Copyright DTN.
All rights reserved. Disclaimer.
EIA: US Exports of Crude, Oil Products Double since 2010
6/21 3:28 PM
EIA: US Exports of Crude, Oil Products Double since 2010 ORANGE BEACH, Ala. (DTN) -- U.S. total crude oil and petroleum product exports more than doubled from 2.4 million bpd in 2010 to 5.2 million bpd in 2016, the Energy Information Administration said today in This Week in Petroleum. While exports of distillate, gasoline, propane, and crude oil have all contributed to the increase in domestic exports, growth rates and market drivers for each product have varied during this period, EIA said. After the United States lifted restrictions on the export of domestically-produced crude oil in December 2015, U.S. exports in 2016 amounted to 520,000 bpd and in February hit a monthly record at 1.1 million bpd, EIA said. Canada remains the largest destination for U.S. crude oil exports, but its share of total oil exports has declined from 92% in 2015 to 58% in 2016 as cross border flows fell from 427,000 bpd to 301,000 bpd. Meanwhile, U.S. crude oil production fell through the first nine months of 2016 before rising in the final three months of the year and in the first five months of 2017. U.S. crude oil exports increased 55,000 bpd from 2015 to 2016, but year-over-year growth rates in both 2014 and 2015 were considerably higher at 217,000 bpd and 114,000 bpd, respectively, EIA said. U.S. exports of distillate in 2016 also experienced slower year-over-year growth rates compared with recent years. In 2016, the United States exported 1.2 million bpd of distillate, up from 1.19 million bpd in 2015, while between 2010 and 2016 distillate exports grew by 81% or 534,000 bpd, EIA said. The largest destination for 2016 U.S. distillate exports was Mexico, which received an average 182,000 bpd, followed by Brazil at 125,000 bpd and the Netherlands at 108,000 bpd. EIA said U.S. exports of total motor gasoline increased by 425,000 bpd or 126% between 2010 and 2016. This growth took place while domestic gasoline consumption, as measured by product supplied, was also increasing. Mexico, the top destination for U.S. total motor gasoline exports, accounted for between 44% and 53% of total U.S. gasoline exports between 2010 and 2016. While exports of U.S. crude oil, distillate fuel, and motor gasoline have been characterized by decelerating growth rates in recent years, exports of propane have accelerated, EIA said. Propane exports also differ from other U.S. petroleum exports with respect to where they are shipped. While most other U.S. petroleum exports stay in the Western Hemisphere, the top destinations for U.S. propane exports are Japan and China. (c) 2017 DTN. All rights reserved.