EIA: U.S. Crude Oil Exports Hit Record High in 2022

SEATTLE (Oil Monster): The U.S. Energy Information Administration (EIA), in a statement released yesterday, said that the U.S. crude oil exports hit a record high during the previous year.

As per data, the country’s crude oil exports surged higher by 22% from the previous year to total 3.6 million barrels per day (bpd) in 2022. The boosted demand from European region offset dipped exports to India and China, EIA said.

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The U.S. crude oil production surged higher by 5.6% to 11.9 million bpd in 2022, but still lower than the record production of 12.3 million bpd recorded in 2019. Along with 607,000 bpd of crude oil releases from the Strategic Petroleum Reserve (SPR), the total market supply of crude oil surpassed the 12.4 million bpd supplied in 2019 to reach 12.5 million bpd, EIA data said.

The topmost destinations for U.S. crude oil exports were South Korea, the Netherlands, the UK, and Canada. The European buyers boosted their purchases by 41% in replacement of Russian supplies. On the other hand, the exports to Asian destinations, including India and China were collectively down by 19% year-on-year.

The EU sanctions implemented in end-2022 will result in increased demand for U.S. crude oil during the current year, EIA noted.