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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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U.S. Oil Exports Hit Record High

  • Last week, U.S. exports of crude oil and petroleum products hit 11.8 million barrels per day, marking an all-time high.
  • The record came just days before the EU embargo on imports of Russian crude oil by sea came into effect.
  • Seaborne exports of U.S. crude oil exceeded 7.1 million bpd, which also marked an all-time high.

U.S. exports of crude oil and petroleum products hit an all-time high of 11.8 million barrels per day (bpd) last week, The Maritime Executive reports

In the week to November 25, a total of 11.776 million bpd of U.S. crude and petroleum were exported, the latest data from the U.S. Energy Information Administration showed.  

The jump in American crude and product exports came days before the EU embargo on imports of Russian crude oil by sea, which came into effect on December 5, along with a price cap set by the EU and G7 at $60 per barrel for Russia’s crude, if traders want to use Western maritime transportation services for shipping Russian oil.

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Of all the 11.8 million bpd of American crude and products exported last week, seaborne exports of U.S. crude oil exceeded 7.1 million bpd, an all-time high, according to TankerTrackers.com. The tanker-tracking service counted 15 very large crude carriers (VLCCs) or ultra-large crude carriers (ULCCs)—each capable of transporting 2 million barrels of oil—departing U.S. ports last week, it said on Monday.

According to the EIA’s data, weekly American crude exports have also set records multiple times in recent weeks.

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The United States has ramped up exports of crude as the EU looks to non-Russian supply due to the embargo. In fact, U.S. exports of crude and petroleum products have been steadily rising this year, especially after the Russian invasion of Ukraine upended energy trade flows and buyers started shunning Russian products or began preparations to purchase non-Russian supplies.

The Port of Corpus Christi, Texas, for example, has set records this year in tonnage exported, largely due to crude oil exports. In the third quarter, the port beat its previous record from the second quarter, driven in large part by record exports of crude oil.

“In these times of uncertainty, moving America’s energy to other U.S. demand centers and our overseas allies and trading partners has never been more critical for our economic and national security,” said Sean Strawbridge, Chief Executive Officer for the Port of Corpus Christi.

By Tsvetana Paraskova for Oilprice.com

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  • Mamdouh Salameh on December 06 2022 said:
    The United States consumed on average 20.40 million barrels a day (mbd) in 2022 and produced 11.7 mbd as claimed the US Energy Information Administration (EIA). This means that the United States’ estimated net crude oil imports averaged in 2022 8.7 mbd.

    Therefore the EIA’s claimed US exports of 11.78 mbd (7.1 mbd of crude and 4.68 mbd of petroleum products) is highly unusual to say the least though it is possible that the oil might have come from the 190 million barrels that the US withdrew from its SPR. If so it could be a one off.

    Moreover, whatever oil and petroleum products the US claims to export can’t be counted as real net exports since the exported extra light crude is exchanged for medium and heavier crudes suitable for American refineries whilst the exported petroleum products are refined from imported crude and then exported.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert
  • George Doolittle on December 06 2022 said:
    Once Freeport LNG is back online finding enough US Dollars in the World to in fact pay for all of this energy product the USA is being *FLOODED BY* will not be easy. The USA obviously does not consume 20 million barrels of oil per day in the least as well and certainly not that much during an economic recession coinciding with a massive boom in *ELECTRONIC WASTE* known as pure Battery Electric Vehicles.

    Anyhow the USA refining and integrated oil Industry is minting money at the moment as now is true of select heavy equipment names such as $de John Deere and $cat Caterpillar plus respective parts suppliers such as PACCAR. Even Boeing and $ge General Electric have had a big jump the past few Months. Toyota sales were spectacular November, 2022 goodcarbadcar.com

    Long $hmc Honda Motor Corporation
    Strong buy

    Garmin might very much be on sale at the moment as well #fitness_watch

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