Crude oil imports from the Americas reducing share of Iraqi crude imports by the U.S.
Imports of Iraqi crude oil fell to 77 MBOPD in the week ended June 12, 2015, down 170 MBOPD from the previous week. Increased imports of medium- and heavy-grade crude oil from Canada and Latin America is putting more pressure on imports of Iraqi oil, according to a note from Global Hunter Securities.
The global oil glut, which is primarily light crude oil, is also affecting other grades of crude and putting pressure on medium and heavy crudes as well. Imports from Latin America were up to 2.2 MMBOPD from 2.0 the week before, making up 32.86% of total U.S. imports, according to GHS. Canadian imports were also up, reaching 2.8 MMBOPD from 2.6 MMBOPD the week before, and contributing 41.75% of the U.S.’s total crude imports.
Overall imports from the Persian Gulf, which includes both Saudi Arabia and Iraq, were up as well, reaching 1.7 MMBOPD from 1.5 MMBOPD, but about 95% of those imports came from Saudi Arabia, based on the data from GHS.
“We expect continued pressure on Iraq,” said Richard Hastings of GHS. “Medium sours from the Mideast should find long-term penetration in Asian destinations, possibly providing Asian refineries with continued sources of inputs at attractive prices, in our view.”
