U.S. crude oil imports from OPEC fell to the lowest level since 1973

According to a report from the Oil Price Network in Houston on April 29, 2021, the "Petroleum of the Week" report of the U.

According to EIA estimates, last year the United States imported only 816,000 barrels of crude oil per day from OPEC oil-producing countries.

Another key reason is that the surge in U.

EIA data shows that although the crude oil imported from OPEC has reached the lowest level in history, the purchase of Canadian heavy crude oil by the United States is increasing and continues to be high.

Despite the surge in domestic crude oil production in the United States, the United States still imports relatively high crude oil from non-OPEC member countries, especially Canada, because Canada has a rich variety of crude oil, while the shale oil producing areas in the United States do not produce heavy crude oil.

From 2005 to 2020, US crude oil imports from Canada more than doubled on average to 3.

As a result, the EIA said, Canada’s share of total US crude oil imports increased, reaching a record high of 61% last year.

According to EIA, “the United States has relatively stable imports of crude oil from Canada, mainly due to the long-term trend of Canadian crude oil production and refining economy.

　　According to EIA data, since its peak in 2005, total US crude oil imports have fallen by 42%.

　　Li Jun compiled from the oil price network

　　The original text is as follows:

　　US Oil Imports From OPEC Plunge To Lowest Since 1973

　　The OPEC+ production cuts, lower overall oil demand, and declining demand for foreign-sourced lighter crudes resulted in 2020 in the lowest annual American crude oil imports from OPEC in data going back to 1973, the Energy Information Administration's'This Week in Petroleum' note showed.

　　Last year, US crude oil imports from OPEC producers averaged just 816,000 barrels per day (bpd), the EIA has estimated.

　　The other key reason was that the surging US oil production in recent years—which made America the world's top oil producer—was mostly of light and medium grades, so demand for such grades from OPEC or elsewhere in the world has significantly dropped since 2005.

　　While oil imports from OPEC hit the lowest on record, US purchases of Canada's heavy crude have grown and continue to remain high, the EIA data showed.

　　American imports from non-OPEC members, especially from Canada, have remained relatively high despite soaring domestic oil output, because of the heavy variety of Canada's oil which the US shale patch doesn't produce.

　　Between 2005 and 2020, US crude oil imports from Canada more than doubled to an average of 3.

　　"The comparatively stable US crude oil imports from Canada are mostly the result of longer-term trends in Canada's crude oil production and refining economics," the EIA said.

　　Total American crude oil imports have dropped by 42 percent since their peak in 2005, and averaged 5.
9 million bpd in 2020, the lowest level since 1991, according to EIA's data.