US exported crude oil to more countries in 2016 than in 2015
According to the U.S. Energy Information Administration, the United States exported crude oil to 26 countries in 2016, compared to 10 in 2015, following the removal of restrictions on crude oil exports in December 2015.
In 2015, 92% of the U.S. crude oil exports went to Canada, which was exempt from the restrictions. In 2016, Canada was still the top destination for U.S. crude oil exports but received only 58% of the U.S. total.
The countries that received the next largest percentage of U.S. crude oil exports were, in order, the Netherlands, Curacao and China.
U.S. crude oil exports averaged 520,000 barrels per day (b/d) in 2016, a 55,000 b/d (12%) increase above the 2015 level, despite a year-over-year decrease in domestic crude oil production. While oil exports increased in 2016, growth in U.S. crude oil exports has slowed considerably from its 2013 to 2015 pace.
Despite lower U.S. crude oil production and an increase in refinery runs, increased imports replaced some domestic crude oil, allowing for higher export levels. Low tanker rates for the majority of 2016 helped to make trade between the United States and overseas markets more economical. Because the average daily volume of crude imports exceeded the average daily volume of crude exports by more than 12 times, many tankers were available for back-haul voyages at lower rates.
