The US Energy Information Administration said the United States doubled its oil exports in 2018 to 1.2 million barrels by 2017, according to the Tsennim news agency.
The 2 million barrels per day of US oil exports in 2018 coincided with an increase in oil production at an average of 10.9 million barrels per day in the country. Last year, changes to the Louisiana Marine Petroleum Port also contributed to this increase.
The changes in the port and the amount of exports were not the only changes in the US crude oil industry. The oil’s destination was changed to 2018 due to the continuing US-China trade war.
In total, Canada remains the largest buyer of US oil in 2018, accounting for 19% of total oil exports. In the first half of 2018, United States’ largest oil purchaser, with 376,000 bpd, was China, but due to a trade conflict, US exports to China dropped to 83,000 bpd in the second half. Even in August, September and October, oil exports to China dropped.
In March, the International Energy Agency predicted that US oil exports will reach 4 million barrels per day by 2024. The security that this increase in the supply of oil has created can stop the rise in oil prices due to the decline in production of OPEC and its allies led by Russia. The group will gather in June to decide on an extension of the contract.