The global appetite for oil has shrunk significantly over the last two years, and the commodity has yet to regain the price level it had before the slump began.
A great number of factors have contributed to and prolonged oil’s collapse, and the fluctuation of US demand has played an important role, as well. This GIF, designed by cost-information website How Much, shows where the US has imported its oil from over the last 15 years.
US oil imports from most countries have fallen since 2000, due in part to the US’s growing domestic production.
Between 1970 and 2008, US domestic oil production fell from over 9.6 million barrels a day to about 5 million barrels a day. Since 2008 it has rebounded to roughly 9.4 million barrels a day, however the number of oil rigs operating in the US has fallen considerably over the last year.
That increase in US oil production, coupled with falling demand for oil around the world, has helped create a glut in the oil market that many producers are still trying to clear today.
In 2000, the US’s three major suppliers in the Middle East — Saudi Arabia, Kuwait, and Iraq, which was under sanctions at the time but still exporting oil under UN guidelines — sent the US just over 900 million barrels. In 2015, those three countries sent the US just under 545 million barrels.
Latin America, too, has seen a marked decline. Mexico’s exports to the US grew from 2000 to 2005, reaching over 600 million barrels, but have fallen over the last decade to 277 million.
Venezuela, which has the largest proven reserves in the world, has seen its exports to the US decline by nearly half since 2000. Underinvestment and mismanagement have also wounded Venezuela’s oil industry — the country now imports oil from the US and elsewhere to dilute the heavy crude it produces.
Africa has seen perhaps the most precipitous decline. Algeria, Nigeria, and Angola sent the US a combined 520 million barrels in 2000. By 2015, that total had plummeted to less than 120 million barrels.
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