US crude oil imports surged in August, driven by Iraq and Latin American sources

Shafaq News/ The United States witnessed a substantial increase in its crude oil imports during August, reaching levels not seen in four years, primarily due to surging oil revenues from Iraq and Latin American countries, as per an OPEC report disclosed by the Shafaq News Agency.

The OPEC report elaborated that "US oil imports surged to their highest point in four years last August." It further clarified, "The largest economy in the world, America, imported an average of 6.9 million barrels per day last month, with the majority originating from Iraq and various Latin American nations."

Breaking down the sources of US crude oil imports, the report cited data from the US Energy Information Administration (EIA), indicating that Canada remained the leading supplier in June, accounting for a substantial 58% share. Mexico ranked second with a 13% share, followed by Saudi Arabia in third place with 6%, and Iraq closely behind with 4%.

Kpler, a prominent data provider in the energy sector, corroborated the surge in US crude imports in August. The data showed that imports increased by half a million barrels compared to the same month the previous year, reflecting an 8% year-on-year growth. Additionally, these imports demonstrated a monthly increase compared to July 2023, with a rise of 300 thousand barrels per day.