The Top 15 crude oil exporters to the U.S. for the month of May has been published by the Energy Information Administration, Department of Energy. The following table shows the list of these countries:
Source: Energy Information Administration, Department of Energy
Contrary to popular wisdom, the middle eastern countries are the largest exporter of oil to the U.S. Our northern neighbor Canada takes that spot. Canada exported 1.7Â million barrels per day. Venezuela came at second with 1.2 million and Mexico at 1.0 million barrels per day. All the top three countries are in the western hemisphere. The only middle eastern country in the top 5 was Saudi Arabia. The top 5 countries accounted for 63%Â and the top 10 accounted for 83% of all crude oil imports in May.
The above list is interesting since none of the middle eastern countries took the top spot. The U.S. considers Canada as a strategic source of crude oil. Canada benefits tremendously due to the due to the this huge oil trade with us. None of the Mexican oil companies are listed in the U.S. However many Canadian oil companies and Canadian Royalty Trusts trade in the U.S markets. Some of the Canadian companies available as inter-listed stocks in the U.S. include Encana(ECA), Suncor (SU), Canadian Natural Resources Limited (CNQ),Â Imperial Oil Ltd. (IMO).