Oil Independence Distant as Imports Rise Fastest Since 2010 — Panjiva
MENU

Oil Independence Distant as Imports Rise Fastest Since 2010

Energy - Conventional 451 Energy - Crude Oil 301 Energy - Refined Oil 199 Mode - Pipeline 33 Mode - Seaborne 1818 Mode - Tanker 183 Saudi Arabia 48 U.S. 5347 Venezuela 66

U.S. trade in crude oil rallied for a seventh month in May with imports climbing 24% on a year earlier, their fastest rate of growth since at least 2010. Exports increased 57% to a new high, though they are still only 15% of total imports, leaving energy independence a long way off. Shipments from Mexico climbed for the first time since September on a year earlier, helping to cut reliance on OPEC countries. Imports from Venezuela, the third largest supplier, climbed 15% on a year earlier, likely reflecting demands from its U.S. refiner Citgo. These can’t be however cut without severe con...

Copyright © 2024 Panjiva Supply Chain Intelligence, a product offering from S&P Global Market Intelligence Inc. All rights reserved.