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
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
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.
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
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.
Aug 17 Aug 17/Jul 17
Total crude and products
Sources: US Energy Information Administration and OPEC Secretariat.