According to the EIA’s Weekly Petroleum Status Report (WPSR) released today, oil imports into the U.S. plummeted for the week ending December 26 to under 5 MMb/d. This decline of more than 1.1 MMb/d reduced imports to their lowest level since February of 2021.
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The early signs of a rebound can be seen in Venezuela, where crude oil production and exports are on the rise, although plenty of unknowns remain. Today, we look at how much Venezuelan crude is reaching the U.S., how the U.S. import slate has changed, and preview our latest Drill Down Report.
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Net Imports of Crude Oil Plummet to Record Low
According to the EIA’s Weekly Petroleum Status Report (WPSR) for the week ended April 10, U.S. crude balances snapped tighter in a hurry this week, with imports and exports moving in opposite directions like two gears suddenly misaligned.
- Analyst Insight
Crude Oil Imports Skyrocket to Highest Level Since November 2024
According to the EIA's Weekly Petroleum Status Report (WPSR) released this morning, U.S. crude imports came roaring back for the week ended March 13. Volumes soared to 7.2 MMb/d, a level that not only sits roughly 700 Mb/d above the 2026 YTD average but also marks the strongest week since November 2024.
