• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes Middle East on brink: Oil tankers attacked off Oman
  • 8 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 7 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 2 hours The Inconvenient Truth Of Electric Cars
  • 5 hours Iran downs US drone. No military response . . Just Completely Destroy their Economy. Can Senator Kerry be tried for aiding enemy ?
  • 1 hour Oil Demand Needs to Halve: Equinor
  • 7 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 9 hours Ireland To Ban New Petrol And Diesel Vehicles From 2030
  • 4 hours Solar Panels at 26 cents per watt
  • 9 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 2 hours The Plastics Problem
  • 10 hours Wonders of Shale - Gas, bringing investments and jobs to the US
  • 10 hours NATO Article 5: Attack on one member is attack on all. Members all must come to defense . . . NOT facilitate financial transactions to circumvent and foil US Sanctions. Somebody please tell Angela.
  • 5 hours Section 232 Uranium
  • 3 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 3 hours Huge UK Gas Discovery
  • 6 hours Hydrogen FTW... Some Day
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

U.S. Oil Exports Hit A Record High

Crude oil exports from the United States hit another record last week, at 2.133 million bpd, as production also continued growing, the Energy Information Administration said. This is the first time U.S. oil exports have breached the 2-million-bpd level. The authority said average daily production stood at 9.55 million barrels, up by 46,000 bpd from a week earlier and from 8.52 million bpd a year earlier.

The EIA data is largely in line with U.S. export data calculated by French energy data provider Kpler. Kpler, which tracks crude oil cargoes globally, noted that the biggest portion of these higher exports went to Europe, which is a bit surprising given that Asia has been hailed as the main destination for U.S. crude.

At 914,000 bpd, U.S. oil shipments to Europe in the week to October 27 rose by 572,000 bpd from the prior week, signaling growing demand for U.S. crude on the continents, Kpler said. At the same time, shipments to Asia have been on the decline. Over the six weeks between September 22 and October 27, Kpler said, shipments to Asia declined by 357,000 bpd or 54 percent.

U.S. exports are seen to continue growing at a healthy rate, displacing OPEC from its key market in Asia. The cartel’s hands are bound by the production cut agreement sealed late last year, and U.S. producers are now taking advantage of the larger spread between Brent and West Texas Intermediate to market their light crude, so similar to Middle Eastern grade, to Asian refiners.

Related: Oil Prices Fly Higher On EIA Report

Last year, the top 10 destinations for U.S. crude were led by Canada, with the Netherlands a distant second, and Curacao at number three. In the first seven months of this year, Canada’s share of U.S. exports fell from 60.7 percent to 34 percent, while China’s share rose from 3.7 percent to 20 percent as of July 2017.

This share could rise further: earlier this month, sources told Reuters that China’s—and the world’s—top oil refiner, Sinopec, was planning two projects in the U.S. that would expand export capacity on the Gulf Coast. One of the projects involves the construction of a pipeline to carry crude from the Permian to the Gulf Coast, and a loading terminal capable of loading VLCCs, which can carry up to 2 million barrels of oil.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment
  • Tina Lewis on November 02 2017 said:
    What do you expect with refinery running at about 85%. Commercial crude inventories decreased 5.8m bbl. The SPR is down about 25m bbl this year, which nobody seems to be talking about.

    The overall picture is a tightening market and the bears are panicking before the next margin call.
  • Jeffrey J. Brown on November 02 2017 said:
    My only comment is my usual 2¢ worth that what the energy agencies call "Crude oil" is actually Crude + Condensate (C+C), and in my opinion the C+C inventory numbers continue to distort the actual global and US crude oil inventory numbers.

    If we look at the gross crude oil import number for the US, refineries in the US are dependent on foreign crude oil sources for about half of the C+C inputs into US refineries. On a net basis, subtracting out C+C exports, US refineries were dependent on net crude oil imports for 34% of C+C inputs into US refineries. However, this 34% number is not sustainable, since a good deal of recent C+C exports consist of inventory drawdowns.

    US C+C exports (probably mostly condensate and high gravity crude oil) have probably been high of late because I suspect that there is probably a demand now for the excess condensate inventory in the US, after Iran drew down their condensate inventories.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News