The value of US energy imports from Canada increased over the past year, with the volume of imports increasing to the highest level since 2014, due to the high import bill for crude oil and its derivatives.
A report issued by the US Energy Information Administration on Monday showed that the monetary value of US energy imports from Canada increased by 76% year on year, to reach $102 billion, last year.
The rise in the value of US energy imports from Canada comes with the increase in domestic consumption, amid the economy’s recovery from the Corona pandemic, as well as the rise in oil prices.
In contrast, US energy exports to Canada totaled $21.9 billion last year, up 40% from 2020, according to US Census Bureau data.
Crude oil imports and exports
Crude oil and petroleum products combined accounted for 89% of the value of all US energy imports from Canada in 2021.
US imports of Canadian crude oil averaged 3.9 million barrels per day in 2021, up from 3.6 million barrels per day the previous year.
Canada’s share of total US oil imports rose to an all-time high of 64%.
It is worth noting that imports of crude oil from Canada have replaced imports from Venezuela after the United States stopped importing from the South American country in 2019.
In contrast, the United States exported about 313,000 barrels per day of crude oil to Canada last year, down from 420,000 barrels per day in 2020, as a result of increased domestic consumption and declining oil production in the American Midwest.
US oil exports to Canada are typically low-density, low-sulfur grades of crude, according to the report.
US oil imports from Canada tend to be from the highly sulfur crude oil sands, western Canada.
Oil derivatives trading
Among US energy imports and exports from Canada, trade in petroleum products is relatively balanced in terms of volume and value, according to the Energy Information Administration.
In 2021, the United States imported 582,000 barrels per day of Canadian oil products, up from 529,000 in 2020.
The value of imports of petroleum products from Canada to the United States amounted to 15 billion dollars last year, an increase of 64 percent year on year.
In contrast, the value of US oil derivatives exports to Canada increased by 53 percent, to reach $12 billion in 2021.
According to a previous report by the Energy Information Administration, the value of US petroleum product exports to Mexico – the largest component of US energy imports to North America on a value basis – rose from $19 billion in 2020 to $31 billion last year.
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