INCREASE SHARE OF US
The US Energy Information Administration's (EIA) new "Today in Energy" brief looks at how US oil imports were down in 2013, but the share of imports last year from the United States' top three foreign oil suppliers—Canada, Saudi Arabia, and Mexico—was the highest in at least four decades.
While US total net crude oil imports fell during 2013, the share of imports last year from the United States' top three foreign oil suppliers—Canada, Saudi Arabia, and Mexico—were the highest in at least four decades, according to preliminary annual trade data from EIA's Petroleum Supply Monthly report. These three countries provided almost three out of every five bbl of oil imported into the US market last year.
US net crude oil imports in 2013 declined 10.2% to 7.6 million barrels per day (b/d), the lowest level since 1996, as rising domestic crude oil production cut into the volume of imports needed to meet refinery demand for crude oil.
The overall decline in US net imports has led to an increasing concentration of net imports from Canada, Saudi Arabia, and Mexico. Combined net oil imports from these countries decreased by 1.5% last year. As a result, the 4.6 million b/d of oil supplied by these three countries accounted for 61% of total US net oil imports in 2013, up from 55% the year before and their biggest share since at least 1973. These countries generally produce medium to heavy, sour crude oil that is desirable to US refineries, while increasing US crude oil production from tight oil formations is typically of the light sweet quality. Also, with the exception of Saudi Arabia, these countries are near the United States, with Mexico having a short shipping distance for its oil to the large number of refineries along the US Gulf Coast.
Canada, Saudi Arabia, and Mexico have consistently been America's three largest crude oil suppliers, although their rankings vary from year to year. Highlights from the top three sources for US crude oil imports in 2013:
- Canada. Crude oil imports averaged a record 2.5 million b/d, up 3.9% from 2012. Canada has few other outlets for Alberta's rising heavy crude oil production, so most of it is exported to the United States.
- Saudi Arabia. Crude oil imports averaged 1.3 million b/d, down 2.6%, but still the second highest in five years. Through its Motiva Enterprises joint venture, the country's state oil company is a partial owner of three large US Gulf Coast refineries that it partially supplies with Saudi crude.
- Mexico. Crude oil imports of 850,000 b/d were down 13% and the lowest in more than 20 years, reflecting the continued decline in Mexico's crude oil production. Still, Mexico produces significant amounts of heavy crude that is well-suited to run in US Gulf Coast oil refineries.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
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