trending Market Intelligence /marketintelligence/en/news-insights/trending/xTxJNC5WH1HyHL2YUxR_0Q2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

US crude oil, petroleum net imports reach record low in 2019

Essential Energy Insights - June 11, 2020

Webinar Replay

Deep Dive on Oil & Gas for Financial Institutions

Essential Energy Insights - May 28, 2020

Essential Energy Insights - May 14, 2020


US crude oil, petroleum net imports reach record low in 2019

U.S. crude oil and petroleum net imports declined for the third consecutive year to 1.0 million barrels per day in 2019 to set another record low, according to data from the U.S. Energy Information Administration.

SNL Image

For the first time on record, crude oil trade drove the entire decline in net imports as crude oil net imports declined 2.0 million bbl/d to 3.9 million bbl/d and petroleum net exports declined 131,000 bbl/d to 2.8 million bbl/d. At 1.9 million bbl/d, 2019's decline in crude oil and petroleum net imports marks the largest on record.

In the week ended Nov. 30, 2018, the U.S. exported more crude oil and petroleum than it imported for the first time on record. That happened nine more times in 2019, including the week ended Dec. 27, 2019, when the U.S. set a record for net exports of 1.7 million bbl/d.

Year-to-date through the end of August 2019, U.S. crude oil imports from OPEC countries were down 40.9% year over year to 1.57 million bbl/d, with imports from Saudi Arabia, the world's largest producer, falling 34.1% and imports from Venezuela falling 75%.

The decline in U.S. imports from OPEC countries reflects both production cuts that OPEC members agreed to in December 2018 to support crude oil prices and U.S. foreign policy. At the end of January 2019, the U.S. hit Venezuela with sanctions, seeking to block the flow of oil revenues to Venezuelan President Nicholas Maduro's regime. By June 2019, U.S. oil imports from Venezuela had fallen to zero. As oil imports from OPEC members fell, oil imports from non-OPEC countries climbed slightly.

Meanwhile, most of the increase in U.S. crude oil exports flowed to Asia and Europe, with exports to the Asia-Pacific region climbing 39.2% to 1.37 million bbl/d.

SNL Image