US saw a record high in petroleum product exports as of 2018, Trend reports citing the country’s Energy Information Administration (EIA).
During the reporting period, the country’s petroleum products exports stood at annual average of 5.6 million barrels per day (b/d), which is by 366,000 b/d higher as compared to 2017, said the EIA.
The report shows that the three largest petroleum product exports from the United States in 2018 were distillate, propane, and motor gasoline.
“US exports of motor gasoline (including blending components) and propane reached record highs in 2018, and exports of distillate reached their second-highest volume on record, following the high set in 2017. Total U.S. petroleum product exports set a record high in 2018 for the 16th consecutive year. From 2009 to 2013, distillate exports contributed the most to annual growth. However, from 2014 to 2018, exports of hydrocarbon gas liquids, which include propane, drove US petroleum product export growth,” said the report.
EIA said that as US crude oil production increased over the past decade, gross inputs into refineries also increased. Petroleum products can be used domestically, exported, or put into inventory. “In 2018, record-high levels of U.S. crude oil production and refinery runs helped refiners export large volumes of petroleum products, even with high levels of domestic demand.”
“Despite an 80,000 b/d decrease in exports in 2018 from 2017, distillate remained the most exported petroleum product in 2018, averaging 1.3 million b/d, or approximately 25 percent of US refinery net production. Distillate exports were still more than 100,000 b/d higher than the previous five-year average (2013–2017). The United States exported distillate to 64 destinations in 2018, with the largest volumes destined for Mexico.”
EIA estimates that US crude oil production averaged 12.1 million barrels per day (b/d) in March, up 0.3 million b/d from the February average. EIA forecasts that US crude oil production will average 12.4 million b/d in 2019 and 13.1 million b/d in 2020, with most of the growth coming from the Permian region of Texas and New Mexico.
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