The Organization of the Petroleum Exporting Countries (OPEC) in its July Monthly Oil Market Report (MOMR) said US crude imports reached 6.48 million bpd in June, recovering from a multi-decade low of 5.5 million bpd in April, but remained 0.67 million bpd lower than a year earlier. Meanwhile, crude exports were down 0.3 million bpd from may to 2.8 million bpd in June, the lowest level since August 2019 and below the year-to-date peak of 3.7 million bpd seen in February.
US net crude imports averaged 3.7 million bpd last month, increasing by 0.77 million bpd, or 27%, from May, and the highest since August 2019. On a year-on-year basis, US net crude imports were 0.3 million bpd, or 8%, lower.
Latest available data showed Canada was the main export market for US crude in April, receiving 0.30 million bpd, followed by the Netherlands (0.28 million bpd), Singapore (0.22 million bpd), South Korea (0.13 million bpd), and China (0.11 million bpd).
Preliminary data showed US refined product exports increased to 4.6 million bpd in June, 0.4 million bpd higher than a five-year low seen in May. However, it remained 0.9 million bpd lower than June last year. Meanwhile, US refined product imports averaged nearly 2 million bpd last month, an increase of 0.1 million bpd, or 6% from May, but declined by 0.1 million bpd from the same month last year.
This resulted in net product exports of 2.6 million bpd in June, declining by 0.3 million bpd, or 14% month-on-month and 0.8 million bpd, or 23% year-on-year. Combined, US net crude and product imports averaged 1.0 million bpd in June.
