23-Year Low in U.S. Oil Imports May Prove Fleeting — Panjiva


23-Year Low in U.S. Oil Imports May Prove Fleeting

Canada 338 Energy - Conventional 273 Energy - Crude Oil 195 Sanctions 75 U.S. 3301 Venezuela 52

U.S. crude oil imports hit their lowest since 1996 in the week to Feb. 23. While remarkable it is worth noting the context of February being a seasonal low for the year and the rolling three month average was down by just 6.0% year over year. The drop in shipments is due to seaborne imports from Venezuela with a 33.9% drop year over year in the month of February on a pro-rata basis resulting from newly applied sanctions. Alternative seaborne supplies from Canada, which are of a similar grade and can be used by refiners including PdVSA’s Citgo as well as Valero and Chevron and regular imp...

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