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Oil Trade

74

OPEC Monthly Oil Market Report – September 2017

US product exports

in August registered a drop of 540 tb/d, or 12%, to average 4 mb/d. On an annual

basis, the figures reflected a drop of 357 tb/d, or 8%. The latest weekly data shows that US product imports

were slashed to more than half.

As a result,

US total net imports

rose in August to average 5.4 mb/d, or 18%, higher than the previous

month and 3% up from last year’s level.

Graph 8 - 2: US exports of crude and petroleum products

In June,

Canada

remained the

top supplier

as seen before, accounting for 41% of total US crude imports,

though with lesser volumes, by 299 tb/d, from one month before. Canada has held the top supplier position

to the US since March 2006. Saudi Arabia came in as the second top supplier to the US, holding a share of

13% of total crude imports. Saudi Arabia’s crude exports to the US dropped from a month earlier by 78 tb/d.

Mexico came in as the third top supplier to the US in June, and its volumes were generally stable from the

previous month.

Total

crude imports from OPEC Member Countries

went down in June from the previous month by

100 tb/d, or 3%, to average 3.3 mb/d. Crude imports from OPEC Member Countries accounted for 41% of

total US crude imports. On the other hand, US product imports from OPEC Member Countries were less

from a month earlier to stand at 218 tb/d, representing a share of 10% of total products imported by the US,

however, on an annual basis, they remained 8% above the volumes seen in the same month last year. As for

the product supplier share, Canada and Russia maintained their positions as first and second suppliers to

the US with a share of 23% and 19%, respectively. Volume-wise, imports from Canada decreased from last

month by 20 tb/d, while imports from Russia rose by 108 tb/d m-o-m.

Imports

by region remained with no major changes. In June 2017, imports from major regions maintained

the same order as previously, although they encountered mainly declines from one month before. The US’

largest crude import volumes were sourced from North America, averaging 3.3 mb/d, followed by

Latin America, which averaged 2 mb/d in June. The Middle East came in as the third region with an average

of 1.8 mb/d. Imports from Africa and Asia rose from a month before.

Table 8 - 1: US crude and product net imports, tb/d

0

200

400

600

800

1,000

1,200

0

1,000

2,000

3,000

4,000

5,000

6,000

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

tb/d

tb/d

Others*

Propane/propylene

Gasoline

Jet fuel/kerosene

Fuel oil

Crude (RHS)

Note: *Others: Contains natural gas liquids, liquefied refinery gases (LRG's), other liquids and all finished petroleum products except

gasoline, jet fuel/kerosene, fuel oil and propane/propylene.

Sources: US Energy Information Administration and OPEC Secretatiat.

Change

Jun 17

Jul 17

Aug 17 Aug 17/Jul 17

Crude oil

7,224

7,124

7,243

119

Total products

-3,132

-2,569

-1,837

732

Total crude and products

4,092

4,555

5,406

851

Sources: US Energy Information Administration and OPEC Secretariat.