U.S. crude oil exports continued to grow in the first half of 2019
U.S. exports of crude oil rose to average 2.9 million barrels per day (b/d) in the first half of 2019, an increase of 966,000 b/d from the first half of 2018. U.S. crude oil exports also set a record-high monthly average in June 2019 at 3.2 million b/d.
The United States is still one of the world’s largest importers of crude oil: in the first half of 2019, U.S. imports of crude oil less exports (net imports) averaged 4.2 million b/d compared with 6.1 million b/d in the first half of 2018. Increases in U.S. domestic crude oil production have resulted in reduced imports and increased exports.
Canada remained the top destination for U.S. crude oil exports, but volumes exported to Canada did not change much between the first halves of 2018 and 2019. By contrast, U.S. crude oil exports to most other major destinations have increased.
The top regional destination for U.S. crude oil exports was Asia and Oceania at 1.3 million b/d in the first half of 2019. U.S. crude oil exports to these countries collectively increased by 472,000 b/d (58%) compared with the same period in 2018, and exports to countries such as South Korea, India, and Taiwan more than doubled. 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 b/d, or 64% less than the same period last year.
U.S. crude oil exports to Western European destinations averaged 824,000 b/d in the first half of 2019, or 66% more than in the first half of 2019. First-half 2019 exports to the Netherlands increased 173,000 b/d (192%) and exports to the United Kingdom increased 74,000 b/d (53%) compared with the first half of 2018.
Principal contributor: Mason Hamilton