EIA reports on crude oil markets in 2003

The US imported more crude oil than ever before in 2003, including a record level from number one supplier Saudi Arabia, government data released show. Crude imports averaged 9.556 mm bpd in 2003, up 4.6 % from 9.140 mm bpd a year ago, data from the Energy Information Administration show.
For the sixth straight year, Saudi Arabia, the world's largest crude oil exporter, was the top source. In 2003, the Saudis set a record 1.724 mm bpd to the US, up 13.5 % from a year earlier. The Saudis held an 18 % share of US imports for the year, the highest level since 1994, when it was 18.4 %, EIA data show.

Crude oil imports in December set a record for the month at 9.667 mm bpd, up 10.6 % from 8.741 mm bpd a year ago. Mexico was the biggest supplier in December, with Canada second and Saudi Arabia third.
Venezuela was fourth in December. For the full year 2003, Venezuela's crude supply to the US averaged 1.193 mm bpd, down from fractionally from a year ago, but the lowest annual level since 1999. Venezuela was hurt by an oil workers strike early in the year, production levels have struggled to recover and many analysts believe production capacity has been cut.

Saudi Arabia sharply boosted its output and exports to the US to ensure there wouldn't be supply shortages caused by the US-led war with Iraq. In May, US imports of Saudi crude set a monthly record of 2.226 mm bpd.
Imports from Iraq averaged 470,000 bpd for the full year, up slightly from 459,000 a year earlier. In December, imports of Iraqi crude were up sharply from a year ago, at 678,000 bpd compared with 394,000 bpd, but were down from the November level of 706,000 bpd.

Nigeria was the fifth-biggest crude oil source in 2003, with imports averaging 838,000 bpd, up from 589,000 bpd. Canada was the top source of combined crude oil and petroleum products imports in 2003, followed by Saudi Arabia, maintaining their 2002 rankings.
A review of EIA preliminary data for December shows US crude oil imports from the Organization of Petroleum Exporting Countries averaged 4.569 mm bpd in 2003, up 13 % from 4.041 mm bpd a year earlier. Crude imports from OPEC in December averaged 4.633 mm bpd, up 24.4 % from 3.724 mm bpd a year earlier. OPEC's share of US crude imports in 2003 was 47.8 %, up from 44.2 %, but down from 52 % in 2001.

(figures in mm of bpd)
Crude oil imports
Dec '03 Nov '03 Dec '02
Mexico 1.765 1.611 1.734
Canada 1.663 1.639 1.493
Saudi Arabia 1.399 1.664 1.815
Venezuela 1.323 1.444 0.652
Nigeria 0.938 0.622 0.645
Iraq 0.678 0.706 0.394
Angola 0.269 0.191 0.312
UK 0.261 0.234 0.376
Ecuador 0.237 0.103 0.100
Kuwait 0.211 0.176 0.190

Full year 2003 Full year 2002
Saudi Arabia 1.724 1.519
Mexico 1.589 1.500
Canada 1.547 1.445
Venezuela 1.193 1.201
Nigeria 0.838 0.589
Iraq 0.470 0.459
Angola 0.361 0.321
UK 0.347 0.405
Ecuador 0.138 0.100
Kuwait 0.205 0.216

Combined crude oil and petroleum products imports
Dec '03 Nov '03 Dec '02
Canada 2.226 2.178 2.090
Mexico 1.801 1.683 1.781
Venezuela 1.614 1.655 0.778
Saudi Arabia 1.410 1.681 1.843
Nigeria 0.959 0.646 0.670
Iraq 0.678 0.706 0.394
UK 0.390 0.300 0.415
Algeria 0.295 0.381 0.245
US Virgin Isl. 0.287 0.291 0.281
Angola 0.269 0.203 0.317

Full year 2003 Full year 2002
Canada 2.068 1.971
Saudi Arabia 1.772 1.552
Mexico 1.639 1.547
Venezuela 1.385 1.398
Nigeria 0.873 0.621
Iraq 0.470 0.459
UK 0.428 0.478
Algeria 0.397 0.264
Angola 0.370 0.332
US Virgin Isl. 0.288 0.236