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AlwaysFree: EIA: US Monthly Oil Imports Fall To Lowest Since 1994


The US Energy Information Administration (EIA) in its Petroleum Supply Monthly on Tuesday, reported that US oil imports in October fell to the lowest monthly average since January 1994, driven by rising domestic production. Conversely, exports broke a new record high.

EIA’s data showed the US imported nearly 6.24 million bpd of crude in October. The monthly average crude oil imports in the US Gulf Coast 1.22 million bpd in that month, the lowest since February 1985. Imports from OPEC producers also fell to the weakest since February 1985 at below 1.2 million bpd. Oil imports from Persian Gulf countries saw a 53% year-on-year tumble to 671,000 bpd in October.

Total US oil imports are expected to reach an average of below 6.9 million bpd in 2019, declining by 900,000 bpd from a year earlier, EIA said. The US crude imports reached their peak of 10.13 million bpd in 2005.

US refineries’ imports of Saudi crude are expected to reach 520,000 bpd in 2019, equal to about 8% of total US imports. This is compared to 1.73 million bpd imports in 2003 when US imports of Saudi oil reached their peak.

On the other hand, US oil exports broke a new record of 3.38 million bpd in October, EIA reported. US oil exports averaged 2.9 million bpd in 2019, surging by 900,000 bpd from 2018.

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January 2, 2020 5:55 PM (GMT+8)