US crude oil export locations overtake import sources
In the first seven months of 2019, the number of crude oil export partners for the United States reached 31, passing the 27 mark set for the country’s imports, according to the U.S. Energy Information Administration (EIA).
The increased number of export partners is fueled by a growing demand for light sweet crude oil abroad and the lifting of crude oil export restrictions in 2015, which have also helped export volumes reach an average of 2.8 million barrels per day (b/d). Since the beginning of 2016, U.S. crude oil production has increased by 2.6 million b/d and export volumes by 2.2 million b/d.
At the same time, the increased domestic crude oil production has reduced the need for its importation, leaving the United States free to cut sources. In 2009, the United States imported crude oil from 37 sources per month. U.S. refineries are now focused more on processing medium to heavy sour crude oil and begun displacing imports of light and medium crude oils from countries other than Canada and increasing refinery utilization rates.
