World Oil Exports; US Oil Imports; and a Few Thoughts on Canada

The major thing we note from Figure 1 is that the peak in oil exports seems to be in 2005, with recent exports down less than two percent. If oil production in 2009 is down, it is likely there will be a bigger drop off exports than in prior years. The two major exporting countries are Saudi Arabia and Russia. The graph seems to indicate that at least thorough 2008, exports are relatively level for the two large exporters.

In the US graph, the peak in imports is also in 2005, with a much steeper downward slope than in the world export graph. This would suggest that the US is being outbid elsewhere on imports.

On Figure 2, I have shown US imports separately for the largest US sources. The most consistent of the exporters over the period (up until 2009) was Saudi Arabia. Mexico’s exports have been declining, as have those of Venezuela. The only country whose exports to the US have been increasing is Canada.

But if a person looks back at Figure 1, Canada is only a thin light green line near the top of the graph, with relatively little net exports. How can it be ramping up exports to the United States?

The Oil Drum