shale supply hitting the markets at that time.Īlthough OPEC and OPEC+ members supply a significant part of U.S. In 2016, OPEC-plus was formed with additional oil-exporting nations in order to better control global oil supply and markets in response to a deluge of U.S. The Organization of Petroleum Exporting Countries (OPEC) is a group of 13 petroleum producing nations that formed in 1960 to provide steady prices and supply distribution of crude oil and petroleum products. Which Countries are Part of OPEC and OPEC-Plus? While imports from OPEC and OPEC+ members make up more than a quarter of America’s total petroleum imports, this share is fairly small when considering OPEC members currently control nearly 80% of the world’s oil reserves. crude oil and petroleum product imports come from OPEC nations, with another 16.3% coming from OPEC+ members. Crude Oil and Petroleum Imports from OPEC and OPEC+ in 2021, with their 254 million barrels accounting for almost 8% of total imports. Russia was the third-largest exporter of crude oil and petroleum products to the U.S. petroleum imports was another neighbor, Mexico, with 259 million barrels imported in 2021-making up a bit more than 8% of U.S. petroleum imports, and when counting only crude oil imports, Canada’s share rises to 62%. imports more than 8 million barrels of petroleum products a day from other nations, making it the world’s second-largest importer of crude oil behind China.Īmerica’s northern neighbor, Canada, is the largest source of petroleum imports at 1.58 billion barrels in 2021. crude oil and refined product imports with domestic crude oil production, and breaks down which countries the U.S. This visualization uses data from the Energy Information Administration ( EIA) to compare U.S. still imported more than 3 billion barrels of crude oil and petroleum products, equal to 43% of the country’s consumption. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email every week.Įnergy independence is top of mind for many nations as Russia’s invasion of Ukraine has prompted sanctions and bans against Russian coal and crude oil imports.ĭespite being the world’s largest oil producer, in 2021 the U.S. Petroleum Product and Crude Oil Imports in 2021: Visualized Dollar indexįell 0.2% to 101.46 in Wednesday dealings.U.S. inflation data, which came in line with expectations, has “weighed on the dollar, but not enough to boost to oil prices,” Vincent said. The analyst survey had forecast supply declines of 550,000 barrels for gasoline and 1.1 million barrels for distillates.Ĭrude stocks at the Cushing, Okla., Nymex delivery hub edged up by 400,000 barrels for the week, the EIA said, while oil supplies in the SPR rose 2.9 million barrels. The EIA report showed weekly inventory declines of 3.2 million barrels for gasoline and 4.2 million barrels for distillates. Still, “the anticipation of rising refinery run rates in the coming weeks, and therefore higher domestic output of diesel and gasoline, is likely to continue to help offset the perceived bullishness” of the EIA’s reported draws to fuel stocks, Vincent said. Product stocks, meanwhile, saw sizeable declines from “strengthening domestic demand and product net exports jumping 8.5% on the week” to over 4.3 million barrels per day, while domestic refining remains restrained, he said. The EIA’s data showed “crude exports have slowed amid Brent’s narrowing premium to WTI, allowing for the entirety of the near 3 million barrels released from the to accumulate into commercial stocks last week,” Troy Vincent, senior market analyst at DTN, told MarketWatch. On average, analysts forecast a decline of 1.8 million barrels, according to a survey by S&P Global Commodity Insights. commercial crude inventories rose by 3 million barrels for the week ending May 5. On Wednesday, the Energy Information Administration reported the first weekly increase in crude supplies in four weeks. Rose 0.6% to $2.49 a gallon, while June heating oilĭropped nearly 3.4% to $2.19 per million British thermal units. The global benchmark, lost $1.03, or 1.3%, at $76.41 a barrel on ICE Futures Europe. West Texas Intermediate crude for June deliveryįell $1.15, or 1.6%, to settle at $72.56 a barrel on the New York Mercantile Exchange.
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