US oil exports grow

US crude oil exports also set a record-high monthly average in June 2019 at 3.2 million bpd.

The US is still one of the world’s largest importers of crude oil: in the first half of 2019, US imports of crude oil less exports (net imports) averaged 4.2 million bpd compared with 6.1 million bpd in the first half of 2018. Increases in US domestic crude oil production have resulted in reduced imports and increased exports.

Canada remained the top destination for US crude oil exports, but volumes exported to Canada did not change much between the first halves of 2018 and 2019. By contrast, US crude oil exports to most other major destinations have increased.

The top regional destination for US crude oil exports was Asia and Oceania at 1.3 million bpd in the first half of 2019. US crude oil exports to these countries collectively increased by 472 000 bpd (58%) compared with the same period in 2018, and exports to countries such as South Korea, India, and Taiwan more than doubled. China has been an exception to this regional trend: US crude oil exports to China in the first half of 2019 averaged 248 000 bpd, or 64% less than the same period last year.

US crude oil exports to Western European destinations averaged 824 000 bpd in the first half of 2019, or 66% more than in the first half of 2019. First-half 2019 exports to the Netherlands increased 173 000 bpd (192%) and exports to the UK increased 74 000 bpd (53%) compared with the first half of 2018.

Read the article online at: https://www.hydrocarbonengineering.com/special-reports/04102019/us-oil-exports-grow/