Canada’s U.S. Oil Imports Dwarf Saudis’ Share: Chart of the Day
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Canada’s share of U.S. oil imports is dwarfing Mexico and Saudi Arabia, as the country is faced with few outlets for its growing oil sands production.
The CHART OF THE DAY tracks the proportion of U.S. crude oil imports supplied by Canada, Saudi Arabia and Mexico since November 2004, when each provided a bit more than 15 percent of demand. Canada’s dominance started in 2006, when output from Alberta’s oil sands formations boosted the country’s production to a then-record 3.29 million barrels a day. Its share has climbed to about 42 percent while the others combine for 24 percent, according to data compiled by Bloomberg.