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: Tankers Ports Government Update Legal

Related Stories

Baker Hughes Sets Up Global Network to Bolster Mature Oil and Gas Fields Production

Shell to Exit Australia's North West Shelf Project in $1.45B Deal with XRG

CNOOC Set to Restore Production at Major South China Sea Gas Field

Strohm Nets Ultra-Deepwater Supply Deal for Southeast Asia’s Gas Scheme

Damaged Tanker Leaks Oil Across UAE Waters as Spill Widens

Energy Drilling Lands $87M Drilling Job Offshore Malaysia

Inpex Moves $21B Indonesian LNG Project Closer to Investment Decision

Indonesia Cuts Singapore Pipeline Gas Flows by 9% to Meet Domestic Demand

PTTEP, Eni Launch Joint Venture for ADNOC-Operated Ghasha Offshore Project

Iran Weighs US Response as Hormuz Reopening Talks Stall

Current News

Velesto’s Jack-Up Rig Up for Drilling Job with Petronas

Tender-Assist Rigs: Southeast Asia’s Quiet Workhorses Head for Full Utilization

Aker Solutions Lands Major Role in Qatar’s Offshore Oil Field Revamp

TotalEnergies Inks 15-Year LNG Supply Deal with China's Jiangsu Guoxin

Baker Hughes Sets Up Global Network to Bolster Mature Oil and Gas Fields Production

Valaris Secures $600M in New Contracts as Backlog Rises to $4.8B

Production Restart at Australian Offshore Fields Boosts Jadestone's Oil Output

Aramco Targets Hormuz Bypass with East-West Pipeline Expansion

ADES Lands New Offshore Drilling Rig Deals in Angola and Indonesia

Shell to Exit Australia's North West Shelf Project in $1.45B Deal with XRG

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