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2018-03-09 13:35:00

U.S. OIL EXPORTS - 2017: 1.1 MBD

U.S. OIL EXPORTS - 2017: 1.1 MBD

EIAU.S. crude oil exports increased sharply in 2017 and were sent to more destinations, becoming the third-largest type of U.S. petroleum export. Increased U.S. crude oil exports were supported by increasing U.S. crude oil production and expanded infrastructure, resulting in lower domestic crude oil prices when compared with international crude oil prices.

Exports grew to 1.1 million barrels per day (b/d) in 2017, or 527,000 b/d (89%) more than exports in 2016, in the second full year of unrestricted U.S. crude oil exports. This is the largest single year-over-year increase of a petroleum (crude oil and petroleum products) export since 1920. The annual volume of exports is nearly four times larger than the previous period of material U.S. crude oil export growth in 1980 (Figure 1).

U.S. crude oil exports reached 37 different destinations in 2017, compared with 27 in 2016. Similar to previous years, Canada remained the largest single destination for U.S. crude oil exports, but its share of total U.S. crude oil exports continued to decrease, down to 29% in 2017 from 61% in 2016. U.S. crude oil exports to China accounted for 202,000 b/d (20%) of the 527,000 b/d of the total increase, and China went from being the fourth-largest destination in 2016 to the second-largest destination in 2017 (Figure 2).

Many European nations are among the largest destinations for U.S. crude oil exports, including the United Kingdom, the Netherlands, Italy, France, and Spain. India, which did not receive U.S. crude oil exports in 2016, received 22,000 b/d in 2017, tying with Spain as the tenth-largest destination.

The large increase in U.S. crude oil exports in 2017 now makes crude oil the third-largest petroleum export after hydrocarbon gas liquids (HGL) and distillate exports, representing 18% of total petroleum exports. Before the restrictions on domestic crude oil exports were lifted in December 2015, most of the growth in U.S. petroleum exports was petroleum products – mainly HGLs, such as propane, or distillate fuel and motor gasoline. Previously, the largest share of total U.S. petroleum exports for crude oil was 13% in 1999, but the total volumes of U.S. petroleum exports were significantly lower, less than 1.0 million b/d compared with 6.3 million b/d in 2017.

Increasing U.S. crude oil production and expansions in U.S. pipeline capacity and export infrastructure facilitated increasing U.S. crude oil exports. U.S. crude oil production increased by 463,000 b/d from the 2016 level, to 9.3 million b/d in 2017. At the same time, several new or expanded pipelines came online in 2017 to move crude oil from producing regions, primarily the Permian basin of Texas and New Mexico, to the U.S. Gulf Coast. On the U.S. Gulf Coast, recently expanded crude oil export infrastructure in ports such as Corpus Christi and Houston, Texas, and in ports along the Mississippi River in Louisiana allowed larger volumes of crude oil exports.

A larger discount of domestic crude oil prices, represented by West Texas Intermediate (WTI) crude oil prices, to international crude oil prices, represented by Brent, reflects these dynamics. Spot Brent crude oil prices averaged $3.36 per barrel (b) more than WTI prices in 2017 compared with just $0.40/b more 2016, providing a price incentive to export U.S. crude oil into the international market.

Similar production, infrastructure, and price conditions will be necessary for U.S. crude oil exports to continue increasing. EIA forecasts U.S. crude oil production to increase by 1.38 million b/d in 2018 and the Brent-WTI spread to average $3.96/b. In February 2018, the Louisiana Offshore Oil Port (LOOP)—the only place in the United States where Very Large Crude Carriers (VLCC), the largest and most economic ships to transport crude oil, can fully load—loaded its first crude oil export cargo. Until this point, LOOP was only used to import crude oil. However, almost all other ports in the United States are not deep or wide enough to allow safe navigation of fully laden VLCCs. Widening and deepening U.S. ports and waterways to ensure safe transit of VLCCs is costly and would take many years, making wide-scale expansions of U.S. ports unlikely.



2018, March, 4, 11:15:00


EIA - EIA expects a 40% increase in natural gas consumed in the U.S. industrial sector, from 9.8 quadrillion British thermal units (Btu) in 2017 to 13.7 quadrillion Btu in 2050.


2018, February, 27, 13:55:00


API - U.S. crude production rose to 10.2 million barrels per day (MBD) in January – the highest monthly output on record, according to API’s monthly statistical report. This was an increase of 1.1 percent versus December and 15.1 percent from January 2017.


2018, February, 27, 13:50:00


PLATTS - China's crude oil imports from the US hit a new record high at 2.01 million mt or 474,450 b/d in January, General Administration of Customs data showed Monday.


2018, February, 14, 09:30:00

U.S. OIL +110 TBD, GAS + 832 MCFD

EIA - Crude oil production from the major US onshore regions is forecast to increase 110,000 b/d month-over-month in March to 6,756 million b/d, gas production to increase 832 million cubic feet/day to 64,941 million cubic feet/day .


2018, February, 12, 07:25:00


PLATTS - Congress early Friday approved a two-year budget agreement which mandates the sale of 100 million barrels of crude oil from the Strategic Petroleum Reserve within a decade and authorizes sales of another $350 million of government-owned crude this fiscal year.


2018, January, 29, 08:40:00


API - Total petroleum deliveries in December rose to 20.7 million barrels per day. This was the strongest December monthly demand in the last decade.


2018, January, 26, 12:20:00


REUTERS - U.S. Energy Secretary Rick Perry told oil super-powers Russia and Saudi Arabia he believed U.S. shale oil boom would not become a spoiler for oil markets because new production would be absorbed by fast rising global demand.



U.S. OIL EXPORTS - 2017: 1.1 MBD
2018, June, 22, 13:10:00


U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.

U.S. OIL EXPORTS - 2017: 1.1 MBD
2018, June, 22, 13:05:00


U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.

U.S. OIL EXPORTS - 2017: 1.1 MBD
2018, June, 22, 13:00:00


WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.

U.S. OIL EXPORTS - 2017: 1.1 MBD
2018, June, 20, 13:15:00


REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.

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