Ever wondered where the United States imports its oil from?
Howmuch.net came out with some infographics to show that from 2000 to 2015. What we would highlight here is the notable shift from the U.S. depending heavily on Middle East countries and Mexico, to depending more on America's neighbor to the north, Canada.
In 2000, the U.S. imported 661 million barrels of oil from Canada, 503 million barrels from Mexico, and a combined 902 million barrels from Iraq, Saudi Arabia, and Kuwait.
Here is 2005, which we note Iraq's decline after the U.S. decided to take over…
In 2010, a notable decline in Mexico, Saudi Arabia, Iraq, and Kuwait occurs, while Canada becomes a much more significant source of oil.
And here is 2015, in which the U.S. imports a whopping 1.37 billion barrels of oil from Canada, while Mexico provides 277 million (a 44.9% decrease from 2000 levels), and Iraq, Saudi Arabia, and Kuwait combine for just 544.9 million barrels, a 39.6% decrease from levels in 2000.
In seeing this, it's little wonder that OPEC has a keen interest in not cutting supply, as they know full well that lower oil prices will eventually (if not already) take out competition in the U.S. and Canada. Now we can see visually how one of the world's largest importers of oil is shifting its preference, and should help everyone understand OPEC's "totally unpredictable" inability to come to an agreement on oil production cuts.
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