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US Crude Exports Rose 7.7% in August Driven by Asia

OIL

US crude exports rose 7.7% from last month to 3.989mb/d in August and an increase of 12% from last year according to Bloomberg calculations based on US Census Bureau data.

  • Total Asia purchases were 1.688mb/d and with Europe at 1.640mb/d.
  • The rise was driven by an increase of cargoes to Asia as South Korea nearly doubled intake to 520kb/d and the most since Jan 2020. Thailand supplies were the highest since March 2020 and more than doubled m/m to 147kb/d, while China fell 26% to just 190kb/d.
  • Exports of Canadian crude via US Gulf Coast rose 15% to the highest since June at 152kb/d with 120kb/d to China and 32kb/d to Spain.

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