Crude oil imports of developed and developing countries as China or India declined in February, as economic recession reduced demand of oil, something that pushed oil prices in lower levels during past month.
‘As the Monthly Oil Market Report of OPEC underlines US crude oil imports declined in February to average 9.02 mb/d, about 8.3% or 821,000 b/d lower compared to the previous month, and 6.1% lower than the same month a year earlier. February’s crude imports were also 7.7% lower than the average imports in 2008 of 9.77 mb/d. Similarly, US Product imports declined, by 8.4%, or 279,000 b/d in February compared to the previous month to average 3.05 mb/d, yet were 1.6% higher than at the same month the previous year. Finished motor gasoline imports dropped by 43,000 b/d or 19% in February compared to the previous month to reach 180,000 b/d and down by 49% compared to a year ago. Distillate fuel oil imports increased by 62,000 b/d or 10% in February compared to the previous month to average 311,000 b/d. This level of imports indicates a 25% increase compared to the same month last year. Residual fuel oil imports declined by 63,000 b/d or 13% in February compared to the previous month, reaching about 420,000 b/d or 36% higher than in the same month a year earlier.Jet fuel imports in February averaged 59,000 b/d, about 11% higher than in the previous month,but 42% lower than in the same month a year earlier.