US exports of total petroleum products achieved a record high in 2018, reaching an annual average of 5.6 million barrels per day (b/d), which is an increase of 366,000 b/d from 2017 levels, EIA reports. The three largest petroleum product exports from the US in 2018 were distillate, propane, and motor gasoline. Total US petroleum product exports set a record high in 2018 for the 16th year in a row.
According to EIA, in 2018, the US exports of crude oil increased to 2.0 million bpd, and almost doubled the 1.2 million b/d rate in 2017. Export volumes by destination changed significantly during the year, as U.S. crude oil exports to China fell and exports to other destinations such as South Korea, Taiwan, and Canada increased.
Liquefied natural gas (LNG) exports from the United States decreased week on week, Energy Information Administration said in its report. Five LNG vessels, three from Sabine Pass and two from Cove Point, departed from the United States between April 4 to April 10.
The U.S. Department of Energy (DOE) has announced that it would now only require U.S. LNG exporters to report the country or countries of LNG deliveries, not country of end-use, to satisfy the DOE’s destination reporting requirement.
In August there were zero US seaborne exports of crude oil to China. On the other hand, US crude exports to all destinations except from China hit a new all-time high in September at 6.96 million tonnes. The zero US crude oil exports to China is a massive change to the export pattern seen since early 2017, BIMCO said.
OPEC received about $567 billion in net oil export revenues in 2017, an increase of 29% from revenues in 2016. Increases in both crude oil prices and in net OPEC oil exports increased revenues in 2017, and EIA expects that revenues will continue to increase in 2018, according to EIA’s August Short-Term Energy Outlook.
Total net energy imports to the US fell to 7.3 quadrillion British thermal units in 2017, a 35% decrease from 2016 and the lowest level since 1982, when both gross imports and gross exports were much lower, according to EIA. The larger factor leading to the reduction in the net energy trade balance has been increasing energy exports.
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