US crude oil imports fall to 25-year low

Imports and Exports | | MIC Customs Solutions |

The US is no longer importing as much oil as it was in the mid-1990s.

US imports of crude oil fell to their lowest level since 1994 in October 2019, according to new figures from the US Energy Information Administration (EIA).

The data from the Petroleum Supply Monthly report recorded imports at almost 6.24 million barrels per day (b/d), marking the lowest monthly average in 25 years.

Total US imports of the fossil fuel from OPEC countries also fell below 1.2 million b/d, which was the lowest figure seen since February 1985.

It is expected that total imports of crude will average below 6.9 million b/d when all of the data for 2019 is available, 900,000 b/d less than in 2018 and the lowest annual average since 1993.

The news comes as the US continues to increase its oil production and export more oil across the globe.

Indeed, the country exported more than 3.38 million b/d on average in October, which EIA data showed to be a record high.

Crude went to 31 different recipients that month, with the top five being Canada, the Netherlands, South Korea, the UK and India.

Although the US does still import a significant amount of oil from Saudi Arabia, it is no longer as reliant on Middle Eastern oil as it once was and can now make enough to be independent.

This may prove to be important as tensions rise between the US and Iran following the assassination of Iranian commander Qasem Soleimani.