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Volume
44
Issue
1
45
Figure - 7
US tight oil production and oil rig count
3.Oil Trade
USA
In October 2017, US crude oil imports increased by 576 thousand b/d or 8.1%
comparing with the previous month level to reach 7.7 million b/d. Whereas US
oil products imports decreased by 328 thousand b/d or 13.8% to reach about 2
million b/d.
On the export side, US crude oil exports increased by 487 thousand b/d or
37.6% comparing with the previous month level to reach 1.8 million b/d, and US
products exports increased by 981 thousand b/d or 23% to reach 5.3 million b/d.
As a result, US net oil imports in October 2017 were 1.2 million b/d or nearly 31%
lower than the previous month, averaging 2.7 million b/d.
Canada remained the main supplier of crude oil to the US with 46% of total
US crude oil imports during the month, followed by Saudi Arabia with 9%, then
Venezuela with 8%. OPEC Member Countries supplied 35% of total US crude oil
imports.
Japan
In October 2017, Japan’s crude oil imports decreased by 243 thousand b/d or
8% comparing with the previous month to reach 2.9 million b/d. Whereas Japan
oil products imports increased by 115 thousand b/d or 26% comparing with the
previous month to reach 558 thousand b/d.
On the export side, Japan’s oil products exports decreased in October 2017,
by 286 thousand b/d or 41% comparing with the previous month, averaging 410
thousand b/d. As a result, Japan’s net oil imports in October 2017 increased by
157 thousand b/d or 5.4% to reach 3.1million b/d.