Our Monthly oil supply trade data shows the United States exported more crude oil and petroleum products than it imported in the first half of 2021, or 120,000 barrels per day (b / d), or less than 1 % of combined exports and imports of crude oil and petroleum products.
The United States was a net importer of crude oil and petroleum products (imported more than it exported) in the first half of each year until the first half of 2020, when the United States became a net exporter (exported more than they imported) 432,000 bpd of crude oil and petroleum products. This year marks only the second time the United States has been a net exporter of oil in the first half of the year. The United States alone has been a net exporter of petroleum products since 2011.
The United States exports more refined petroleum products than crude oil. Exports of petroleum products averaged 5.5 million b / d in the first half of 2021, compared to 5.3 million b / d in the first half of last year. Exports of petroleum products include exports of motor gasoline, distillate and propane. Imports and exports of certain petroleum products primarily consumed as transportation fuels (distilled fuel oil, motor gasoline and jet fuel) decreased in total in 2020 compared to 2019.
Propane exports have increased in response to increased demand for propane in Asia and lower demand for propane in the United States. Propane now surpasses distilled fuel oil as the most exported US petroleum product by volume. In the first half of 2021, both imports and exports of petroleum products exceeded their levels of the first half of 2020 and 2019.
The United States imports more crude oil than petroleum products. The United States was a net importer of 2.9 million barrels per day of crude oil in the first half of 2021. Net crude oil imports have declined in the first half of each year since 2017, mainly reflecting the increase in US exports of crude oil since the end of the US embargo on crude oil exports in 2015.
Gross crude oil exports from the United States in the first half of 2021 averaged 3.0 million b / d, compared to 3.2 million b / d in the first half of last year. This drop was the first time that exports have declined since the end of the export ban in 2015 and was likely due to lower crude oil production, which declined significantly in 2020 due to economic responses to the pandemic. of COVID-19. Gross crude oil imports from the United States also declined, from 6.2 million b / d in the first half of 2020 to 5.9 million b / d in the first half of 2021.
Main contributors: Kevin Hack, Matt French