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Tuesday, November 13, 2018

European and U.S. oil imports declining




European oil imports are declining for the second year running. Imports from three main sources (Europe, Middle East, Africa) are declining, whereas the share of European oil imports from the Former Soviet Union (FSU) has more than tripled since 1995 to 36.3% of the total, or 4.8 mbd.


The increase in supply from the FSU has more than compensated for the decline in North Sea oil production. European oil supply from its own sources peaked in 1998 when it amounted to 3.7 mbd or 28% of European oil imports. In 2007 it was 2.5mbd or 21% of European oil imports.



U.S. oil imports are also declining, and are projected to decline also in 2008. The supply from North American sources (Mexico and Canada) declined in 2007, after increasing for several years, compensating for the U.S. declining oil production. U.S. oil imports are expected to decline in 2008. Oil supplies to the U.S. from the Middle East, Europe and Africa are pretty much flat, whereas those from Venezuela and Ecuador have been rising somewhat.



The situation for the OECD Asian oil imports (S. Korea and Japan) differs from that of the U.S. and Europe because more than 80% of Asian oil imports are taken from the Middle East. South Korea and Japan have hardly any domestic oil production and only 8% is taken from Asia.


Contact: Erik Ranheim