U.S. crude oil imports down 15 percent

WASHINGTON, Oct. 29 (UPI) -- Total U.S. crude oil imports for the first nine months of the year are down 15 percent from two years ago, Energy Information Administration data show.

EIA published monthly data for the U.S. energy sector. For the first nine months of 2014, the United States imported an average 7.4 million barrels per day of crude oil, down from the 8.7 million bpd reported during the same period in 2012.

In its latest weekly report, EIA said the country imported around 7.4 million barrels of oil for the week ending Oct. 10, down 7.4 percent from the same week in 2013.

In his latest economic address to the nation, President Barack Obama said the country is producing more than it imports for the first time in nearly two decades. He set a goal in 2012 to cut imports by half by 2020, but expects to meet that goal six years ahead of schedule.

An increase in U.S. oil production from shale has led to a corresponding decrease in imports of oil sourced from foreign countries.

Canada is the No. 1 oil exporter to the United States. Exports from Canada are down 9 percent for the first seven months of 2014 compared with 2012.

Total exports from members of the Organization of Petroleum Exporting Countries are down nearly 22 percent from 2012.