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The U.S. Smashes Another Oil Export Record

Growing U.S. crude oil production and exports have resulted in America selling oil to more destinations around the world than the number of countries from which it imports crude oil, the Energy Information Administration (EIA) said on Tuesday.

A decade ago, the United States was importing crude oil from as many as 37 foreign sources per month, and its exports were restricted almost exclusively to Canada. After the lifting of those restrictions at the end of 2015, U.S. crude oil exports have been on the rise and reaching more destinations.

Between January and July 2019, the largest number of sources of America’s oil imports fell to 27 in any of those months, the EIA has estimated.

On the other hand, the number of destinations for U.S. crude oil exports rose, with exports to as many as 31 destinations per month in the first seven months this year.

Thanks to its growing domestic production—which increased by 2.6 million bpd between January 2016 and July 2019—the U.S. has been importing crude from fewer sources. The domestic production increase has been mostly light sweet crude, which U.S. refiners have accommodated by displacing imports of light and medium crude from countries other than Canada and by raising refinery utilization rates, EIA says. Related: Is Eating Meat Worse Than Burning Oil?

On the other hand, expanding export terminals in the U.S. and global demand for light sweet crude have allowed the U.S. to export oil to more destinations.  

U.S. crude oil exports jumped by nearly 1 million bpd in the first half of 2019 from the same period in 2018 to average 2.9 million bpd between January and June this year, the EIA said earlier this month.

Average U.S. exports of crude oil rose by 966,000 bpd in the first half of 2019, compared to the first half of 2018. In June this year, the U.S. set a monthly average record of 3.2 million bpd of crude oil exports, EIA data showed.

By Tsvetana Paraskova for Oilprice.com

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Leave a comment
  • Mamdouh Salameh on October 22 2019 said:
    When I saw your flashy title I immediately thought that the United States has overtaken both Saudi Arabia and Russia in crude oil exports. It transpired that the world record the United States smashed is that its crude oil imports have come from a smaller number of countries and its oil exports have gone to a larger number of countries. And since US oil exports are estimated at 2.9 million barrels a day (mbd), this means that each of the 37 export destinations received on average 94,000 barrels a day (b/d), not an earth-shattering achievement.

    It is like somebody claiming that he broke the world record by shopping in 20 supermarkets in one day rather than his usual supermarket. So what and how pathetic?

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • Andrew Doolittle on October 22 2019 said:
    That's not a lot of money actually compared to US lng and US lpg. Nice jump in Boeing today.

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