Monday, February 1, 2010

Largest Oil-Exporting Countries to the U.S.

From the Energy Information Administration:

(Chart cut-off slightly, but data shown is relevant)
Crude Oil Imports (Top 15 Countries)
(Thousand Barrels per Day)
CountryNov-09Oct-09YTD 2009Nov-08YTD 2008

CANADA
MEXICO
NIGERIA
SAUDI ARABIA
VENEZUELA
IRAQ
ANGOLA
KUWAIT
BRAZIL
ALGERIA
COLOMBIA
RUSSIA
ECUADOR
EQUATORIAL GUINEA
LIBYA


I find it interesting that politicians and the media often talk about how the U.S. needs to break its reliance on oil from the Middle East. The data, however, shows we get more than 50% of our oil from our neighboring countries. Perhaps the politicians are trying to spur investment into alternative energy by skewing the situation into a national security problem.

One other thing to look out for: Follow the production rates in Canada's Alberta province oil-sand projects. If Canada begins to export more oil to the U.S., then movements in the price of oil will have a more dramatic effect than usual on the value of the Canadian dollar.

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