America’s total bill for its imported crude oil purchases expanded by an average 25.8% since 2018 and accelerated by 47.8% from 2021 to 2022.
On the exports side, the US shipped $117 billion worth of crude petroleum oil in 2022. That dollar amount results from a 143.5% advance compared to $48.1 billion in 2021 and a 68.9% acceleration from $138.5 billion during 2018.
The product-specific trade balance resulting from America’s buying and selling crude oil on global markets amounted to a -$87.7 billion trade deficit for 2022. That amount of red ink reflects a -23.5% reduction compared to the -$114.7 billion crude oil trade deficit in 2018 but a 26.8% year-over-year increase for the United States’ crude petroleum deficit from the -$69.2 billion trade deficit in 2021.
Major Suppliers of Crude Oil to American Importers
Among its leading providers of crude oil, Canada furnished well over half (57.6%) of US spending on imported crude oil compared to 57.8% one year earlier in 2021.
Crude oil delivered to American importers accounted for 67.9% of total US crude petroleum purchases.
Middle Eastern nations provided 12.6% of America’s worldwide total crude oil imports. The comparable metric for Organization of Petroleum Exporting Countries (OPEC) was 19.2% of overall US imported crude petroleum.
Major Countries Exporting Crude Oil to America
In 2022, America’s top 15 suppliers of crude oil collected US$200.1 billion or 97.8% of US purchases from foreign markets.
Over four-fifths (83.9%) of overall cost for the US buying unprocessed petroleum came from the top 5 suppliers namely Canada, Mexico, Saudi Arabia, Colombia and Iraq.
- Canada: US$117.9 billion (57.6% of total US crude oil imports)
- Mexico: $21.2 billion (10.3%)
- Saudi Arabia: $16.6 billion (8.1%)
- Colombia: $8.2 billion (4%)
- Iraq: $7.9 billion (3.8%)
- Brazil: $5.6 billion (2.7%)
- Ecuador: $5.3 billion (2.6%)
- Nigeria: $4 billion (2%)
- Guyana: $2.7 billion (1.3%)
- Ghana: $2.4 billion (1.2%)
- Libya: $2.2 billion (1.1%)
- United Kingdom: $1.75 billion (0.9%)
- Trinidad and Tobago: $1.57 billion (0.8%)
- Argentina: $1.55 billion (0.8%)
- Angola: $1.4 billion (0.7%)
The following crude oil suppliers realized the strongest gains in their petroleum sales to the United States: Iraq (up 108.8% from 2021), Argentina (up 104.2%), Colombia (up 92.9%), Saudi Arabia (up 83.8%), Ghana (up 73.5%) and Brazil (up 62.3%).
Year over year, America’s imports of crude oil from its number one supplier Canada increased in total cost by 47.3%.
Major Crude Oil Suppliers Creating US Trade Deficits
America also produces and sells its own crude oil on international markets. In 2022, the United States shipped $117 billion worth of crude oil to its global trade partners. Nevertheless, revenues from its exported crude oil equal almost half of the $204.7 billion that the US spent on imported crude oil.
Overall, the US product category trade deficit specific to crude oil was -$87.7 billion for 2022. That amount of red ink reflects a -23.5% reduction from the -$114.7 billion deficit during 2018 but a 26.8% annual increase starting from the -$69.2 billion deficit in 2021.
Below you will find the 15 countries that caused America a subtotal -$184.9 billion deficit from buying and selling crude oil on international markets in 2022.
- Canada: -US$105.9 billion (product deficit up 46.6% from 2021)
- Mexico: -$21.2 billion (up 59.9%)
- Saudi Arabia: -$16.6 billion (up 83.8%)
- Iraq: -$7.9 billion (up 108.8%)
- Colombia: -$7.4 billion (up 95.8%)
- Ecuador: -$5.3 billion (up 39.7%)
- Nigeria: -$4 billion (up 42.4%)
- Brazil: -$3.95 billion (up 70.6%)
- Guyana: -$2.7 billion (up 26.3%)
- Ghana: -$2.4 billion (up 73.5%)
- Libya: -$2.2 billion (up 1.4%)
- Trinidad/Tobago: -$1.57 billion (up 50.1%)
- Argentina: -$1.55 billion (up 104.3%)
- Angola: -$1.4 billion (up 39.4%)
- Kuwait: -$892.8 million (up 65.2%)
Accelerating at the fastest pace were US negative trade balances recorded with: Iraq (up 108.8% from 2021), Argenina (up 104.3%), Colombia (up 95.8%), Saudi Arabia (up 83.8%), Ghana (up 73.5%), Brazil (up 70.6%) and Kuwait (up 65.2%).
Top Crude Oil Supplier Generating US Trade Surpluses
The United States earned surpluses from the international crude oil exported to, imported from or both with 36 trading partners in 2022.
For example, America captured about $92.8 billion in positive cashflow from the following 15 countries.
- South Korea: US$12.6 billion (product surplus up 47.2% since 2021)
- Netherlands: $12.3 billion (up 80.7%)
- India: $10.1 billion (up 5%)
- Singapore: $9.9 billion (up 213.3%)
- United Kingdom: $9.5 billion (up 134.5%)
- mainland China: $7 billion (up 15.3%)
- Taiwan: $5.69 billion (up 67.8%)
- France: $5.67 billion (up 131.5%)
- Spain: $5.3 billion (up 157.4%)
- Italy: $5.2 billion (up 96.5%)
- Germany: $3.7 billion (up 99.1%)
- Thailand: $1.9 billion (up 140.9%)
- Denmark: $1.5 billion (up 93.1%)
- Uruguay: $1.2 billion (up 194.4%)
- Sweden: $1.13 billion (up 98.6%)
On a percentage basis, the United States expanded its per-country crude oil surpluses by triple digits at the expense of: Singapore (up 213.3% from 2021), Uruguay (up 194.4%), Spain (up 157.4%), Thailand (up 140.9%), United Kingdom (up 134.5%) and France (up 131.5%).
The US realized the most modest surplus gains buying and selling crude oil with India (up 5% from 2021) and mainland China (up 15.3%).
See also United States Top 10 Exports, US Iron and Steel Imports by Supplier Countries, America’s Top Trading Partners, Crude Oil Imports by Country and Crude Oil Exports by Country
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International Trade Centre, Trade Map. Accessed on August 17, 2023
Wikipedia, List of crude oil products. Accessed on August 17, 2023
Wikipedia, List of countries by oil production. Accessed on August 17, 2023
Wikipedia, List of largest oil and gas companies by revenue. Accessed on August 17, 2023
Wikipedia, Petroleum. Accessed on August 17, 2023