by Argus Daily Spotnight:
Ask anyone on Main Street the following question: From what nation does the U.S. import most of its oil?”
You might get a dozen different answers (and, in fact, we received a few nonexistent countries as responses). To people outside the investment industry, the real answer is a bit surprising.
According to the latest import data from the Department of Energy’s Energy Information Administration, the U.S. imported a total of 341.329 million barrels of crude oil and products during February. Non-OPEC member sent 202.574 million barrels (~60%), while OPEC (11 members) shipped 138.755 million barrels (~40%). But the top four oil-importing countries were Canada (70.419 million barrels), Mexico (38.2 million barrels), Venezuela (31.965 million
barrels) and Saudi Arabia (31.233 million barrels). Canada has the second largest amount of reserves, following Saudi Arabia.
Bilibala's comments:
There is some political issues here, USA prefer to import oil from Canada instead of Middle East. However, even Canada has the second largest amount of reserves, following Saudi Arabia. Those reserve are mainly oil sand.
For Saudi Arabia, production cost is only $2/barrel but in Canada, it cost $45-55/barrel. Due to the political reason, USA has to keep Canada's oil companies profitable so that USA can rely lesser from Middle East. Therefore, oil price for sure will rise at least above $60/barrel.
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