U.S. crude oil exports have fallen in each month since their record high in February – Today in Energy – U.S. Energy Information Administration (EIA)

September 22, 2020

U.S. crude oil exports reached a record high in February 2020 and have since fallen in each month, based on data through June, according to the U.S. Energy Information Administration’s (EIA) Petroleum Supply Monthly. However, U.S. crude oil exports in the first half of the year are still higher than they were in the first half of 2019. Monthly crude oil imports declined sharply in April before increasing in May and June, but they were still lower in the first half of 2020 compared with the first half of 2019. 

Global petroleum demand began to decline rapidly in early 2020 as much of the world initiated measures to limit the spread of coronavirus. In EIA’s Short-Term Energy Outlook, EIA estimates that global petroleum demand fell from 100.7 million barrels per day (b/d) in the first half of 2019 to 90.0 million b/d in the first half of 2020. Declining global demand for crude oil and petroleum products has driven U.S. exports and imports lower.

Despite a decline since the record monthly high of 3.7 million b/d in February, U.S. crude oil exports averaged 3.2 million b/d in the first half of 2020, up from 2.9 million b/d in the first half of 2019. U.S. crude oil exports to China drove part of this increase—increasing 213,000 b/d from the first half of 2019 to 361,000 b/d in the first half of 2020. The large increase in crude oil exports to China during the first half of 2020 was driven by exports in May and June of 1.3 million b/d and 0.7 million b/d, respectively. In those months, China surpassed all other destinations to become the largest destination for U.S. crude oil exports.
— Read on www.eia.gov/todayinenergy/detail.php

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