US oil supplies have become more dependent on crude oil imports from Canada, which will now make up the majority of US imports as of January 2024, according to the US EIA.
According to EIA estimates, Canada was the source of 60% of US crude oil imports in 2023, compared to 33% in 2013.
Canada’s crude oil production has also increased over the years, leading to a 4% annual growth in Canadian exports to the US each year from 2013 to 2023 .
By 2023, Canada’s crude oil exports to the US were 24% of the country’s current refining output, compared to 17% in 2013. The EIA report said that crude oil production of Canada in 2023 averaged 4.6 million barrels per day (mbbl/d), nearly three times the country’s refining capacity of 1.7mbbl/d.
Meanwhile, US oil refining capacity was at 18.4mbbl/d as of January 1, 2024.
Canadian crude oil pipeline capacity has also increased in recent years. The report said the Express Pipeline has seen its capacity grow from 287,000 barrels per day (bpd) to 310,000bpd by 2020, enabling oil sands producers in Western Canada to increase their supplies. from other countries to refineries in the US Rockies.
Find the most comprehensive Company Information on the market, powered by GlobalData. Save hours of research. Find competitive positions.
Company profile – free sample
Your download email will arrive shortly
We are confident in the exceptional quality of our Company Files. However, we want you to make the best decision for your business, so we are offering a free sample that you can download by submitting the form below.
By GlobalData
The Trans Mountain Expansion Project, which began operations in May 2024, has nearly tripled pipeline capacity to Canada’s Pacific Coast to 890,000bpd. That same month, Canada’s Energy Regulator approved the Trans Mountain oil pipeline expansion, giving the final approvals needed for the project to go live.
The US has had a steady increase in green production over the past 15 years, except for 2020 and 2021, when producers faced an economic downturn due to the Covid-19 pandemic.
Regardless, the EIA said in March that US crude oil production topped global production charts for the sixth year in a row. It said that the possibility of any other country breaking the US crude oil production record in 2023 is low because no other country has reached the production capacity of 13mbbl/d.
Last year, the US produced an average of 12.9mbbl/d, surpassing the previous national and world record of 12.3mbbl/d, achieved in 2019, Offshore Technology report. In December 2023, crude oil production reached a new monthly record high of more than 13.3mbbl/d.
#EIA #utilities #heavily #dependent #Canadian #crude #oil #supplies #Offshore #Technology