U.S. exports more crude oil than any other petroleum product

by Talk Business & Politics staff ([email protected]) 163 views 

Crude oil became the largest U.S. petroleum export in the first half of 2018, with 1.8 million barrels per day of exports, according to the U.S. Energy Information Administration. Exports of hydrocarbon gas liquids (HGL) accounted for the second-largest petroleum export, with 1.6 million barrels per day.

Crude oil exports rose nearly 80%, or by 787,000 barrels per day, in the first half of 2018, from the same period in 2017. The exports set a monthly record of 2.2 million barrels per day in June. Much of the crude went to Asia, including China, South Korea and India. The second largest share of the exports went to Europe, including Italy, the United Kingdom and the Netherlands. In Canada, exports declined in the first half of 2018, from the same period in 2017, and it was the only major export destination where exports fell.

In the first half of 2018, the United States exported 7.3 million barrels per day of crude oil and petroleum products. This was the highest amount of crude oil and petroleum product exports for the first six months of a year. Over the period, exports of crude oil, HGLs and motor gasoline increased and set monthly highs while distillate exports declined.

HGLs include propane, ethane, butanes and natural gasoline, and much of the exports of the product went to Asia, including Japan, South Korea, China and India. U.S. HGL exports rose to a monthly record of 1.7 million barrels per day in May.

The United States exported 1.3 million barrels per day of distillate in the first half of 2018, and much of it went to Central and South America. The decline from the first half of 2017 was a result of lower exports to Central and South America and Europe. U.S. distillate exports are usually higher in the second half of the year.

The amount of motor gasoline the United States exported in the first half of 2018 increased 144,000 barrels per day to 913,000 barrels per day, from the same period in 2017. More than half of the exports went to Mexico.