America’s total bill for its imported crude oil purchases flatlined via an average -0.7% decline since 2017 but accelerated by 69.1% from 2020 to 2021.
On the exports side, the US shipped $69.4 billion worth of crude petroleum oil in 2021. That dollar amount reflects a 40.1% gain from $49.5 billion in 2020 and a massive 203.6% increase from $22.8 billion during 2017.
The product-specific trade balance resulting from America’s buying and selling crude oil on global markets amounted to a -$69 billion deficit for 2021. That amount of red ink reflects a -40.7% reduction compared to the crude oil trade deficit in 2017 but a 113.6% increase for the United States’ crude petroleum deficit from 2020 to 2021.
Major Suppliers of Crude Oil to American Importers
Among its leading providers of crude oil, Canada furnished over half (57.8%) of US spending on imported crude oil compared to 56.6% one year earlier in 2020.
Crude oil delivered to America from Middle Eastern nations was valued at $13.8 billion in 2021 or 9.9% of America’s worldwide total.
Mideast crude oil delivered to America rose in sales by 20.7% from 2020 to 2021 but shrank by -58.2% since 2017.
Major Countries Exporting Crude Oil to America
In 2021, America’s top 15 suppliers of crude oil collected US$134.2 billion or 97% of US purchases from foreign markets.
About four-fifths (80.4%) of overall cost for the US buying unprocessed petroleum came from the top 5 suppliers namely Canada, Mexico, Saudi Arabia, Russia and Colombia.
- Canada: US$80 billion (57.8% of total US imported crude oil)
- Mexico: $13.2 billion (9.6%)
- Saudi Arabia: $9 billion (6.5%)
- Russia: $4.8 billion (3.5%)
- Colombia: $4.2 billion (3.1%)
- Iraq: $3.8 billion (2.7%)
- Ecuador: $3.77 billion (2.7%)
- Brazil: $3.5 billion (2.5%)
- Nigeria: $2.9 billion (2.1%)
- Libya: $2.2 billion (1.6%)
- Guyana: $2.1 billion (1.5%)
- Ghana: $1.4 billion (1%)
- United Kingdom: $1.3 billion (0.9%)
- Norway: $1.1 billion (0.8%)
- Angola: $1 billion (0.7%)
The following crude oil suppliers realized triple-digit gains in their petroleum sales to the US from 2020 to 2021: Libya (up 893.5%), Norway (up 392.7%), Guyana (up 244.3%), Russia (up 242.3%), Ghana (up 237.6%), United Kingdom (up 176.3%), Nigeria (up 137%), Angola (up 116.3%) and Brazil (up 109.2%).
America’s imports of crude oil from its number one supplier Canada increased in total cost by 73.1%.
Major Crude Oil Suppliers Creating US Trade Deficits
America also produces and sells its own crude oil on international markets. In 2021, the United States shipped $69.4 billion worth of crude oil to its global trade partners. Nevertheless, revenues from its exported crude oil equal about half of the $138.4 billion that the US spent on imported crude oil.
Overall, the US product category trade deficit for crude oil was -$69 billion for 2021. That amount of red ink reflects a -40.7% reduction from the -$116.5 billion deficit during 2017 but a 113.6% increase from the -$32.3 billion deficit in 2020.
Below you will find the 15 countries that caused America a subtotal -$124.2 billion deficit from buying and selling crude oil on international markets in 2021.
- Canada: -US$72.3 billion (product deficit up 82.2% since 2020)
- Mexico: -$13.2 billion (up 48.3%)
- Saudi Arabia: -$9 billion (up 18.9%)
- Russia: -$4.8 billion (up 242.3%)
- Colombia: -$3.82 billion (up 16.7%)
- Iraq: -$3.77 billion (up 16.8%)
- Ecuador: -$3.77 billion (up 39.5%)
- Nigeria: -$2.9 billion (up 137%)
- Libya: -$2.19 billion (up 893.5%)
- Brazil: -$2.17 billion (up 119.3%)
- Guyana: -$2.12 billion (up 244.3%)
- Ghana: -$1.4 billion (up 237.6%)
- Angola: -$1 billion (up 116.4%)
- Trinidad/Tobago: -$983.3 million (up 39.6%)
- Argentina: -$760.2 million (up 44.1%)
The US experienced expanding negative trade balances from 2020 to 2021 at the fastest pace with: Libya (up 893.5%), Guyana (up 244.3%), Russia (up 242.3%), Ghana (up 237.6%), Nigeria (up 137%), Brazil (up 119.3%) and Angola (up 116.4%).
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 2021.
For example, America captured about $53.7 billion in positive cashflow from the following 15 countries.
- India: US$9.5 billion (product surplus up 116.1% since 2020)
- South Korea: $8.5 billion (up 91.3%)
- Netherlands: $7.2 billion (up 56.9%)
- China: $5.9 billion (down -13.1%)
- United Kingdom: $4 billion (up 18.7%)
- Taiwan: $3.5 billion (up 37.4%)
- Singapore: $3.3 billion (up 151.1%)
- Italy: $2.6 billion (up 20.2%)
- France: $2.4 billion (up 77.4%)
- Spain: $1.9 billion (up 85.7%)
- Germany: $1.8 billion (up 17.8%)
- Denmark: $855.5 million (up 60.9%)
- Ireland: $822 million (up 20.2%)
- Thailand: $819.8 million (down -32.1%)
- Sweden: $538.2 million (down -13.5%)
On a percentage basis from 2020 to 2021, the US expanded its per-country crude oil surpluses at the greatest pace with the following trading partners: Singapore (up 151.1%), India (up 116.1%), South Korea (up 91.3%), Spain (up 85.7%) and France (up 77.4%).
There were 3 percentage decliners year over year among America’s leading crude oil suppliers listed above. These were Thailand (down -32.1%), Sweden (down -13.5%) and mainland China (down -13.1%).
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
Research Sources
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on March 15, 2022
International Trade Centre, Trade Map. Accessed on March 15, 2022
Wikipedia, List of crude oil products. Accessed on March 15, 2022
Wikipedia, List of countries by oil production. Accessed on March 15, 2022
Wikipedia, List of largest oil and gas companies by revenue. Accessed on March 15, 2022
Wikipedia, Petroleum. Accessed on March 15, 2022
