America’s top 15 suppliers of crude oil in 2020 generated 97.4% of US purchases from foreign markets.

Over three-quarters (76.8%) of the overall cost of buying unprocessed petroleum came from suppliers in Canada, Mexico and Saudi Arabia.

1. Canada: US$46.2 billion (56.6% of total US imported crude oil)
2. Mexico: $8.9 billion (11%)
3. Saudi Arabia: $7.6 billion (9.3%)
4. Colombia: $3.5 billion (4.3%)
5. Iraq: $3.2 billion (4%)
6. Ecuador: $2.7 billion (3.3%)
7. Brazil: $1.7 billion (2%)
8. Russia: $1.4 billion (1.7%)
9. Nigeria: $1.2 billion (1.5%)
10. Trinidad/Tobago: $648.2 million (0.8%)
11. Guyana: $558.8 million (0.7%)
12. Argentina: $527.7 million (0.6%)
13. Angola: $469.5 million (0.6%)
14. United Kingdom: $457.9 million (0.6%)
15. Ghana: $403.3 million (0.5%)

Not one among these top suppliers increased the value of its crude oil sold to America from 2019 to 2020.

Leading the decliners year over were Nigeria (down -54%), United Kingdom (down -70.4%), Russia (down -59.4%), Brazil (down -55.2%) and Iraq (down -54%).

The least severe drops were experienced by suppliers in Mexico (down -27%), Trinidad and Tobago (down -29.6%), Canada (down -30.3%) and Ghana (down -30.9%).

America also produces and sells its own crude oil on international markets. In 2020, the United States shipped $50.3 billion worth of crude oil to its trade partners globally. Nevertheless, revenues from its exported crude oil are almost 60% of the $81.6 billion that the US spent on imported crude oil.

Overall, the US product category trade deficit for crude oil was -$31.3 billion for 2020. That amount of red ink reflects a -68.2% reduction from the -$98.6 billion deficit during 2016 and a -53.3% decrease from the -$67 billion deficit in 2019.

Below you will find the 15 countries that caused America’s subtotal -$72.1 billion from buying and selling crude oil on international markets in 2020.

1. Canada: -US$39.7 billion (product deficit down -29.5% since 2019)
2. Mexico: -$8.9 billion (down -26.8%)
3. Saudi Arabia: -$7.5 billion (down -34.6%)
4. Colombia: -$3.24 billion (down -46.6%)
5. Iraq: -$3.23 billion (down -54%)
6. Ecuador: -$2.7 billion (down -37.6%)
7. Russia: -$1.4 billion (down -59.4%)
8. Nigeria: -$1.2 billion (down -72.9%)
9. Brazil: -$1.1 billion (down -56.5%)
10. Trinidad/Tobago: -$648.2 million (down -29.6%)
11. Guyana: -$558.8 million (no 2019 data)
12. Argentina: -$527.7 million (down -35.6%)
13. Angola: -$469.5 million (down -38.5%)
14. Ghana: -$403.3 million (down -30.9%)
15. Kuwait: -$387.1 million (down -64.5%)

American trade deficits for crude oil narrowed from 2019 to 2020 with all of the above top trading partners.

The US was able to pare down the size of its negative trade balances since 2019 at the fastest pace with: Nigeria (down -72.9%), Kuwait (down -64.5%), Russia (down -59.4%), Brazil (down -56.5%) and Iraq (down -54%).

The United States did earn surpluses from the international crude oil exported to, imported from or both with 44 trading partners in 2020.

For example, America captured about $37.1 billion in positive cashflow from the following 15 countries.

1. China: US$6.8 billion (product surplus up 60.9% since 2019)
2. South Korea: $4.6 billion (down -51.1%)
3. Netherlands: $4.5 billion (down -25.8%)
4. India: $4.3 billion (down -22.2%)
5. United Kingdom: $3.6 billion (down -4.2%)
6. Taiwan: $2.6 billion (down -26.2%)
7. Italy: $2.2 billion (down -19.3%)
8. Germany: $1.6 billion (up 138.1%)
9. Singapore: $1.4 billion (down -23.3%)
10. France: $1.25 billion (down -30.8%)
11. Thailand: $1.23 billion (down -48.8%)
12. Spain: $1.07 billion (down -2.1%)
13. Ireland: $667 million (down -29.7%)
14. Denmark: $639.7 million (down -0.1%)
15. Sweden: $599.9 million (up 429.3%)

On a percentage basis from 2019 to 2020, the US expanded its crude oil surpluses with 3 major trading partners. Specifically, these were Sweden (up 429.3%), Germany (up 138.1%) and China (up 133%).

Leading the percentage decliners year over year in terms of American crude oil surpluses by top countries South Korea (down -51.1%), Thailand (down -48.8%), France (down -30.8%), Ireland (down -29.7%) and Taiwan (down -26.2%).