US exports of crude oil, petroleum products in Nov beats imports
FOR the first time since 1991 the US exported more crude oil and petroleum products than it imported in the last week of November
FOR the first time since 1991 the US exported more crude oil and petroleum products than it imported in the last week of November.
From November 24-30, the United States exported an estimated record 3.2 million barrels per day (b/d) of crude oil and an estimated 5.8 million b/d of petroleum products such as distillate fuel oil, motor gasoline and propane, according to the US Energy Information Administration's Weekly Petroleum Status Report.
This single-week estimate is part of a longer-term trend of decreasing imports of crude oil and rising exports of petroleum products and crude oil.
United State crude oil production has grown in recent years, setting a record of 11.5 million b/d in September, while US crude oil imports have fallen. After averaging a record high of 10.1 million b/d in 2005, gross crude oil imports fell to an average of 7.3 million b/d in 2014. Since then annual crude oil imports have increased slightly, averaging 8.0 million b/d in 2017.
At the same time, US refinery runs have been at record-high levels. The surge in refinery output of petroleum products has surpassed growth in US consumption of petroleum products such as distillate fuel oil, gasoline and propane, leading to an increase in petroleum product exports.
As a result, the United States has been in a long-term trend of declining net imports of crude oil and petroleum products. However, the United States still imports more crude oil than it exports: in September 2018, the most recent monthly data, the United States imported 7.6 million b/d and exported 2.1 million b/d.
The uptick in US crude oil exports occurred despite the United States exporting no crude oil to China in August and September. Before August, China was the second-largest destination for US crude oil exports, receiving an average of 378,000 b/d in the first seven months of 2018.
The drop in US crude oil exports came after the Chinese government temporarily included US crude oil on a list of goods subject to higher import tariffs in addition to a narrowing difference between international crude oil prices and US crude oil prices.
In August and September 2018, exports to other Asian nations such as Taiwan, South Korea and India partially offset the drop in US crude oil exports to China.