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U.S. crude oil imports from OPEC are down, but imports from Canada remain high (4/28/2021)

Author: FleetLogik Media Relations/Wednesday, April 28, 2021/Categories: General

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Crude oil imports into the United States reached a peak in 2005, but they dropped 42% between 2005 and 2020 to an average of 5.9 million barrels per day (b/d), the lowest level since 1991. During this period, U.S. crude oil imports from OPEC members decreased rapidly, but imports from non-OPEC members remained relatively high. In particular, crude oil imports from Canada more than doubled to an average of 3.6 million b/d. As a result, Canada’s share of total U.S. crude oil imports increased, reaching a record-high share of 61% in 2020. Weekly preliminary crude oil imports by country of origin (four-week rolling average) show that U.S. crude oil imports from Canada in 2021 (as of April 23) have been down only slightly from the same period in 2020. At the same time, imports from selected members of OPEC are down by 48%. (EIA does not collect weekly data on every member of OPEC.) Voluntary OPEC production cuts are contributing to lower U.S. crude oil imports from OPEC members. The comparatively stable U.S. crude oil imports from Canada, however, are mostly the result of longer-term trends in Canada’s crude oil production and refining economics. ...

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