US oil imports hit largest 6-month fall since early '90s

07/29/2002
Due to a combination of increased domestic supplies and "exceptionally weak" demand, US petroleum imports fell more than 8% during the first half of this year-the largest 6-month decline in more than a decade-officials at the American Petroleum Institute in Washington, DC, reported.Despite that reduction in volume, however, imports of oil and petroleum products totaled 11.17 million b/d-58% of all US demand-during the first 6 months of 2002, API officials said.Weaker demandUS demand for oil weakened this year as a result of sluggishness in some economic sectors, mild weather during the winter heating season, the switch among industrial customers from fuel oil back to now-cheaper natural g...
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