US oil exports hit 57-year high

September 30, 2014

In July, total US exports of crude oil and petroleum liquids reached 138,838 thousand bbl, a 57-year high, according to monthly export data released by the US Energy Information Administration.

The bulk of this, 89,241 thousand bbl (64.3%) was finished petroelum products. About 9% of July's exports, or 12,428 thousand bbl, was sent out as crude oil.

It is the second month in a row that crude oil exports exceeded the high set 57 years ago, in 1957.

In May, US crude oil exports reached 288,000 bo/d, the highest levels since April 1999, also based on EIA data, which is available back to 1920.

Destination: Canada

Most (93%) of US crude oil exports in July went to Canada; US imports there have steadily increased since 2011. The US exported 12,428 thousand bbl of crude oil in July; 11,554 thousand bbl of that went to Canada. In June, the US exported a total of 11,865 thousand bo; 11,523 thousand bo (over 97%) went to Canada (EIA data).

Only three other countries received US crude shipments in July: Italy (423,000 bo), Switzerland (364,000 bo), and Singapore (88,000 bo). It was the first time that the US had exported crude to Italy.

In June, the US sent crude only to Singapore (188,000 bo) and Switzerland (155,000 bo).

EIA spokesman Jonathan Cogan said the exports to Italy, Switzerland and Singapore were shipments of foreign oil that had previously been imported to the US, according to the Wall Street Journal.



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