U.S. Energy Imports Hit 40-Year Low — What It Means for Oil Prices and OPEC’s Influence

Oil Man in Texas

16 Jul 2025 — 2 min read

WASHINGTON, D.C. — U.S. net energy imports in 2024 fell to their lowest level since the early 1980s, according to the U.S. Energy Information Administration (EIA). The sharp decline reflects surging domestic output, declining reliance on OPEC, and a near-doubling of imports from Canada — reinforcing America’s status as a global energy power.

📉 Energy imports accounted for just 17% of U.S. consumption in 2024, half of the record share set in 2006 and the lowest share since 1985

This dramatic realignment is reconfiguring geopolitical leverage in oil markets and sending ripples through exporting economies that once depended on the U.S. as a top buyer.

Since 2006, imports from OPEC countries, including Saudi Arabia, Algeria, and Iraq, have decreased 77%
imports from Canada jumped to 4.3 million bpd, more than six times the volume from OPEC nations, making up 61% of total U.S. crude imports.

This reflects not only geological proximity and infrastructure advantage but also geopolitical realignment, with U.S. refiners increasingly favoring stable, heavy crude supply from Canada over risk-prone OPEC barrels.

🔍 Why This Matters for Oil Prices

Brent and WTI spreads remain narrow, with U.S. shale and Canadian imports creating a “North American price floor” that insulates against some global shocks.
Reduced reliance on OPEC cuts the impact of cartel decisions—though tight global balances still give producers pricing power in key markets like Asia and Europe.
U.S. refiners gain optionality: With fewer geopolitical risks and increasing access to light sweet shale and heavy Canadian crude, U.S. downstream margins may remain resilient.

🔋 Energy Independence Reaches Critical Mass

An average of 13.4 million barrels per day (b/d) of crude oil was produced in the United States during August 2024, a new record, according to the EIA

🗣️ “Thank you, fracking" — Steve Everley, Energy communications and public affairs, FTI Consulting

📌 Bottom Line

As imports from OPEC shrink to historic lows and Canada solidifies its role as America’s energy backbone, the US retains it's geopolitical independence with the center of gravity in energy between West Texas and Alberta.

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📉 OPEC's Share Sinks, Canada’s Soars