7. OIL

met by imports. For the category LPG and ethane, refinery outputs were short by 2.5 mb/d compared with demand, 2 and gasoline output was short by 0.8 mb/d. 3 Supply and demand for naphtha, jet and kerosene, and residual fuel oil were well balanced with demand, while there were excess supplies of gas/diesel oil and other products. The United States is one of the largest exporters of diesel and other products, which include lubricants, bitumen and waxes.

Figure 7.4 Refinery gross outputs and demand by products, 2018

IEA (2019). All rights reserved.

Total domestic supply of oil products still falls short of total demand.

*Gasolines include blended biofuels.

**Other products includes refinery gas, aviation gas, other kerosene, petroleum cokes, white and industrial spirit, lubricants, bitumen, paraffin waxes, and other non-specified products such as tar and sulphur.

Source: IEA (2019b), Oil Information 2019, www.iea.org/statistics/.

Trade: Imports and exports

The United States’ commendable growth in domestic oil production has changed the country’s oil trade dynamics over the last decade. Although the gap between domestic oil supply and demand has been falling quickly over the last decade, the country was still a net importer of oil in 2018 (Figure 7.5).

In 2018, the United States imported around 10.0 mb/d of oil (crude and oil products); total net imports were 2.6 mb/d, down 78% from a decade ago, due to various factors including an overall decline in oil consumption and increased fuel switching to domestic biofuels, but mostly the strong growth in domestic oil production.

2For LPG alone, the US net exports of LPG were 840 kb/d in 2017.

3Biofuels largely make up for this shortage of demand. In 2017, the US net exports of (non-bio) gasoline was

145kb/d.

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7. OIL

Figure 7.6 US crude oil net imports per country, 2008-18

IEA (2019). All rights reserved.

US crude oil trade has become dynamic in terms of volume and trading partners.

Note: Crude oil includes conventional oil, LTO, condensates, NGLs and non-conventional oil. Source: IEA (2019b), Oil Information 2019, www.iea.org/statistics/.

Trade of refined oil products

With no export bans in place, the oil products trade has been more dynamic and geographically spread out compared with crude oil (Figure 7.7). Canada has been the largest source of oil product imports and accounted for 34% of the total in 2018, followed by Korea (6%), India, Russia, Venezuela and the United Kingdom (5% each). A notable change in product imports is the declining share of European countries and the emergence of new trading partners such as India.

The United States is the world’s largest exporter of refined oil products. In 2018, the United States exported 5.0 mb/d of oil products, of which 24% were delivered to Mexico, 7% to Japan, 6% each to Brazil and Canada, and 3% each to China, India and Singapore. With remarkable growth in domestic oil production, an even larger volume of oil products will be available for export in the future.

Figure 7.7 US oil products net imports per country, 2008-18

IEA (2019). All rights reserved.

US oil product exports have not only increased in absolute volume but also diversified in terms of destinations over the last decade.

Source: IEA (2019b), Oil Information 2019, www.iea.org/statistics/.

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