U.S. Crude Imports Soar In August
The U.S. Energy Information Administration (EIA) reported on October 25th that U.S. crude oil imports in August were up 2.8 percent from July, representing the highest levels of the year.
Saudi Arabia was the largest supplier for the month with 1.587 million b/d, an increase of more than 800,000 b/d over July and more than 200,000 b/d over its 1999 average. Venezuela jumped to second from fourth in terms of the largest oil supplier with 1.429 million b/d, a 23 percent increase over July.
Mexico was third, supplying 1.381 million b/d, an increase of 153,000 b/d over the previous month, while Canada shifted from second to fourth, with its exports down 24,000 b/d from July to 1.278 million b/d.
Kuwaiti exports jumped 52 percent in August to 383,000 b/d, and Nigeria’s shipments climbed 24 percent to 1.108 million b/d. Barrels from Iraq and Colombia also increased for the month, while imports from the U.K., Norway and Angola dropped in August.
Total U.S. crude oil imports hit 9.858 million b/d in August, up from 9.320 million b/d in July and 1.270 million b/d higher than the 1999 average.