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US Crude Oil Import Data: Top Crude Oil Importers in the US

The environment of US crude oil imports has changed significantly during the past decade. Crude oil imports are used to supply a major portion of the energy and crude oil needs of the United States. Imports account for over 40% of the US's total petroleum consumption, making them a vital component of the nation's energy balance. In 2023, the United States imported $172.42 billion worth of crude oil, a 16% reduction from the last year. According to US import data, the country imported 1.78 billion barrels of crude oil in the first three quarters of 2024, totaling $133.56 billion.

About 6.48 million barrels of crude oil were imported daily by the US in 2023, for a total quantity of 236.52 million barrels. Crude oil is the most imported commodity in the United States, which is the second-largest importer of the commodity globally, after China. This article will look at the top US crude oil importers and the latest trends and market research about US crude oil imports for 2023–2024.

Import Data and Trends of US Crude Oil Importers

The largest crude oil importers in the United States are ExxonMobil, Chevron Corp., and Valero Energy Corp.

Data from the US crude oil buyers and importers list shows that there are over 2000 verified crude oil importers and purchasers in the United States.

Sixty-six percent of all energy imports into the US are crude oil.

These importers purchase crude oil from more than 3100 suppliers worldwide.

There are now over 28,900 shipments of crude oil into the United States, based on USA shipment data.

The United States imports crude oil from over 100 countries, according to data on imports by country.

Crude oil has the 4-digit HS code 2709, which places it under the HS code 27 for worldwide trade and in the classification of mineral fuels.

USA Crude Oil Importers List: Database of Leading Crude Oil Importers in the US

According to US importer statistics and US crude oil import estimates for 2023–2024, these are the largest 10 American companies that import crude oil:

1. Valero Energy Corporation: Import Value: ~$25 billion

Total Import Quantity: ~230 million barrels

Import Shipments: Over 9,000 annually

Headquarters: San Antonio, Texas

2. Chevron Corporation: Import Value: ~$21 billion

Total Import Quantity: ~190 million barrels

Import Shipments: Over 8,000 annually

Headquarters: San Ramon, California

3. ExxonMobil: Import Value: ~$18 billion

Total Import Quantity: ~165 million barrels

Import Shipments: Over 7,000 annually

Headquarters: Irving, Texas

4. Marathon Petroleum Corporation: Import Value: ~$16 billion

Total Import Quantity: ~150 million barrels

Import Shipments: Over 6,500 annually

Headquarters: Findlay, Ohio

5. Phillips 66: Import Value: ~$14 billion

Total Import Quantity: ~125 million barrels

Import Shipments: Over 5,500 annually

Headquarters: Houston, Texas

6. Motiva Enterprises: Import Value: ~$12 billion

Total Import Quantity: ~110 million barrels

Import Shipments: Over 5,000 annually

Headquarters: Houston, Texas

7. Shell USA (formerly Shell Oil Company): Import Value: ~$10 billion

Total Import Quantity: ~100 million barrels

Import Shipments: Over 4,500 annually

Headquarters: Houston, Texas

8. Tesoro Corporation: Import Value: ~$8.5 billion

Total Import Quantity: ~80 million barrels

Import Shipments: Over 3,500 annually

Headquarters: San Antonio, Texas

9. BP America: Import Value: ~$7.2 billion

Total Import Quantity: ~70 million barrels

Import Shipments: Over 3,000 annually

Headquarters: Houston, Texas

10. HollyFrontier Corporation: Import Value: ~$6 billion

Total Import Quantity: ~60 million barrels

Import Shipments: Over 2,500 annually

Headquarters: Dallas, Texas

Imports of US Crude Oil by Country: US Crude Import Data by Country

The USA imports the majority of its crude oil from Saudi Arabia, Mexico, and Canada. About 3.8 million barrels of crude oil were imported daily from Canada to the United States in 2023, bringing the total import value to $97.18 billion. In total, 370.39 million cubic meters of crude oil were imported into the US. The top ten countries from which the United States imports crude oil in 2023 are:

1. Canada: $97.18 billion (56.4%)

2. Mexico: $20.35 billion (11.8%)

3. Saudi Arabia: $10.81 billion (6.3%)

4. Iraq: $6.01 billion (3.5%)

5. Brazil: $5.90 billion (3.4%)

6. Colombia: $5.59 billion (3.2%)

7. Nigeria: $4.73 billion (2.7%)

8. Ecuador: $3.95 billion (2.3%)

9. Venezuela: $3.45 billion (2%)

10. Guyana: $3.09 billion (1.8%)

Local Crude Oil Consumption in the United States

The USA is one of the biggest consumers of crude oil in the world, with a considerable percentage of its energy demands being met by crude oil and petroleum products. The nation's domestic crude oil consumption is driven by several industries, including shipping, residential, commercial, and industrial demands. The U.S. Energy Information Administration (EIA) recently released data showing that in 2023, the country's daily crude oil consumption exceeded 20 million barrels.

The United States trade policy and regulations on crude oil imports

The US government has implemented several policies and initiatives to manage environmental concerns, promote domestic production, and regulate imports of crude oil. The federal government can impose trade restrictions like tariffs and quotas to regulate imports of crude oil.

One of the main laws affecting the import of crude oil is the Renewable Fuel Standard (RFS), which mandates the use of biofuels such as ethanol and biodiesel in transportation fuels. This program aims to reduce the nation's dependency on imported crude oil and promote the growth of renewable energy sources.

The Environmental Protection Agency (EPA) plays a key role in regulating the crude oil industry by enforcing environmental laws and regulations. These regulations cover many subjects, including greenhouse gas emissions, pollution of the air and water, and the handling and disposal of hazardous materials.

Bottom Line

To sum up, US imports of crude oil are critical to ensuring the nation has a strong and consistent energy supply. Despite being a major producer of crude oil, it imports crude oil to meet its domestic needs. Identifying the impact of the crude oil import market will help policymakers make well-informed decisions to ensure energy security and prosperity in the years to come.