US Oil Imports Data by Country, Top US Oil Importers & Buyers List

In the past few decades, there have been substantial changes to the US oil import landscape. In the past, the United States' energy and oil demands were largely met by imported oil. According to the Live US oil import data, the US oil imports reached $172.42 billion in 2023, a decline of 16% in oil imports from the previous year. US oil imports in quantity totaled 370.39 billion cubic meters in 2023. 

• The US oil imports accounted for $133.56 billion in the first three-quarters of 2024. 

• Based on the import data on US oil imports by country, the US is the 2nd largest oil importer in the world, only behind China. 

• About 40% of all petroleum and oil consumption in the US comes from imports, making them an essential part of the country's energy mix. 

• Oil is imported into the US from 86 nations. 

• Valero Energy Corporation, Chevron Corporation, and ExxonMobil are the biggest oil importers in the USA, based on the US Importers data for 2023-24. 

• The United States imported roughly 6.48 million barrels of oil per day in 2023, according to the most recent data from the U.S. Energy Information Administration (EIA). 

• Oil is the US's second-most-imported commodity. 12.7% of all imports worldwide are from the United States. 

• Oil imports accounted for almost 76% of total US gross petroleum imports. 

• Oil accounts for the largest portion of all energy imports into the US, at 66%. 

• The 4-digit HS code for oil is 2703 which specifically classifies oil as a type of mineral fuel under the Harmonized System (HS) Code 27 for global trade.

Let's take a closer look at the data on US oil imports by country and year, as well as the top US oil importers and buyers.

US Oil Imports by Country | Top US Oil Import Destinations

When it comes to US oil imports, Canada leads the way as the top oil import destination followed by Mexico and Saudi Arabia. Recent US import data for 2023-24 shows that the US imports an impressive $97.18 billion worth of oil from Canada, showcasing a significant reliance on Canadian oil resources. The top 10 countries from whom the US imports oil in 2023, as per the US import data by country include:

1. Canada: $97.18 billion (223.85 billion cubic meters)

2. Mexico: $20.35 billion (42.61 billion cubic meters)

3. Saudi Arabia: $10.81 billion (19.98 billion cubic meters)

4. Iraq: $6.01 billion (12.41 billion cubic meters)

5. Brazil: $5.90 billion (10.65 billion cubic meters)

6. Colombia: $5.59 billion (11.11 billion cubic meters)

7. Nigeria: $4.73 billion (8.43 billion cubic meters)

8. Ecuador: $3.95 billion (7.48 billion cubic meters)

9. Venezuela: $3.45 billion (7.59 billion cubic meters)

10. Guyana: $3.09 billion (5.64 billion cubic meters)

List of Top Oil Importers and Buyers in the US | USA Oil Import Data by Company

The top 10 US oil importers and buyers according to the US oil importers data and US Buyers data for 2023 include:

1. Valero Energy Corporation: $25 billion

• Total Import Quantity: 230 million barrels

• Active Import Shipments: 9,000+

• Headquarters: San Antonio, Texas

2. Chevron Corporation: $21 billion

• Total Import Quantity: 190 million barrels

• Active Import Shipments: 8,000+

• Headquarters: San Ramon, California

3. ExxonMobil: $18 billion

• Total Import Quantity: 165 million barrels

• Active Import Shipments: 7,500+

• Headquarters: Irving, Texas

4. Marathon Petroleum: $16 billion

• Total Import Quantity: 150 million barrels

• Active Import Shipments: 7,000+

• Headquarters: Findlay, Ohio

5. Phillips 66: $14 billion

• Total Import Quantity: 125 million barrels

• Active Import Shipments: 6,200+

• Headquarters: Houston, Texas

6. Motiva Enterprises: $12 billion

• Total Import Quantity: 110 million barrels

• Active Import Shipments: 5,700+

• Headquarters: Houston, Texas

7. Shell USA: $10 billion

• Total Import Quantity: 100 million barrels

• Active Import Shipments: 5,000+

• Headquarters: Houston, Texas

8. Tesoro Corporation: $8.5 billion

• Total Import Quantity: 80 million barrels

• Active Import Shipments: 4,800+

• Headquarters: San Antonio, Texas

9. BP America: $7.2 billion

• Total Import Quantity: 70 million barrels

• Active Import Shipments: 4,500+

• Headquarters: Houston, Texas

10. HollyFrontier Corporation: $6 billion

• Total Import Quantity: 60 million barrels

• Active Import Shipments: 4,200+

• Headquarters: Dallas, Texas

US Oil Import Data in the last 10 years | US Oil Imports by Year

United States Domestic Oil Consumption

With a significant portion of its energy needs being satisfied by oil and petroleum products, the United States is one of the world's largest consumers of oil. Various sectors, as well as transportation, commercial, residential, and industrial demands, push the country's domestic oil consumption. Due to several circumstances, including the rise of the economy, energy efficiency initiatives, and the deployment of potential power assets, the total amount of oil consumed in the United States has varied throughout time. The US Energy Information Administration (EIA) recently released data showing that in 2023, the country's oil consumption exceeded 20 million barrels per day.

