EIA: U.S. Imports of Venezuelan Oil Up for 2nd-Straight Wk


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- U.S. imports of Venezuelan crude rose for the second 
consecutive week, while purchases of Mexican crude hit a two-month low during 
the week ended March 6, most recent data from the U.S. Energy Information 
Administration showed.

   Venezuelan oil arrivals rose by 89,000 bpd to 232,000 bpd on the profiled 
week and were 84,000 bpd higher than the volume imported in the same week last 
year, according to data from the  EIA's Weekly Petroleum Status Report released 
Wednesday (3/11) .

   Shipments of Venezuelan grades to the U.S. have risen since January after 
U.S. forces captured Venezuela's President Nicolas Maduro, resulting in the 
creation of an interim administration that has ceded custodianship of 
Venezuelan oil to the White House. 

   While Venezuelan imports are rising, U.S. imports of Mexican crude dropped 
by 105,000 bpd to 140,000 bpd in the week ended March 6. This was the lowest 
volume recorded so far this year and since December 26, when they were 71,000 
bpd. 

   Year-over-year, Mexico's crude shipments fell by 173,000 bpd, the EIA data 
showed.

   Such decline is driven by state-owned Pemex's policy of prioritizing 
domestic refining to meet government mandates for energy sovereignty. Imports 
from Colombia, Ecuador and Brazil saw steep declines on the week, following a 
similar trend to Mexico's. 

   Other major import sources saw significant shifts as market participants 
tracked supply risks amid the ongoing conflict in the Middle East. Canadian 
crude shipments expanded by 297,000 bpd to 4.227 million bpd, above the 3.940 
million bpd recorded in the same week of last year. 

   U.S. imports of Saudi Arabian crude climbed by 87,000 bpd to 607,000 bpd and 
were above 277,000 bpd reported in the same week last year.

   Iraqi shipments increased by 155,000 bpd to 309,000 bpd during the reference 
week, but were nearly half the volume imported in the same week of last year, 
when it amounted to 170,000 bpd.

   These flows from the Middle East remain under intense scrutiny as the 
regional war, which has shuttered the Strait of Hormuz, continues to threaten a 
critical artery for one-fifth of global petroleum cargoes.

   Nigeria's imports also retreated in the reference week, falling by 46,000 
bpd to 156,000 bpd, compared to zero imports reported in the same week of last 
year, as the country struggles with persistent structural constraints and 
upstream disruptions




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