US Imports of Crude Oil Increase for First Time Since 2010

The importation of crude oil in the United States has grown for the first time since 2010, the Energy Department said.

WASHINGTON (Sputnik) — The United States’ importation of crude oil increased 7 percent during the first half of this year, the first such uptick since 2010, the US Department of Energy said in a press release Friday.

U.S. crude #oil imports increase during first half of 2016, the first increase since 2010 https://t.co/bweeCFqAWb #oilimports #energytrade pic.twitter.com/0Njplg1aXJ

— EIA (@EIAgov) 21 октября 2016 г.

​"US gross crude oil imports increased by 528,000 barrels per day (b/d), or 7 percent, during the first half of 2016 compared to the first half of 2015," the release from the department’s Energy Information Administration (EIA) stated. "This increase reverses a multiyear trend of decreasing US crude oil imports as a result of increasing US production."

Amid the overall rise, there were increased US gross imports of crude from Nigeria, Iraq and other members of the Organization of the Petroleum Exporting Countries. However, increased importation from Canada was offset by a decline in imports from Mexico, the EIA’s release said.

A significant factor in the increase during the first six months of 2016 was a change in price spreads for crude, according to the release.

The EIA forecasts increased annual US imports of crude for both 2016 and 2017, the release added.