In the wake of the Middle East conflict, international oil prices have experienced increased volatility. Amid this turbulence, U.S. crude oil imports have surpassed the 20% mark for the first time in history during the first half of this year. This shift indicates a significant diversification in oil import sources. Saudi Arabia, previously the top supplier, has seen its share drop to the 30% range. Meanwhile, overall Middle Eastern crude imports have fallen to just over 60%, while American crude has climbed to the mid-20% range.
On Monday, Korea National Oil Corporation’s Petronet reported that total crude oil imports for the first half of the year amounted to 467.12 million barrels, an 8% decrease compared to the same period last year.
Despite the volume decrease, the value of oil imports rose by 8.1% to 41.367 billion USD, driven by surging international oil prices due to the Middle East conflict. The average import price reached 88.56 USD per barrel.
Breaking down the imports by country, Saudi crude oil accounted for 142.47 million barrels, or 30.5% of the total. This represents a 2.6 percentage point decline from the 33.1% share in the first half of the previous year.
U.S. crude oil imports hit a milestone, exceeding 20% for the first time in a half-year period. American oil imports totaled 95.87 million barrels, claiming 20.5% of the total share.
Following the U.S., the United Arab Emirates (UAE) contributed 15.1% of imports, while Iraq and Kuwait accounted for 7.4% and 4.9%, respectively.
From a continental perspective, Middle Eastern crude oil imports declined from 68.7% in the first half of last year to 62.3% this year.
As Middle Eastern oil’s share decreased, imports from the Americas and Africa saw an uptick. The Americas’ share rose from 23.4% to 26.5%, while Africa’s increased from 2.0% to 5.6%.
The export landscape for domestic petroleum products in the first half of the year presented a mixed picture. While export volumes decreased due to restrictions, import prices climbed as a result of supply chain disruptions caused by the Middle East conflict.
Export volume totaled 226.23 million barrels, down 7.5%, but export value surged to 28.174 billion USD, marking a 36.5% increase.