US is third largest importer of OPEC oil

Fuel Fix:
...
... U.S. imports of OPEC crude are up nearly 20 percent compared to year-ago levels, at an average of 3.2mn bpd – putting the U.S. in third place. But is the demand hubs of China and India that pull in more crude from the cartel; together they account for 7.4 million barrels per day, with China pulling in slightly more.

Japan is the fourth largest importer of OPEC crude, although volumes are flat on year-ago levels at 2.75mn bpd. South Korea is fifth, pulling in 2.45mn bpd, up 7.5 percent on year-ago levels. Eighty-eight countries have received OPEC crude since the beginning of last year.
...
That appears to give US producers a lot of room for growth as they increase production.  It also hints at how fragile OPEC has become that  losing a portion of the US market has cause the price to drop in half.

Comments

Popular posts from this blog

Should Republicans go ahead and add Supreme Court Justices to head off Democrats

29 % of companies say they are unlikely to keep insurance after Obamacare