US oil imports from OPEC hit 35-year low
The United States’ imports of crude oil from Nigeria and other members of the Organisation of Petroleum Exporting Countries fell below 1.2 million barrels per day, the lowest since February 1985, according to the US Energy Information Administration.
Us crude oil imports fell to nearly 6.24 million bpd in October, the lowest monthly average since January 1994.
The decline in imports arrived as the US continues to break production output records and is exporting more oil to the world market.
In its Petroleum Supply Monthly report, the EIA said that crude oil imports in the US Gulf Coast fell to 1.22 million bpd in October, its lowest monthly average since February 1985.
Tot crude imports from Persian Gulf countries fell to 671,000 bpd in October, a 53 per cent decline from October 2018, the EIA said.
Total US imports of foreign crude are on pace to average below 6.9 million bpd in 2019, down nearly 900,000 bpd from 2018 and the lowest annual average since 1993 when imports averaged less than 6.8 million bpd, EIA said. Annual US crude imports peaked in 2005 at nearly 10.13 million bpd.
US refineries are on pace to import an average of 520,000 bpd of Saudi crude, accounting for about eight per cent of total US imports. This is the lowest annual rate of Saudi oil imports since 1985 when the US imported an average of 132,000 bpd. US imports of Saudi crude peaked in 2003 at nearly 1.73 million bpd.
The US exported an average of more than 3.38 million bpd in October, a new record high, the EIA data showed. The US has averaged 2.9 million bpd of crude exports in 2019, up nearly 900,000 bpd from 2018. All US crude oil export limits were lifted in December 2015.
US crude was shipped to 31 different countries in October, including 490,000 bpd to Canada; 421,000 bpd to the Netherlands; 395,000 bpd to South Korea; 249,000 bpd to the UK; and 239,000 bpd to India.
According to EIA, the US also shipped a record 214,000 bpd to France and a record 192,000 bpd to Australia in October.
The US produced a record of nearly 12.7 million bpd of crude in October, up 171,000 bpd from September and up more than 1 million bpd from October 2019, EIA said.
The top producing states in October were Texas, which produced more than 5.27 million bpd; North Dakota, which produced more than 1.47 million bpd; New Mexico with 982,000 bpd; Oklahoma with 592,000 bpd; and Colorado with 554,000 bpd.
More than 1.9 million bpd were produced in US Gulf of Mexico waters in October, up 6,000 bpd from September and up 153,000 bpd from October 2019.
Written by ’Femi Asu, published on Punch Newspapers