US net petroleum imports climbed to 9.03 million b/d in May as oil exports dipped to an average 2.642 million b/d from April's 2.9 million b/d, which was a monthly record, data released late Thursday by the US Energy Information Administration shows.
The May net import figure represents an increase of more than 1 million b/d since February's 7.93 million b/d, which marked the first time US net imports had fallen below 8 million b/d in almost a decade on a monthly basis.
The net figure is total imports of crude and refined products minus exports, which consist largely of refind products with only miniscule volumes of crude. In May, total imports climbed to 11.7 million b/d from 11.59 million b/d in April, with crude imports accounting for 8.99 million b/d.
US petroleum exports have held steadily above the 2 million b/d mark on a monthly basis since February 2010, when they averaged 2.034 million b/d. On an annual basis, the figure first climbed above 2 million b/d in 2009 with an average 2.024 million b/d. Last year, petroleum exports averaged 2.353 million b/d. Based on the first five months of this year, the 2011 average looks set to be higher still.
Net petroleum imports averaged 9.44 million b/d last year, the lowest annual volume since 1997's 9.16 million b/d.
Crude imports, meanwhile, averaged 8.988 million b/d in May, an increase of 273,000 b/d from April, the EIA data showed.
Canada remained the top supplier at 2.006 million b/d, but the figure was 73,000 b/d below the April level.
Saudi Arabia held on to second place with 1.197 million b/d, up 108,000 b/d from April.
Mexico, in third place, boosted exports to the US by 181,000 b/d to 1.154 million b/d after a 213,000 b/d dip to 973,000 b/d in April.
Venezuela supplied an average 895,000 b/d in May, slightly down from the previous month's 902,000 b/d. Nigerian volumes fell by 48,000 b/d, to 808,000 b/d.
The top five exporting countries accounted for 67% of the US's crude imports in May, the EIA said, adding that the top 10 sources -- including Colombia, Iraq, Angola, Russia and Algeria -- accounted for around 87% of the crude import total.
Canada also remained the top exporter of both crude and products to the US in May, with an average 2.481 million b/d, although this volume was down from April's 2.625 million b/d.
