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US January Crude Oil Exports to Asia at Two-Year Low

OIL

US crude oil exports to Asia fell to 1mbpd in January, the lowest level in over two years, as higher freight rates and more competitive Middle Eastern prices weighed on shipments according to Kpler data, cited by Reuters.

  • US crude oil shipments to China fell to 190kbpd in January, the lowest in 13 months.
  • Exports to South Korea remained steady at 494kbpd las month.
  • Overall US oil exports declined to 3.8mbpd last month – the lowest level in one year. January exports tend to be lower as inventories rebuild after a seasonal outflow in December.
  • Some of the crude oil that usually flows to Asia went to Europe instead. The US share of Europe’s crude oil imports rose to the highest on record last month of 55%.

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