10/02/2009
US net imports of crude oil and petroleum products dropped 12.4 percent in July from a year earlier to 9.7 million barrels per day (bpd), according to data released Sept. 29 by the Department of Energy’s Energy Information Administration (EIA). Canada continues to be the top crude oil supplier to the US—the world's biggest oil consumer—supplying a record 2.42 million bpd, up 13 percent from a year ago.
Imports from OPEC members, including Saudi Arabia, Venezuela, Nigeria, Iraq and Angola, averaged 4.5 million bpd in July, down 26 percent from a year ago. In July, OPEC had a 46 percent share of total US crude imports and petroleum product imports, down from the 48 percent in June. According to the EIA, the top five US crude oil import sources are Canada, Saudi Arabia, Mexico, Venezuela and Nigeria.
One reason for the drop in imports was, of course, that because of the recession the overall quantity of finished petroleum products used in the US in July was down 9.5 percent from previous year. Even so, imports dropping by substantially more than use clearly illustrates the growing favorable impact of renewable fuels on the country’s liquid fuels supply and demand balance. Use of renewable fuels in the US totaled 23.3 million barrels during the month of July, up nearly 14 percent from previous year.