US Crude Oil Imports Remain High Despite Decline in Value
Crude oil remains the USA's primary energy import, accounting for 66% of all energy imports. In 2023, the US imported $172.42 billion worth of crude oil, a 16% decrease from the previous year. Despite this decline, the US remains the world's second-largest importer of crude oil.
Over the past few decades, the US crude oil landscape has seen significant changes. Crude oil imports now make up 76% of all US gross petroleum imports. In the first three quarters of 2024, US crude oil imports reached $133.56 billion, with a total import quantity of 1.78 billion barrels.
The top 10 crude oil suppliers to the USA in 2023 were Canada, Mexico, Saudi Arabia, Russia, Colombia, Iraq, Ecuador, Brazil, Nigeria, and Angola. About 40% of all petroleum consumption in the US comes from imports, with the US importing roughly 6.48 million barrels of crude oil per day in 2023, totaling 236.52 million barrels of crude oil imports. There are approximately 2000 active crude oil importers and buyers in the USA. Leading the pack are Valero Energy Corporation, Chevron Corporation, and ExxonMobil.
The US's reliance on crude oil imports remains significant, with crude oil being the country's second-most imported commodity. Despite a decline in import value, the US continues to be a major player in the global crude oil market, with a diverse range of suppliers and active importers.
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