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America's Electric Grid Has A $2 Trillion Problem

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Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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U.S. Doubles Oil Exports In 2018

The United States nearly doubled its oil exports in 2018, the Energy Information Administration reporting on Monday, from 1.2 million barrels per day in 2017.

The 2.0 million barrels of oil per day exported in 2018 was in line with increased oil production, which averaged 10.9 million barrels per day last year, and was made possible by changes to the Louisiana Offshore Oil Port (LOOP) which allowed it to load VLCCs.

The changes to LOOP and to the sheer volume of exports were not the only changes for the US crude oil industry. The destination of this oil shifted in 2018 as well, and even shifted within the year as the trade row between China and the United States took hold.

Overall, Canada remained the largest buyer of US oil in 2018, at 19% of all oil exports, according to EIA data. During the first half of 2018, the largest buyer of US crude oil was China, averaging 376,000 barrels per day. Due to the trade row, however, US oil exports to China fell to an average of just 83,000 barrels per day in the second half, after seeing zero exports to China in the months of August, September, and October.

Overall in 2018, after Canada, the second highest purchaser of US oil was South Korea, followed by third-place China.

In March, the IEA said that these rising US exports adds another layer of global supply security to the mix, predicting that US oil exports will reach 4 million barrels per day net export by 2024. This security in the market on the back of not only US oil production but also US oil exports could seek to limit higher oil prices should Russia and OPEC members zealously adhere to their production cut quotas that are set to be reviewed in June. 

By Julianne Geiger for Oilprice.com

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Leave a comment
  • Mamdouh Salameh on April 16 2019 said:
    Despite exporting an average of 2 million barrels a day (mbd) in 2018, the United States imported 9.6 mbd during the same year.

    The projection by the International Energy Agency (IEA) that US exports will reach 4 mbd by 2024 at a time of a confirmed slowdown in US shale oil production is as ludicrous as the IEA’s other projection that US oil production will be bigger than the combined production of Russia and Saudi Arabia at 25 mbd by 2025.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • Anony mous on April 16 2019 said:
    We are already at 2.5 MM bopd export as of DEC18. We will grow about 1.5 this year. Probably all of it will go to exports. This means touching 4.0 by end of this year (DEC19). Not 2024. But this year!

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