Total U.S. crude oil imports for the week ending June 12 spiked more than 6 percent, with Middle East producers contributing to the rise, federal data show.
The U.S. Energy Information Administration published data for the week ending June 12, showing total crude oil imports averaged 7.1 million barrels per day, up by 440,000 bpd from the previous week.
Canada is the No. 1 crude oil exporter to the U.S. market, representing about 33 percent of all exports with around 2.8 million bpd for the week ending June 12, up 6.7 percent from the previous week.
Imports from Saudi Arabia, the No. 2 exporter, were up 11 percent to 1.4 million bpd while imports from Kuwait, at No. 7, more than quadrupled, but to only 233,000 bpd. Imports from Iraq, in the grips of a fight against the terrorist group calling itself the Islamic State, dropped 68 percent to 77,000 bpd.
Federal data show that, despite the weekly increase, the four-week average for total imports of 6.9 million bpd was 5.3 percent below the same period in 2014.
Domestic production declined for the same week, with Alaskan production showing declines. Many of Alaskan fields are maturing, while a drilling productivity report from EIA said most shale basins in the Lower 48 may post declines starting in July.
Federal data show Alaskan oil production declined six percent to 478,000 bpd, while output from the Lower 48 increased only marginally to 9.1 million bpd.
By Daniel J. Graeber
