U.S. exports of crude oil rose to average 2.9 million barrels per day (Mmbpd) in the first half of 2019, an increase of 966,000 b/d from the first half of 2018, the Energy Information Administration reports.
U.S. crude oil exports also set a record-high monthly average in June, at 3.2 Mmbpd, Kallanish Energy learns.
Despite growing exports, the U.S. is still one of the world’s largest importers of crude oil. In the first six months of 2019, imports of crude less exports (net imports) averaged 4.2 Mmbpd, compared with 6.1 Mmbpd in the first half of 2018.
Canada remained the top destination for U.S. crude oil exports, but volumes exported to Canada did not change much between the first halves of 2018 and 2019, according to EIA. By contrast, U.S. crude oil exports to most other major destinations have increased.
The top regional destination for U.S. crude oil exports was Asia and Oceania, at 1.3 Mmbpd in the first half of 2019. U.S. crude oil exports to these countries collectively increased by 472,000 Bpd (58%) compared with the same period in 2018, and exports to countries such as South Korea, India, and Taiwan more than doubled.
China has been an exception to this regional trend: U.S. crude oil exports to China in the first half of 2019 averaged 248,000 Bpd, or 64% less than the same period last year. The ongoing trade ware between the world’s two largest economies is believed to be the major reason for the drop.
U.S. crude oil exports to Western European destinations averaged 824,000 Bpd in the first half of 2019, or 66% more than in the first half of 2019.
First-half 2019 exports to the Netherlands increased 173,000 Bpd (192%) and exports to the United Kingdom increased 74,000 Bpd (53%) compared with the first half of 2018.
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