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U.S. crude oil exports reached record levels in 2020 and remain high in 2021

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thackney:
U.S. crude oil exports reached record levels in 2020 and remain high in 2021
https://www.eia.gov/todayinenergy/detail.php?id=48776
JULY 20, 2021



Despite volatility in global oil markets, U.S. crude oil exports reached a record high in 2020. So far this year (as of July 9, 2021), U.S. crude oil exports have averaged 3.00 million barrels per day (b/d). The most recent four-week rolling average of U.S. crude oil exports reached 3.51 million b/d, according to our Weekly Petroleum Status Report.

In 2013, the U.S. government lifted export restrictions on minimally processed ultra-light oil. In the summer of 2015, the United States and Mexico entered into an oil exchange agreement, and the restrictions on oil exports were fully lifted in December 2015. U.S. crude oil exports have increased significantly since 2015 and have averaged around 3.00 million b/d every year since 2019.

The four-week rolling average of U.S. crude oil export volumes has not fallen below 2.00 million b/d during the past three years, despite the COVID-19 pandemic, which caused significant crude oil price drops, reduced demand, and reduced production in U.S. and global oil markets.

High oil prices have contributed to steady crude oil exports recently. During the week of July 9, 2021, the international crude oil benchmark (Brent) spot price averaged $76.13 per barrel (b), and the domestic crude oil benchmark (West Texas Intermediate, or WTI) spot price averaged $73.35/b. Brent and WTI prices both remained above $70/b between June 8 and July 16, 2021. Weekly export data from our Weekly Petroleum Status Report show a slight rise in crude oil exports since the end of June 2021.

Even with a narrow price difference between the WTI crude oil price and the Brent price, U.S. crude oil exports remain very high. As of July 16, the WTI crude oil price averaged $2.82/b lower than the Brent crude oil price so far in 2021. During the week ending July 9, 2021, the WTI price averaged $2.78/b lower than the Brent price. U.S. crude oil exports for that same week were 3.51 million b/d, well above the year-to-date 2021 average volume for U.S. crude oil exports. Between 2011 and 2014, the WTI crude price averaged $10/b lower than the Brent crude price.



U.S. crude oil infrastructure has expanded significantly since 2015 to facilitate crude oil exports from onshore production. Ports on the Texas Gulf Coast, particularly Corpus Christi and Houston, have led the expansion, allowing more oil to be exported from the Permian Basin and Eagle Ford Basin. Due to the Gulf Coast’s many pipeline connections and efficient port infrastructure, most U.S. crude oil exports leave the United States from the Gulf Coast region.

catfish1957:
Enjoy, before the enviro-hammer falls. 

thackney:
Note:  The US is still a net importer of crude oil.



https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WCRNTUS2&f=4

The US is a net exporter of refined petroleum products.



https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WRPNTUS2&f=4

We have returned to being a slight importer of combined crude oil and refined products.



https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=WTTNTUS2&f=4

IsailedawayfromFR:
And, since crude has much greater value by volume than the other petroleum products, it is a bigger sink than at first glance.

Elderberry:
How much are imports driven by refineries need for medium sour crude?



--- Quote --- Analysis: US reliance on Russian oil hits record high despite souring ties

https://www.spglobal.com/platts/en/market-insights/latest-news/oil/041621-us-reliance-on-russian-oil-hits-record-high-despite-souring-ties


Highlights

Russia has filled the gap left by US oil sanctions on Venezuela

Bulk of imports include fuel oil products and feedstocks

US refiners need Russian feedstocks to run secondary units

London — Russian and US relations have turned frosty again after a new round of US sanctions but when it comes to Moscow's oil, US refiners are more dependent on it than ever.

Prior to the sanctions, US refiners were particularly reliant on heavy and sour Venezuelan crude, which in some cases is quite similar to Russian medium sour oil.
--- End quote ---

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