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OECD countries’ crude oil imports fell in 2020

Oil&Gas Materials 12 April 2021 14:18 (UTC +04:00)
OECD countries’ crude oil imports fell in 2020

BAKU, Azerbaijan, Apr.12

By Leman Zeynalova - Trend:

Total imports of crude oil, NGL and refinery feedstocks to individual OECD countries (Organization of Economic Cooperation and Development) were 13.1 percent lower in 2020 than in 2019, Trend reports citing the International Energy Agency.

This trend was observed across all OECD regions, and OECD Europe led this decline (-12.4%) in absolute terms. The OECD Americas experienced a 13 percent decrease, followed by OECD Asia Oceania (-14.5 percent).

In 2020, Canada had the largest share of imports of crude oil, NGL and refinery feedstocks to OECD countries (+7.8 percent), taking the lead from Russia, which is now the second largest contributor (+7 percent). Despite providing fewer imports to OECD countries, due to lower demand and OPEC+ efforts to balance supply amidst the Covid-19 pandemic, Saudi Arabia saw its share increasing from 6 percent to 6.8 percent in 2020. The largest increase of imports into the OECD – in absolute terms – was seen from the United States (+4.6 percent), followed by Brazil (+22.8 percent) and Mexico (+6 percent). On the other hand, some countries experienced large declines in their exports to OECD countries, especially Russia (-16.4 percent), Iraq (-33.3 percent) and Libya (-70.9 percent), who eased production mainly to comply with OPEC+ cut agreements.

Total OECD net deliveries 4 of refined products fell by 12.7 percent in 2020 compared to the previous year, a trend seen across all OECD regions.

The OECD Americas saw the largest decrease in absolute terms (-13.5 percent), especially due to decreases in demand of total gasoline (-14.3%), total kerosene (-40.1 percent), and gas/diesel oil (-9.0 percent). 75 percent of the total decline in net deliveries in the OECD Americas can be attributed to the United States.

In OECD Asia Oceania (-10.0 percent), decreases in net deliveries were driven by Japan, who experienced a 10.5 percent decline, thanks to a noticeable drop in deliveries of jet kerosene (-47.1 percent). This trend was visible across all OECD regions, with jet kerosene being 47.6 percent lower in 2020 on a year-on-year basis, as a consequence of flight reductions in order to contain the Covid-19 virus.

Similarly to the other OECD regions, OECD Europe experienced a drop in its net deliveries (-12.7 percent), mainly driven by declines in total kerosene (-51.5 percent) and gas/diesel oil (-8.6 percent). On the other hand, net deliveries of naphtha increased in 2020 (+7.9 percent), driven by increasing demand from the petrochemical sector. By country, France and Spain experienced the largest drops in net deliveries in absolute terms, 14.7 percent and 19.6 percent respectively.

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Follow the author on Twitter: @Lyaman_Zeyn

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