.S. refinery inputs surged by 201,000 bpd, climbing back above 90% utilization for the first time in 2 months. This should have dropped crude oil inventories by more than a million barrels for the week, but the EIA reported a huge inventory build of nearly 11 million barrels for the week.
What is the explanation for this? CONTINUE»
How Much Oil Do We Import?
As events in Iraq continue to unfold, we have been getting quite a few queries on just how much oil the US imports from Iraq. In my previous post – The Top 10 Oil Producers in 2013 — I showed that even though the US is a major oil producer, we are an even greater oil consumer. So we import millions of barrels a day of oil from over 40 countries — one of which is in fact Iraq.
The Energy Information Administration (EIA) tracks US oil imports and finished product exports, and I have tabulated our Top 10 sources of crude oil imports from 2013. Overall, the US imported 7.7 million barrels per day (bpd) of crude oil in 2013, a 2 million bpd decline since 2008. We imported another 2.1 million bpd of finished products like diesel, gasoline, and jet fuel, but we also exported 3.6 million bpd of petroleum and petroleum products (mostly as finished products).
Where Does Our Imported Oil Come From?
Of the 7.7 million bpd of crude oil imports, 3.5 million bpd (45 percent of the total) came from OPEC countries. Saudi Arabia was our largest OPEC supplier at 1.3 million bpd (17 percent of the crude import total). But our biggest supplier of crude continues to be Canada. The 2.6 million bpd of crude we got from Canada in 2013 represents a 66 percent increase in the past 10 years and made up a third of US crude oil imports in 2013.
Top 10 Sources of US Crude Oil Imports in 2013 (million barrels per day). CONTINUE»
The Energy Information Administration (EIA) recently published an article on 2011 U.S. crude oil imports. I thought it might be interesting to take a look at where the U.S. currently obtains its oil, and how that has changed over the past decade. The EIA story is: Nearly 69% of U.S. crude oil imports originated from five countries in 2011. I downloaded their data sources for 2011 import data, and then also went into the archives and pulled up 2001 import data to create the following table: