US crude imports down through May, EIA says

06 August 2008 22:34  [Source: ICIS news]

HOUSTON (ICIS news)--The US Energy Information Administration (EIA) said on Wednesday that through May this year crude oil imports had fallen along with declining demand, in response to higher prices and a slowing economy.

In its weekly commentary, EIA said imports in 2008 for the five months ending in May were down by 3% from the same period in 2007. In addition, imports for the month of May 2008 alone were more than 6% below May 2007.

Since 1998, EIA said the US has diversified its crude supply by increasing the number of countries from which it obtains crude imports. Six countries continue to supply approximately 75% of imported crude oil used in domestic refineries: Canada, Saudi Arabia, Mexico, Venezuela, Nigeria and Iraq.

The government entity further said the overall share of crude oil from the Americas is declining slightly, as lower shipments from Venezuela and Mexico have not been replaced entirely by Canada.

Increased supplies from Nigeria and Iraq, as well as sources that have traditionally represented smaller supply shares such as Algeria, Russia, and Brazil, have helped to meet US import needs.

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By: Brian Balboa
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