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U.S. Petroleum Exports Outperforms Imports in September: Data

In September 2019, the U.S. exported 89,000 barrels per day (bpd) more petroleum than it imported, the first month this has happened since month-to-month data began in 1973. A decade ago, the U.S. was importing 10 million bpd more petroleum than it was exporting. Long-running changes in U.S. trade patterns for both crude oil and petroleum merchandise have resulted in a steady decline in overall U.S. net petroleum imports.

Net petroleum trade is calculated as total imports of crude oil and petroleum products less total exports of crude oil and petroleum products. Although the U.S. at present imports more crude oil than it exports, it exports more petroleum products than it imports, leading to internet total petroleum exports.

Increasing U.S. crude oil output, which surged from an average of 5.3 million bpd back in 2009 to 12.1 million bpd this year, has resulted in a decrease in U.S. crude oil imports from an average of 9 million bpd in 2009 to 7.0 million b/d this year. The decrline in U.S. crude oil imports also matched with a slump in the number of sources the U.S. imported crude oil from.

In December 2015, the U.S. lifted limitations on exporting domestically produced crude oil. Since then, U.S. crude oil exports have been the largest giver to U.S. petroleum export progress; U.S. crude oil exports have grown from 591,000 bpd in 2016 to 2.8 million bpd this year

Despite increasing exports of crude oil, nevertheless, the U.S. stays a net importer of crude oil. The U.S. proceeds to import primarily heavy high-sulfur crude oils that most U.S. refineries are configured to process, and over 60% of U.S. crude oil imports come from Mexico and Canada.

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Alfredoo Epps

Alfredo Epps is a finance expert heading the petroleum column. He joined the group last year as an associate writer. But his thorough research skills and ability to seamlessly putting numerical data into words helped him get a senior position. Apart from a column head, Alfredo is a dancer and a violinist.

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