OPEC MOMR August 2017
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Oil Trade

68

OPEC Monthly Oil Market Report – August 2017

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

In May, the

top two suppliers

to the US

maintained the same order as April. Canada remained the premier

crude supplier to the US, accounting for 43% of total US crude imports. Volumes in May increased by

217 tb/d compared to the previous month. Saudi Arabia was again the second-largest supplier to the US in

May, with a share of 13% and an average of 1 mb/d. Venezuela was in third position, accounting for 8% of

total US crude imports, although its exports to the US fell by 104 tb/d, or 13%, from the previous month.

Total

crude imports from OPEC Member Countries

dropped in May from the previous month by 91 tb/d or

41%. Overall they accounted for almost 41% of total US crude imports. On the other hand, US product

imports from OPEC Member Countries were stable last month and on an annual basis. In terms of product

supplier share, Canada and Russia maintained their position as first and second supplier to the US,

accounting for a 25% and 14% share, respectively. Canada’s product exports to the US in May were higher

by 19 tb/d and Russia’s volumes were up by 39 tb/d, compared to the previous month. South Korea was the

third-largest product supplier to the US, although its exports to the US fell by 16 tb/d from a month earlier.

Focussing on regions, in May,

US crude oil imports

from North America were the highest again, averaging

3.6 mb/d. Latin America was in second position with 2.1 mb/d in May. While the Middle East was third, with

an average of 1.9 mb/d. Additionally, imports from Africa were up from last month to average 610 tb/d, while

no imports from Asia were registered.

In terms of

Crude imports by PADD,

the highest crude imports to PADD 1 on the East Coast came from

Africa, with an average of 473 tb/d, followed by imports from North America that averaged 261 tb/d. PADD 2

imports were largely from North America and stood at 2.4 mb/d in May, up by 77 tb/d from the previous

month. PADD 2 also saw a small quantity of imports, around 45 tb/d, from the Middle East. PADD 3 sourced

imports from both Latin America and the Middle East, although on a monthly basis imports from the

Middle East increased by 18 tb/d while imports from Latin America dropped by 21 tb/d. PADD 4 covers its

total requirements from North America and averaged 250 tb/d in May. For PADD 5 on the West Coast,

imports came from Latin America and the Middle East, with the two regions exporting 448 tb/d and 438 tb/d,

respectively, in May.

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

Jul 16

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 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

May 17

Jun 17

Jul 17

Jul 17/Jun 17

Crude oil

7,374

7,315

7,131

-183

Total products

-2,888

-2,504

-2,675

-171

Total crude and products

4,486

4,811

4,456

-355

Sources: US Energy Information Administration and OPEC Secretariat.