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U.S. Crude Oil Exports Rose by 80 Percent During First Half of 2018 Amid Growing Production

The U.S. exported 7.3 million barrels per day of crude oil and petroleum products in the first half of 2018, the largest recorded for the first six months of a year, according to a Sept. 24 report from the U.S. Energy Information Administration. Crude oil exports, which exceeded hydrocarbon liquids exports, were about 80 percent higher compared to the first half of 2017, with 1.8 million barrels per day exported. The agency said that much of the crude went to regions in Asia and Oceania such as China, South Korea, and India. Europe was the next biggest market, led by Italy, the United Kingdom, and the Netherlands. Canada was the only major U.S. crude oil export destination where exports decreased, the agency said. In March, EIA reported exports had almost doubled from 2016 to 2017, attributing the increase to growing U.S. production and expanded infrastructure. U.S. production surpassed that of Russia in June and August, for the first time since 1999, after beating Saudi Arabia in February.

September 24, 2018
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