Record Monthly Average for June
Exports of crude oil from the U.S. hit an average of 2.9 million barrels per day in the first half of the year, according to the latest figures from the nation’s Energy Information Agency.
The data suggest that exports rose by 966,000 barrels per day compared to the same period in 2018, driving a significant uptick in breakbulk demand across the sector.
“U.S. crude oil exports also set a record-high monthly average in June 2019,” said Mason Hamilton, principal contributor at the EIA.
On average, the U.S. exported 3.2 million barrels per day in June, with demand growing in several developing markets.
Asian Demand
Asian demand was a particularly strong factor in the uptick with more than 1 million barrels per day being exported on average in the first half of 2019 and combined exports to Asia and Oceania rising by 58 percent.
“The top regional destination for U.S. crude oil exports was Asia and Oceania at 1.3 million barrels per day in the first half … U.S. crude oil exports to these countries collectively increased by 472,000 barrels per day compared with the same period in 2018,” Hamilton added
The EIA went on to highlight strong exports to countries such as South Korea, India, and Taiwan, all of which saw exports more than double.
China Declines
Despite the strong macro picture for Asian exports, the region’s largest economy China, bucked the trend falling by 64 percent.
“China has been an exception to this regional trend: U.S. crude oil exports to China in the first half of 2019 averaged 248,000 barrels per day, or 64 percent less than the same period last year,” the EIA stated.
The U.S. also continued to rely heavily on imports, ranking as one of the world’s largest importers of crude oil in the first half. Net imports averaged 4.2 million barrels per day compared with 6.1 million barrels per day in the same period the previous year.
The data suggest that exports rose by 966,000 barrels per day compared to the same period in 2018, driving a significant uptick in breakbulk demand across the sector.
“U.S. crude oil exports also set a record-high monthly average in June 2019,” said Mason Hamilton, principal contributor at the EIA.
On average, the U.S. exported 3.2 million barrels per day in June, with demand growing in several developing markets.
Asian Demand
Asian demand was a particularly strong factor in the uptick with more than 1 million barrels per day being exported on average in the first half of 2019 and combined exports to Asia and Oceania rising by 58 percent.
“The top regional destination for U.S. crude oil exports was Asia and Oceania at 1.3 million barrels per day in the first half … U.S. crude oil exports to these countries collectively increased by 472,000 barrels per day compared with the same period in 2018,” Hamilton added
The EIA went on to highlight strong exports to countries such as South Korea, India, and Taiwan, all of which saw exports more than double.
China Declines
Despite the strong macro picture for Asian exports, the region’s largest economy China, bucked the trend falling by 64 percent.
“China has been an exception to this regional trend: U.S. crude oil exports to China in the first half of 2019 averaged 248,000 barrels per day, or 64 percent less than the same period last year,” the EIA stated.
The U.S. also continued to rely heavily on imports, ranking as one of the world’s largest importers of crude oil in the first half. Net imports averaged 4.2 million barrels per day compared with 6.1 million barrels per day in the same period the previous year.
