WASHINGTON: U.S. imports of crude oil increased to 7.9 MMBOPD in 2016, according to a note released today by the EIA. Total crude oil imports increased by 514 MBOEPD last year, continuing the growth seen in 2015. U.S. oil production decreased in 2016, as low oil prices discouraged activity. Despite the increase in 2016, gross imports of crude oil are still 22% below their peak of 10.1 MMBOPD in 2005.
The U.S. shale boom has displaced a large amount of these imports. Back in 2005, the U.S. was the world’s largest net importer of refined products and crude oil. U.S. exports of petroleum products have grown fivefold since then, making the United States the largest net exporter of refined products in the world. Net imports of crude oil also increased last year, but saw smaller growth due to the growth in crude exports in 2016. Exports of crude oil grew by 12% last year, and were delivered to more destinations than ever before.
