![]() Other IEA nations are also releasing emergency oil reserves in an attempt to curb rising prices at the pump and volatility in the oil market. In an effort to curb rising oil and gasoline prices, in March President Joe Biden announced the release of up to 180 million barrels from the U.S. While Russia only makes up 8% of American petroleum product imports, their 254 million barrels will need to be replaced as both countries ceased trading soon after Russia’s invasion of Ukraine. produced gasoline and diesel fuel, and Canada is the third-largest importer of American-produced refined petroleum products. In turn, Mexico is the largest importer of U.S. oil refining rather than refining domestically. With such a large collection of oil refineries across the border, it’s ultimately more cost-efficient for Canada and Mexico to tap into U.S. Maximizing imports from neighboring countries makes sense on multiple fronts for all parties due to lower transportation costs and risks, and it’s no surprise Canada and Mexico are providing large shares of just crude oil as well. Similarly, Mexico reaches 10% of America’s crude oil imports when excluding petroleum products. crude oil imports compared to crude oil and petroleum product imports. being the world’s largest crude oil producer, why is this?Īs noted earlier, neighboring Canada makes up larger shares of U.S. was a significant net importer, with 2.23 billion barrels of crude oil imports and only 1.08 billion barrels of crude oil exports. In terms of just crude oil trade, the U.S. has been a net exporter of crude oil and petroleum products the past two years, exporting 3.15 billion barrels while importing 3.09 billion barrels in 2021, crude oil-only trade tells a different story. crude oil and petroleum imports, America has avoided overdependence on the group by instead building strong ties with neighboring exporters Canada and Mexico. shale supply hitting the markets at that time.Īlthough OPEC and OPEC+ members supply a significant part of U.S. In 2016, OPEC-plus was formed with additional oil-exporting nations in order to better control global oil supply and markets in response to a deluge of U.S. The Organization of Petroleum Exporting Countries (OPEC) is a group of 13 petroleum producing nations that formed in 1960 to provide steady prices and supply distribution of crude oil and petroleum products. Which Countries are Part of OPEC and OPEC-Plus? ![]() While imports from OPEC and OPEC+ members make up more than a quarter of America’s total petroleum imports, this share is fairly small when considering OPEC members currently control nearly 80% of the world’s oil reserves. crude oil and petroleum product imports come from OPEC nations, with another 16.3% coming from OPEC+ members. Crude Oil and Petroleum Imports from OPEC and OPEC+ in 2021, with their 254 million barrels accounting for almost 8% of total imports. Russia was the third-largest exporter of crude oil and petroleum products to the U.S. ![]() petroleum imports was another neighbor, Mexico, with 259 million barrels imported in 2021-making up a bit more than 8% of U.S. petroleum imports, and when counting only crude oil imports, Canada’s share rises to 62%. imports more than 8 million barrels of petroleum products a day from other nations, making it the world’s second-largest importer of crude oil behind China.Īmerica’s northern neighbor, Canada, is the largest source of petroleum imports at 1.58 billion barrels in 2021. crude oil and refined product imports with domestic crude oil production, and breaks down which countries the U.S. This visualization uses data from the Energy Information Administration ( EIA) to compare U.S. still imported more than 3 billion barrels of crude oil and petroleum products, equal to 43% of the country’s consumption. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email every week.Įnergy independence is top of mind for many nations as Russia’s invasion of Ukraine has prompted sanctions and bans against Russian coal and crude oil imports.ĭespite being the world’s largest oil producer, in 2021 the U.S. Petroleum Product and Crude Oil Imports in 2021: Visualized
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