Oil Consumption in the US by Sector

The largest percentage of oil intake in the US occurs in the transportation sector. This covers diesel for cars and buses, jet gas for airplanes, and gasoline for passenger motors. The second largest buyer of oil is the industrial sector, which includes mining, manufacturing, and production activities. In general, petroleum products are used as feedstock for different processes and as power technology. By heating oil, propane, and other petroleum-based fuels for cooking and space heating, the residential and commercial sectors also add to oil intake.

Factors Affecting Oil Consumption and Demand in the US

The following are some of the elements that affect the US oil market:

1. Economic Development: As the economy grows, there is a greater need for goods and services, which raises the use of energy, especially oil.

2. Transportation Patterns: The requirement for gasoline and other transportation fuels is mostly determined by the number of vehicles on the road, the average number of miles driven, and the fuel efficiency of vehicles.

3. Industrial Activity: The need for oil and petroleum products utilized as feedstock or energy sources is directly impacted by the volume of manufacturing and industrial activity.

4. Energy costs: As consumers and companies look for more affordable options or put energy-saving measures in place, rising oil costs may cause demand to decline.

5. Energy Efficiency: Oil consumption can be decreased by energy efficiency improvements, such as more fuel-efficient automobiles, improved building insulation, and more effective industrial processes.

6. Renewable Energy Sources: As renewable energy sources like solar, wind, and biofuels become more widely used, some of the oil demand may be replaced in several industries.

Effects of US Oil Imports on the Economy

• There are significant economic ramifications to the United States' reliance on foreign oil imports. The cost of importing oil is among the most significant issues.

• The impact of oil imports on the trade balance is another economic consequence. As more money moves abroad to pay for imported oil, the US trade gap grows.

• Furthermore, reliance on foreign energy imports may negatively affect indigenous industries.

• Also, the volatility of global oil costs can create economic uncertainty and disrupt commercial enterprise planning and investment choices.

US Oil Import Policy and Trade Regulations

• To control oil imports, encourage home production, and handle environmental issues, the US government has put in place several laws and programs. To control oil imports, the federal government can enforce trade restrictions such as taxes and quotas.

• The Renewable Fuel Standard (RFS), which requires the incorporation of biofuels like ethanol and biodiesel into transportation fuels, is one of the major regulations impacting oil imports. This policy seeks to encourage the development of sources of renewable energy and lessen the country's reliance on foreign oil.

• By upholding environmental rules and regulations, the Environmental Protection Agency (EPA) is instrumental in controlling the oil sector. These rules address several topics, such as greenhouse gas emissions, air and water pollution, and how to safely dispose of hazardous items.

• Addressing the effects of climate change and lowering greenhouse gas emissions have become important in recent years. The Biden administration has put forth policies to facilitate the shift to clean energy sources, including more stringent emissions rules for the oil and gas sector and tax relief for renewable energy projects.

Conclusion and Final Word

To conclude, understanding US oil imports by country, year, and top oil importers is essential for gaining insights into the US energy market and its relationships with other nations. By acquiring this data, policymakers, industry experts, and investors can make more informed decisions about energy policy, investment, and trade. As the global oil market continues to evolve, tracking US oil imports will be crucial for ensuring the country's energy security and economic prosperity.

To find out more about the US oil import data and acquire US importers and Buyers data on thousands of active oil importers in the USA, visit USImportdata - Your solution for all information related to US trade data. Contact us at info@tradeimex.in. 

FAQS on US Oil Imports

1. Why does the US import oil?

The US imports oil to meet domestic energy demands, diversifying its energy supply, and supporting its refining capacity, which is designed to process various types of crude oil. Importing also allows the U.S. to maintain strategic reserves while meeting consumer and industrial needs.

2. How much oil does the USA import?

The U.S. imported approximately 370.39 billion cubic meters of oil in 2023, valued at $172.42 billion according to the US oil imports data.

3. Does the US import oil from Iran?

No, the U.S. does not import oil from Iran due to long-standing sanctions and diplomatic policies.

4. Does the US import oil from Venezuela?

Yes, the U.S. imported oil from Venezuela worth $3.45 billion in 2023, based on the US import data and US-Venezuela trade data.

5. How much oil does the US import from Iran?

None. The US has no oil imports from Iran.

6. How much oil does the USA import from Russia based on US import records?

According to the data on US oil imports by country and US-Russia trade data, the USA imported oil worth $760,000 from Russia in 2023, likely representing minor residual transactions amidst broader sanctions.

7. What is the total value of Canadian oil imports to the US?

Canadian oil imports to the US were valued at $97.18 billion in 2023.

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