The U.S. Energy Department said imports from OPEC increased year-on-year, with Saudi Arabia accounting for the bulk of additional oil. While oil production from the United States has increased, the data show the global market is still interconnected.
The U.S. Energy Information Administration reported the amount of petroleum imported from members of the Organization of Petroleum Exporting Countries was 3.57 million barrels per day in December, the last full month for which data are available from EIA.
While only 0.5 percent higher year-on-year, the increase suggests the global energy market is still interconnected despite the success of shale. Imports from Venezuela, the No. 2 OPEC exporter to the United States, declined 22 percent from December 2012 to 846,000 bpd. Petroleum imports from Saudi Arabia in December, however, were 1.5 million bpd, a 47 percent increase year-on-year.
For non-OPEC members, the United States imported about 1 million bpd from Mexico in December, relatively static year-on-year. Imports from Canada, however, rose to 3.3 million bpd, a 5.4 percent increase from December 2012.
President Obama met last week in Riyadh with Saudi officials to reassure one of Washington's more reliable regional allies the bilateral relationship was still important in the era of U.S. oil dominance. Energy independence, however, is the prevailing trend in the U.S. oil market and East Coast refineries that normally rely on foreign crude are sourcing more Bakken oil with increased rail traffic. A strong link to OPEC markets, however, shows the United States won't break off completely. While the glut of North American crude oil will reshape the markets, it can't logistically redefine them.
huffingtonpost