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

March 16 2023 09:23:31     

 

WASHINGTON (Reuters) - U.S. crude oil exports hit a record high in 2022 as the release of the Strategic Petroleum Reserve (SPR) combined with rising domestic production boosted U.S. supplies to countries seeking to replace Russian crude.

U.S. crude oil exports rose 22% last year from 2021 to a peak of 3.6 million bpd, the U.S. Energy Information Administration (EIA) said on Wednesday, as higher demand in Europe offset lower exports to India and China.

U.S. production rose by 629,000 bpd, or 5.6%, to 11.9 million bpd in 2022, but remained below the all-time high of 12.3 million bpd in 2019.

However, adding the 607,000 bpd released by the SPR last year brings the total U.S. supply of crude oil to the market to 12.5 million bpd, surpassing the 12.4 million bpd in 2019.

“In recent years, most of the new U.S. crude oil produced has been light, sweet crude oil that has not been optimally processed by U.S. Gulf Coast refineries,” the EIA said, shipping it to Asia and Europe.

South Korea, the Netherlands, the United Kingdom and Canada are the main destinations for U.S. crude, with European buyers buying 41% more than in 2021 to displace supplies from Russia.

"The European Union's imposition of sanctions in December 2022 to ban all seaborne imports of Russian oil into Europe could result in continued demand for U.S. crude through 2023," the EIA said.

Meanwhile, U.S. exports to India and China fell 19% year-over-year.

U.S. crude exports, boosted by a reshuffle in trade flows following the Russia-Ukraine conflict, are set to remain high this year as Europe and Asia seek supplies.

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