US crude exports hit record levels in January, February

9 Mar 2017   exports, USA

US crude exports hit record highs in January and February, as domestic crude price discounts to Brent and Dubai widened significantly, an S&P Global Platts analysis of government data showed Tuesday. US Census Bureau data showed US crude exports rising by 304,000 b/d to 746,000 b/d in January, which was followed by a report by the US Energy Information Administration showing US crude exports averaging 900,000 b/d in the four weeks ending February 24. Congress’ December 2015 decision to lift restrictions inaugurated a new era in US oil trade, with exports averaging an annual record of 521,000 b/d in 2016. Additionally, rising production from the Permian Basin in West Texas, in combination with a significant buildout in infrastructure to access export markets, has deepened price discounts for US light sweet crudes, allowing US crude exports to take off. “It’s pure economics,” said Tony Starkey, manager of energy analysis at […]

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