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US January Crude Exports Fall Amid Refinery Restocking: Census

OIL

Exports of US crude oil fell 11% in January as domestic refineries refilled the stockpiles which were depleted in Q4 2023, according to census data compiled by Bloomberg.

  • The refilling reduced the volumes available for export.
  • Exports were 4.049m b/d compared to 4.53m b/d in December. However, they remain 15% up on the previous year.
  • Europe was the top destination, receiving 2.12m b/d, followed by Asia at 1.28m b/d.
  • China received 269k b/d, up 61% on the month.

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