• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days Does Toyota Know Something That We Don’t?
  • 1 day America should go after China but it should be done in a wise way.
  • 7 days World could get rid of Putin and Russia but nobody is bold enough
  • 9 days China is using Chinese Names of Cities on their Border with Russia.
  • 10 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 10 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 10 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 9 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 23 hours How Far Have We Really Gotten With Alternative Energy
  • 10 days Putin and Xi Bet on the Global South
  • 10 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 11 days United States LNG Exports Reach Third Place
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs

U.S. April Oil Exports Beat Expectations

U.S. crude oil exports for the month of April have surpassed forecasts, hitting a record 4.5 million barrels per day in March thanks to rising fuel demand in China. U.S. crude exports grew 22% last year from 2021 after Russia's invasion of Ukraine led the U.S., the EU, and Canada to ban imports of Russian oil and dramatically altered global flows. 

China is the world’s second largest oil consumer, and has recorded an economic resurgence ever since it rolled back its strict zero-covid policies. April exports to China surged to ~850,000 barrels per day, the highest level since May 2020.

Other experts have pegged U.S. crude exports even higher. According to Y-Charts, U.S. Crude Oil Exports are currently at 4.819M barrels per day, up from 4.571M last week and up from 4.27M one year ago. This is a change of 5.43% from last week and 12.86% from one year ago.

According to Rohit Rathod, a market analyst at Vortexa, overall crude exports in the month of April are expected to only be a few hundred thousand barrels per day less than March, and will remain above 4 million.

Another reason for the surging exports: U.S. crude is cheap.

U.S. crude tends to be quite a bit cheaper than Brent. The average discount in February was $6.47 and nearly $6 less in the first half of March. Foreign buyers tend to increase their purchases of U.S. crude whenever the discount to Brent exceeds $6 per barrel.

Unfortunately, exports are not expected to remain that high in the coming months. Energy Aspects has forecast that May U.S. exports will fall to about 3.78 million bpd as falling Middle Eastern crude prices will lower demand for U.S. grades.

By Alex Kimani for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Mamdouh Salameh on May 01 2023 said:
    US crude oil exports aren’t real exports. They are simply a bartering between the extra light crude the US produces and exports for medium, heavy and and extra heavy crudes it imports for use in American refineries which are tooled to process heavier and sour crudes.

    In 2022 US oil consumption amounted to 20.5 million barrels a day (mbd) against a production estimated at 11.4 mbd thus necessitating an import of 9.1 mbd.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News