US Oil Trade

Oil trade between countries is driven by global demand by type of oil. Oil is used for all types of fuels and other products. Not all types needed are produced by the countries that want them, so it is common to see all 100 oil producing countries importing and exporting oil. Some countries import oil because they have refineries. Oil is used in the production of plastics.

The US consumes 20 million barrels per day for all purposes and is currently producing 11.1 million bpd. The US imports 10 million bbd and exports 7.5 million bpd.

US oil imports continue to be around 10 million barrels per day.  About 4 billion bpd comes from Canada, 3 billion bpd comes from OPEC and 3 billion bpd from over 40 other countries.

https://www.eia.gov/dnav/pet/pet_move_impcus_a2_nus_ep00_im0_mbblpd_m.htm

US oil exports are around 7.5 million bbd to over 40 countries.

https://www.eia.gov/dnav/pet/pet_move_expc_a_EP00_EEX_mbblpd_m.htm

We expect the US to increase its oil production to 20 million bpd within a few years. This would be our signal that we are “energy self-sufficient”, but we will still see imports for special purposes. Our oil reserves are large and fracking allows us to drill all of it.

Norb Leahy, Dunwoody GA Tea Party Leader