U.S. exports of petroleum products rose 11% to a record 6 million barrels per day (bpd) in the first half of 2022. At the same time, as Energy Information Administration (EIA) data shows us, exports grew at their fastest pace in 5 years.
Another interesting thing to note when looking at the data is that the average export of 6 million bpd in the Petroleum Supply Monthly data is the most for the first half of the year since 1973.
What types of fuels were exported the most?
The largest volumes were distillate fuel oil and hydrocarbon liquids (HGLs), which for example include propane.
Distillate oil exports increased by 19% or about 190,000 bpd from the first half of 2021 to the first half of 2022.
Propane was the most exported US petroleum product by volume. Propane exports averaged 1.4 million bpd in the first half of 2022, up 6% or 78,000 bpd from the first half of 2021. A large market for U.S. propane is Asia, where exports have been growing rapidly in recent years. However, most of the export growth in the first half of 2022 was to Europe, where propane exports increased by 51%.
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Motor gasoline also saw another increase in exports. Its exports reached 910,000 bpd in the first half of 2022, an increase of 11%.
The record holder is aviation fuel, whose exports more than doubled compared to the same period in 2021.
Further boosting exports will be European sanctions
The next big boost to U.S. exports is expected to be once European sanctions on commodity imports from Russia come into full effect, which is expected to be in February 2023. The big and growing market for the U.S., however, is Latin America.
EIA has stated this topic.
“We have not seen the expected increase in U.S. exports to Europe, and instead exports to Europe decreased to 71,000 b/d in the first half of 2022, while U.S. distillate exports to Latin America increased to more than 1 million b/d.”