US crude oil exports reached a record 3.3 million b/d during June, 1.1 million b/d more than in June 2018 despite petroleum demand reaching its highest level for the month since 2005, the American Petroleum Institute reported on July 18.
API noted in its latest monthly statistical report that the US reached the crude export milestone as it continued to sustain world-leading crude production of 12.2 million b/d, including 5 million b/d from the Permian basin.
“The US appears to be making substantive progress towards becoming a net energy exporter in 2020, as projected by the [US Energy Information Administration], with production continuing to sustain its upward climb despite oil prices having declined 10% between May and June,” API Chief Economist Dean Foreman said.
“This trend has been driven in part by increasingly low break-even prices, strong productivity gains in key production regions, and the incremental additions of new pipeline infrastructure needed to bring these resources to market,” Foreman said.
US crude production during June averaged 12.2 million b/d, 14.4% more than a year earlier. Crude oil imports were an average 7.3 million b/d, 13.7% less than in June 2018. Product imports grew 9.2% from a year earlier during the month to an average 2.4 million b/d. Refinery inputs fell 2.3% year-to-year in June to an average 17.6 million b/d. Refinery utilization averaged 93% during the month, down from 97% in June 2018.
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