According to the US Energy Information Administration (EIA), U.S. crude oil exports averaged 2.98 million barrels per day (b/d) in 2019, up 45% (930,000 b/d) from 2018. This progress in U.S. crude oil exports was pushed by growing U.S. crude oil manufacturing, increasing home infrastructure, and growing international demand for gentle, low-sulfur crude oils. The variety of locations for U.S. crude oil exports additionally elevated from 41 to 44. Canada acquired the most important share of U.S. crude oil exports at 459,000 b/d (15%), adopted by South Korea at 426,000 b/d (14%).
Conversely, U.S. crude oil exports to China, the third-largest export vacation spot in 2018, fell by practically 100,000 b/d to common 133,000 b/d in 2019, dropping China to the seventh-largest export vacation spot in 2019.
In the primary half of 2018, the United States exported 389,000 b/d of crude oil to China, which made China the highest vacation spot for U.S. crude oil exports throughout that interval. However, in the summertime of 2018, commerce negotiations between the United States and China and unfavorable costs led China to cut back imports of U.S. crude oil to a median of simply 77,000 b/d.
In 2019, the discount of U.S. exports to China continued; U.S. crude oil exports to China averaged solely 133,000 b/d in 2019 in contrast with 232,000 b/d in full-year 2018. Although U.S. exports to China declined in 2019, U.S. crude oil exports to different locations elevated, most notably to South Korea, the Netherlands, and India.
(Source: EIA – Image: workover job close to Williston, ND)
The submit EIA – US OIL EXPORTS INCREASED TO three MILLION BARRELS PER DAY IN 2019 appeared first on Energy Global News.