US Exporting Record Volumes Of Crude And Products In 2017

Preliminary data for the first two months of 2017 show US crude exports this year could well eclipse last year’s record of 520,000 b/d (MEES, 23 December 2016). According to weekly data from the US government’s Energy Information Administration (EIA) the US exported 632,000 b/d in January and 934,000 b/d during the first 24 days of February.

A 40-year ban on seaborne crude exports was rescinded in 2015, with volumes almost quadrupling last year from 2013, when the US exported 134,000 b/d, all to Canada. Despite the boom in crude shipments, products and NGLs continue to collectively account for some 90% of overall US oil exports, which totaled 5.19mn b/d last year -- also a record (see table, p9). While Asian countries only receive 17% of total exports, that share has risen from just 11% in 2012, with overall volumes more than doubling to 881,000 b/d over the same period (see chart). Although these are not huge quantities in comparison to the volumes the Middle East heavyweights send to their core Asian markets, it is a significant enough rise for them to take notice (see main story). (CONTINUED - 262 WORDS)

DATA INSIDE THIS ARTICLE

chart Us Oil* Exports To Asia 2016 (‘000 B/D)