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US Crude Exports Track Record Levels

OIL

US crude oil exports are nearing 6mbpd this month as domestic production hit new records of 13mbpd this year according to several sources cited by Bloomberg.

  • Crude exports are estimated at 5.7mbpd in the week ending 1 December, Kpler and Vortexa data showed. Macquarie expects exports to hit 5.9mbpd.
  • US crude oil output rose to 13.13mbpd in Q3 and is forecast to rise to 13.16mbpd in Q4, the latest EIA short-term energy outlook showed.
  • Some of the US export surge is seasonal as traders look to destock crude barrels to reduce tax obligations before the end of the year with most of the barrels headed for Europe.

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