Tuesday, July 23, 2024

Oil, U.S. Imports have been declining since the fall of OPEC since 1973


Total U.S. oil imports fell 42% from a peak in 2005 and averaged 5.9 million barrels a day by 2020

The United States has been importing very little crude oil from OPEC since 2020 as a result of OPEC + production cuts, declining overall oil demand and declining demand for lighter crude oil from abroad. PetroleumEnergy Information Management.

816 Imported in several barrels

Last year, U.S. dollars were received from OPEC manufacturers. The EIA estimates that oil imports average 816,000 barrels (P / D) per day. OPEC + production cuts and Saudi Arabia’s planned efforts to reduce exports to the U.S. contributed to OPEC’s U.S. oil imports, which hit record highs last year.

Reducing the demand for light qualifications in the United States

The other main reason is the growing U.S. oil production in recent years – which has made the United States the world’s leading oil producer – mostly light and medium quality: demand for such properties from OPEC or the rest of the world has actually declined since 2005.

Oil imports from OPEC have risen to an all-time low, while U.S. purchases of Canadian heavy crude have risen and continued to rise, EIA data show.

More U.S. imports from One-OPEC members

U.S. imports from non-OPEC members, especially from Canada, were relatively high despite increased domestic oil production, due to the large variety of Canadian oil not produced by the US shale zone.

Between 2005 and 2020, U.S. Crude oil imports more than doubled, reaching an average of 3.6 million barrels a day. As a result, the total U.S. Canada’s share in crude oil imports increased, recording a 61 percent share last year, the EAA said.

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“Relatively stable U.S. crude imports from Canada are largely the result of long-term trends in Canada’s crude oil production and refining economy,” the EIA said.

Imports 42%

Total U.S. oil imports fell 42% from a peak in 2005 and averaged 5.9 million barrels a day in 2020, the lowest level since 1991, according to EIA data.


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