U.S. Oil Imports from Arab Nations Surpass $17 Billion in 2024
A recent report from the Energy Research Unit has shed light on the dynamics of oil imports to the United States, revealing significant contributions from five Arab countries. As of February 7, 2025, it was noted that U.S. oil imports reached approximately $17 billion for the year, fueled by increased supply from key producers in the region.
Rising Imports and Market Share
The report highlights that U.S. oil imports experienced an uptick of 1.5% year-on-year, totaling 2.36 billion barrels, which translates to about 6.45 million barrels per day for the year 2024. Notably, five Arab nations—Saudi Arabia and Iraq at the forefront—accounted for 9% of all U.S. crude oil imports during this period.
Data compiled indicated that the volume of oil imported from Saudi Arabia, Iraq, Libya, the United Arab Emirates (UAE), and Kuwait reached around 208 million barrels. This figure represents 8.8% of total U.S. oil imports for the previous year.
Breakdown of Major Oil Suppliers
The Energy Research Unit’s findings further detail the contributions of individual countries, providing a clear view of U.S. oil imports from Arab nations. Below is a summary of the barrel contributions from each country:
| Country | Barrels Imported (millions) |
|---|---|
| Saudi Arabia | 98.14 |
| Iraq | 70.51 |
| Libya | 16.99 |
| UAE | 14.22 |
| Kuwait | 7.83 |
| Total | 208.00 |
For the initial eleven months of 2024, oil exports from these five countries amassed 192 million barrels—translating to an estimated $16 billion in value.
Conclusion
This report underscores the critical role that Arab oil producers play in meeting U.S. energy needs. As demand continues to rise, the interdependence between U.S. oil consumption and Arab oil exports remains vital for the economic landscape of both regions. The statistics presented not only highlight the volume but also emphasize the financial significance of these imports in the broader oil market.
