Monday, August 16, 2004

Name the Top Source of U.S. Oil Imports

"Oh, Canada ..."

During 2002, the United States produced around 8.1 million barrels per day (MMBD) of oil. The United States averaged total gross oil (crude and products) imports of an estimated 11.4 MMBD during 2002, representing around 58% of total U.S. oil demand. Around two-fifths of this oil came from OPEC nations, with Persian Gulf sources accounting for about one-fifth of total U.S. oil imports.

Overall, the top suppliers of oil to the United States during 2002 were:

  • Canada (1.9 MMBD)
  • Saudi Arabia (1.6 MMBD)
  • Mexico (1.5 MMBD)
  • Venezuela (1.4 MMBD).

Asia now takes over 40% of Saudi Arabia's crude oil exports, as well as the majority of its refined petroleum product exports. The United States is Saudi Arabia's second largest oil export market, followed by OECD Europe. During 2002, Saudi Arabia's share of U.S. crude oil imports was 16.8%, down from 17.3% during 2001.

OECD Europe got 30% of its oil imports from Persian Gulf sources (2.406 MMBD).