RoydadNaft –  U.S. crude oil imports dropped to their lowest level in nearly five years last week, according to Energy Information Administration (EIA) data, as companies moved to avoid a significant year-end property tax on stored oil inventories.

Imports fell to 4.95 million barrels per day (bpd) for the week ending December 26—the lowest since February 2021.

“The ad valorem tax is putting real pressure on crude imports,” said John Kilduff, partner at Again Capital. “Especially late in December, companies delay or minimize building inventories of crude and refined products.”

Lower imports, combined with strong refinery runs, contributed to a draw in U.S. crude stockpiles, per the EIA report.

Imports from Mexico hit a record low of just 71,000 bpd that week—below the previous all-time low of 131,000 bpd set in late November 2025.

Mexico’s state-owned Pemex has seen its crude and condensate production slump to around 1.6 million bpd, a sharp decline from the 3.4 million bpd it pumped two decades ago.