The United State (U.S) product imports from the Organisation of the Petroleum Exporting Countries (OPEC) member countries dropped by 23 thousand barrels per day (tbpd) compared to a month before to stand at 301 tbpd.
Besides, OPEC has raised world oil demand by 1.65 million barrels per day (mbpd) in 2018 in its July monthly market report, unchanged from the previous month’s report, with expectations for total world consumption at 98.85 mbpd.
According to OPEC in its July oil market report, this represents a 14 per cent share of total US product imports.
In terms of the product supplier share, Canada and Russia maintained their position as first and second supplier to the US with shares of 25 per cent and 10 per cent, respectively.
However, imports from both countries were lower than the previous month by 121 tbpd and 86 tbpd, respectively.
India was the third largest product supplier to the US, up by 65 tbpd from the previous month.
Canada remained the top supplier to the US in April, accounting for 45 per cent of total U.S. crude imports.
Canada’s crude exports to the U.S. were up by 6 per cent, or 199 tbpd, compared to the previous month.
Saudi Arabia was the second largest supplier to the US with an 11 per cent share of total crude imports, closely followed by Iraq at 10 per cent.
Imports from Saudi Arabia were 138 tbpd higher m-o-m, while imports from Iraq were up by 122 tbpd.
Crude imports from OPEC Member Countries rose in April by 712 tbpd, or 28 per cent, compared to the previous month.
Imports from OPEC Member Countries accounted for 39 per cent of total US crude imports.
On crude oil demand projection, OPEC said the initial projection for 2019 indicates a global increase of around 1.45 mbpd, with annual average global consumption anticipated to surpass the 100 mbpd threshold.
Based on the first forecast for demand and non-OPEC supply for the year 2019, the demand for OPEC-15 crude next year is projected to decline by 0.8 mbpd to average 32.2 mbpd.
The Organisation for Economic Co-operation and Development (OECD) is once again expected to remain in positive territory, registering a rise of 0.27 mbpd with the bulk of gains originating in OECD America.
It noted that the non-OECD region is anticipated to lead oil demand growth in 2019 with initial projections indicating an increase of around 1.18 mbpd, most of which is attributed to China and India.
Additionally, a steady acceleration in oil demand growth is projected in Latin America and the Middle East.
According to secondary sources, OPEC crude production averaged 32.4 mbpd in first quarter of 2018, which is 0.1 mbpd higher than the demand for OPEC crude.
The report stated that in the second quarter, OPEC crude production stood at 32.2 mbpd, which is 0.3 mbpd lower than the demand for OPEC crude.