US crude oil exports hit record high in 2022, according to EIA | – #crude #oil #exports #hit #record #high #EIA
March 15 (Reuters) – USA)’s crude oil exports hit a record high in 2022 as the Strategic Petroleum Reserve (SPR) Russia crude oil substitute to countries that want to USADomestic production growth almost coincided to increase the supply of .
on Wednesday USA US crude exports rose 22% from 2021 to a peak of 3.6 million barrels per day (bpd) last year, the Energy Information Administration (EIA) said, as higher demand from Europe was offset by lower exports to India and China. .
In 2022, U.S. output rose 629,000 bpd, or 5.6%, to 11.9 million bpd, falling short of the record high of 12.3 million bpd achieved in 2019.
However, with 607,000 barrels per day released from the SPR last year, total U.S. crude oil supplied to the market reached 12.5 million barrels, up from 12.4 million barrels supplied in 2019.
“New U.S. crude production in recent years has been mostly light, low-sulfur crudes that U.S. Gulf Coast refineries are not optimized to process,” with those new barrels instead going to Asia and Europe, the EIA said.
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South Korea, Netherlands, Great Britain and Canada were the main destinations for US crude oil, while European buyers from 2021 Russia supply substitute increased their purchases by 41%.
“Europe Union introduced in December 2022 and Russia the whole sea of oil to Europe way The sanctions prohibiting the import of crude oil in 2023 suggest that the demand for US crude oil will continue in 2023,” EIA said.
Meanwhile, exports to India and China, which missed out on cheap Russian oil at a discount, fell 19% year-on-year, with China also reducing domestic demand.
US crude oil exports this year boosted by a shift in trade flows following Russia’s aggression against Ukraine Europe and will continue to look to Asia for supplies.
Reporting by Deep Vakil in Bengaluru; Edited by Chizu Nomiyama
Our standards: Thomson Reuters Trust Principles.
2023-03-15 23:39:08
Source – reuters
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