Record-high crude oil exports levels followed hurricane-related refinery disruptions
U.S. crude oil exports hit a record high of 1.7 million barrels per day (b/d) in October 2017 when export facilities reopened following Hurricane Harvey, according to data from the U.S. Energy Information Administration (EIA).
From August through September, gross inputs to refineries in the U.S. Gulf Coast region decreased by 13 percent, or 1.1 million barrels per day (b/d), as refineries shut down or reduced operations leading up to or following the hurricane. Over the same period, regional crude oil inventories grew by 6.9 million barrels.
After the hurricane, export facilities resumed operation faster than refineries. Exports of crude oil in August were the second lowest for 2017 at 772,000 b/d. In September, they hit a then-record high of 1.5 million b/d, which was followed by October’s record of 1.7 million b/d.
In October, inputs to Gulf Coast region refineries began reaching pre-Harvey levels and Gulf Coast crude oil inventories registered a draw of 19.9 million barrels. Relatively high exports of crude oil and inputs to Gulf Coast refineries through the end of 2017 led to a continued decrease in Gulf Coast crude oil inventories.
According to EIA’s Petroleum Supply Monthly data for October 2017, the largest increases in U.S. crude oil exports were to Asia, followed by Europe. In September and October, exports to Asia made up 40 percent of total U.S. exports of crude oil and averaged 636,000 b/d, as compared to 35 percent of total U.S. exports of crude oil in the first eight months of 2017 and an average of 312,000 b/d.
In September and October, exports to Europe accounted for 31 percent of U.S. exports of crude oil and averaged 510,000 b/d. In the first eight months of 2017, they accounted for 22 percent of total U.S. exports of crude oil and averaged 193,000 b/d.
In previous years, most U.S. crude oil exports went to Canada because it was exempt from restrictions on crude oil exports. When certain restrictions were lifted in December 2015, U.S. exports of crude oil increased and began reaching more destinations.
