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Terminal News

US crude and petroleum product exports double in six years

US crude and petroleum product exports double in six years
Crude oil and petroleum product exports from the US have more than doubled since 2010.

Exports of the products increased from 2.4 million barrels per day in 2010 to 5.2 million barrels per day in 2016 according to the US Energy Information Administration. Exports of distillate, petrol, propane and crude oil have also all increased.

Since export restrictions were lifted at the end of 2015, the US then exported an average of 520,000 barrels per day in 2016 and exports reached 1.1 million barrels per day in February 2017, the highest monthly level on record.

Aside from Canada, which remains the largest destination for US crude oil exports, other leading destinations include the Netherlands, Curacao, China, Italy and the UK.

Favourable price differentials, lower shipping costs and rising domestic production have also contributed to increased exports.



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