U.S. Becomes Britain's Top Source for Oil Imports- Kpler

Other top exporters to Britain include Algeria, Russia, Nigeria and Canada.

SEATTLE (Oil Monster):  

* Crude oil imports from the United States to Britain in January overtook supplies from other countries for the first time since such shipments began in 2015, data from energy analysts at Kpler showed.

* The United States lifted an oil export ban in 2015.

* British imports of U.S. oil reached 264,000 barrels per day (bpd) last month, compared with Norway's 181,000 bpd in second place and total imports of 738,000 bpd.

* Other top exporters to Britain include Algeria, Russia, Nigeria and Canada.

* 'For UK refiners the economics were right to increase their imports from the U.S. in January while cutting imports from Norway,' Jonathan Leitch, research director for refining and oil product markets at Woodmac, said. 'This may not continue in February and the UK may buy more crude from other regular suppliers such as Nigeria, Algeria and Russia, as well as the U.S. and Norway.'

* Leitch said UK reliance on crude imports from the United States could continue to grow. 'We expect U.S. crude production to grow by a further 1.6 million barrels per day in 2019 and 1.2 million barrels per day in 2020. This means that U.S. crude exports are likely to increase and will need to displace barrels from other regions,' Leitch said.

Courtesy: www.reuters.com