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Crude Oil Exports Surge being Highest this Year

According to trade data released by the United States Census Bureau on Tuesday, Crude Oil Exports increased to 3.236 million barrels per day (BPD) in April, up from 2.615 million BPD in March. This is the highest crude export total so far this year. Crude Oil Exports from the United States surpassed 3 million barrels per day in January 2021, at 3.075 million barrels per day.

However, the value of exports in April was significantly greater than in January. According to the data, the average price per barrel surged from $49.11 in January to $58.87 in April. In February and March, exports were about 2.6 million BPD, owing to winter storms in mid-February, which resulted in a 40% drop in U.S. crude oil production, most notably in Texas, the leading oil-producing state.The trade data is reported first by the United States Census Bureau. The Energy Information Administration (EIA) bases its monthly export estimates, which are released near the end of the month. The EIA estimates January Crude Oil Exports at 3.165 million BPD, with February and March exports at roughly 2.7 million BPD, somewhat higher than Census Bureau statistics.

Crude Oil Exports Surge being Highest this YearCrude oil shipments from the United States’ only deep-water port, Louisiana Offshore Oil Port, increased from December to a new high in January, owing to strong demand from Asian refiners. According to EIA data, Crude Oil Exports from the United States totaled 3.18 million barrels per day last year. The predicted increase in global crude oil consumption and the reopening of critical economies should boost American exports this year.

Oil producers in the United States sell crude to a variety of countries, primarily in Asia. The light, sweet grades that dominate U.S. produce have a natural market in Asia. Asia was the first region to recover from the epidemic, led by China, which aided Exports. Last year, Europe was the U.S.’s other major oil client, with the UK, France, Germany, and the Netherlands importing a total of 719,000 BPD of U.S. crude as local light-grade production fell.

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