U.S. crude oil exports reach more destinations and continue to increase – EIA

*US oil exports lines.

*US oil exports lines.

11 August 2016, Houston — The U.S. Energy Information Administration’s ‘new This Week’ in Petroleum report looks at the increase in U.S. crude oil exports, both in volume and the number of countries where the oil is shipped.

“Since the removal of restrictions on exporting U.S. crude oil in December 2015, the number of countries receiving exported U.S. crude has risen sharply.

These exports have occurred despite a sustained narrow price premium of international crude oil prices over U.S. domestic crude oil prices, the many costs associated with arranging cargoes for export, and falling U.S. crude production

In the first five months of 2016, U.S. crude oil exports averaged 501,000 barrels per day (b/d), 43,000 b/d (9%) more than the full-year 2015 average.” The EIA reports.

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