Crude oil exports rose in first half of 2019

by Talk Business & Politics staff (staff2@talkbusiness.net) 57 views 

U.S. exports of crude oil increased by 966,000 barrels per day to an average of 2.9 million barrels per day in the first half of 2019, from the same period in 2018, according to the U.S. Energy Information Administration. Crude oil exports reached a record level of 3.2 million barrels per day in June.

The United States is one of the largest importers of crude oil. U.S. net imports of crude oil, which are imports less exports, declined 31.1% to 4.2 million barrels per day in the first half of 2019, from 6.1 million barrels per day in the same period in 2018. Imports have fallen as domestic crude oil production and exports have risen.

Canada receives the largest amount of the exports of U.S. crude oil, and the volume it received was up 3% in the first half of 2019, from the same period in 2018. The exports have increased more significantly to other destinations.

The top destination for the exports was Asia and Oceania, and the exports to these countries increased 58%, or by 472,000 barrels per day, to 1.3 million barrels per day in the first half of 2019, from the same period in 2018. Exports to countries such as South Korea, India and Taiwan more than doubled. However, the exports to China fell 64% to 248,000 barrels per day in the first half of 2019, from the same period in 2018.

U.S. crude oil exports to Western European countries rose 66% to 824,000 barrels per day in the first half of 2019, from the same period in 2018. The exports to the Netherlands rose 192% to 173,000 barrels per day, and the exports to the United Kingdom increased 53% to 74,000 barrels per day.

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