US crude oil exports reaches record levels in H1 2017 - EIA

18 October 2017 23:04 Source:ICIS News

HOUSTON (ICIS)--US crude oil exports rose in the first half of 2017 to 784,000 bbl/day, a 57% increase from H1 2016, the Energy Information Administration (EIA) said on Wednesday.

US exports for petroleum products also grew for the same period.

Propane exports reached highs of 0.9m bbl/day, and distillate exports reached record highs of 1.3m bbl/day.

Total volumes of crude oil exports increased, as did the number of destinations for those exports, following the December 2015 removal of restrictions on exporting US crude oil, the EIA said.

The US exported crude oil to 26 countries in the first half of 2017, the EIA said, an increase of nine from the same time last year.

Canada remained the largest recipient of US crude oil exports, receiving 248,000 bbl/day in H1 2017.

However, Canada imported an average of 46,000 bbl/day fewer than during H1 2016, the EIA said.

China became the second-largest importer of US crude oil, averaging 163,000 bbl/day in the first half of the year. Its crude oil imports from the US increased by 154,000 bbl/day for the period.

For gasoline, the EIA said Mexico was the main destination, receiving approximately 53% of total US exports in H1 2017.

Despite the fact that Mexico produces large amounts of crude oil, Mexico’s refinery output of products such as gasoline has been declining since 2015, the EIA noted.

Additionally, Mexico experienced unexpected refinery outages that further reduced production of gasoline and distillates in H1 2017. That led to US exports of gasoline to Mexico increasing by 27,000 bbl/day compared to the same period in 2016.

By David Haydon