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Price as of 8/15/18

U.S. Crude Exports Topped 1.1 million barrels per day in 2017

U.S. Crude Exports Topped 1.1 million barrels per day in 2017

March 08,2018

New analysis released from the Energy Information Administration (EIA) this week revealed that U.S. crude oil exports grew sharply by 89 percent last year to total 1.1 million b/d. The increase of 527,000 b/d over 2016 exports is the largest single year-on-year increase of a petroleum exportproduct since 1920. The number of countries importing crude from the U.S. increased to 37 – ten more than 2016 – with Canada leading the pack and China just behind. In 2015, the Obama administration and Congress lifted a more than 40 year ban on oil exports. Increased domestic crude production, expansion of U.S. pipeline capacity and new investment in export infrastructure helped to fuel growth in U.S. crude exports in the second full year without the export restriction.