U.S. Oil Exports Hit Record High

U.S. exports of crude oil and petroleum products hit an all-time high of 11.8 million barrels per day (bpd) last week, The Maritime Executive reports

In the week to November 25, a total of 11.776 million bpd of U.S. crude and petroleum were exported, the latest data from the U.S. Energy Information Administration showed.  

The jump in American crude and product exports came days before the EU embargo on imports of Russian crude oil by sea, which came into effect on December 5, along with a price cap set by the EU and G7 at $60 per barrel for Russia’s crude, if traders want to use Western maritime transportation services for shipping Russian oil.

Of all the 11.8 million bpd of American crude and products exported last week, seaborne exports of U.S. crude oil exceeded 7.1 million bpd, an all-time high, according to TankerTrackers.com. The tanker-tracking service counted 15 very large crude carriers (VLCCs) or ultra-large crude carriers (ULCCs)—each capable of transporting 2 million barrels of oil—departing U.S. ports last week, it said on Monday.

According to the EIA’s data, weekly American crude exports have also set records multiple times in recent weeks.

The United States has ramped up exports of crude as the EU looks to non-Russian supply due to the embargo. In fact, U.S. exports of crude and petroleum products have been steadily rising this year, especially after the Russian invasion of Ukraine upended energy trade flows and buyers started shunning Russian products or began preparations to purchase non-Russian supplies.

The Port of Corpus Christi, Texas, for example, has set records this year in tonnage exported, largely due to crude oil exports. In the third quarter, the port beat its previous record from the second quarter, driven in large part by record exports of crude oil.

“In these times of uncertainty, moving America’s energy to other U.S. demand centers and our overseas allies and trading partners has never been more critical for our economic and national security,” said Sean Strawbridge, Chief Executive Officer for the Port of Corpus Christi.

Source: https://oilprice.com/