U.S. Crude Exports Reach a Record of 3.16 mln bpd

Friday, August 2, 2019

U.S. crude oil exports surged 260,000 barrels per day (bpd) in June to a monthly record of 3.16 million bpd as South Korea bought record volumes and China resumed purchases, data from the U.S. Census Bureau showed on Friday.

South Korea surpassed Canada to become the biggest purchaser of U.S. crude at about 605,000 bpd. China purchased about 292,000 bpd, the most since June last year and was the third-largest buyer of U.S. crude in June, the data showed.

China, once the top buyer of U.S. crude, had slashed its purchases last year as a trade war between the world's two largest economies has dragged on.

U.S. President Donald Trump stunned financial markets on Thursday by saying he plans to levy the additional duties from Sept. 1, marking an abrupt end to a truce in a year-long trade war that has slowed global growth and disrupted supply chains.

U.S. crude exports have surged since an export ban was lifted in late 2015, with shipments reaching 30 countries in June.

Other top buyers in June were Canada, with about 311,000 bpd and India at 290,000 bpd, followed by Netherlands, which took in about 274,000 bpd.

India, the world's third-biggest oil importer, has stepped up U.S. crude purchases after Washington imposed sanctions on Tehran in November.

The Trump administration renewed sanctions against Iran last year over its nuclear program, although some buyers were allowed to continue taking limited volumes of Iranian oil under a six-month waiver. In May, the United States ended those exemptions.

Reporting by Devika Krishna Kumar

Categories: Legal Tankers Ports Government Update

Related Stories

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

Hanwha Ocean Marks Entry into Deepwater Drilling Market with First Drillship

Op-Ed: Kazakhstan’s National O&G Firm Positioning Itself as Global Energy Player

Second Hai Long Substation Heads to Project Site Offshore Taiwan

China Unveils Plans for New Offshore Wind Farms to Tackle Carbon Emissions

Sapura Energy Nets $720M from Multiple Drilling Services Contracts

SLB Names Raman CSO, CMO

ADNOC Secures LNG Supply Deal with India's BPCL

AIRCAT 35 Crewliner Vessels Delivered to Service TotalEnergies Angola

Current News

Shell-Reliance-ONGC JV Complete India’s First Offshore Decom Project

The Future of Long-Idle Drillships: Cold-Stacked or Dead-Stacked?

TMC Books Compressors Orders for FPSO and LNG Vessels

MODEC, Sumitomo Partner Up for Delivery of Gato do Mato FPSO

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

EnQuest Bags Two Production Sharing Contracts off Indonesia

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com