In the first 9 months of 2022, seaborne crude oil exports from the USA surged to 120.1 mln tonnes (excluding cabotage), up by +24.2% y- o-y from the 96.7 mln t in the same period of 2021 and an all time record, according to weekly report by Banchero Costa.
In terms of destinations for the shipments, it is quite diversified, with about 45% to Asia, 42% to Europe, and the rest to the Americas. Direction Europe, about 38.3 mln tonnes (32 percent of the total) were shipped from the USA to the European Union in the first 9 months of 2022, whilst about 12.0 mln tonnes (10.0 percent of the total) went to the United Kingdom.
Specifically, 8.9 mln tonnes were shipped in Jan-Sep 2022 to the Netherlands, 6.1 mln t to Italy, 6.0 mln t to Spain, 5.7 mln t to France, 4.6 mln t to Germany, 1.7 mln to Denmark.
Overall exports from the USA to the European Union increased by +52.2% y-o-y in the first 9 months of 2022, whilst to the United Kingdom increased by +47.0% y-o-y.
Direction Asia, about 14.1 mln tonnes were shipped from the USA to South Korea in the first 9 months of 2022 (12 percent of the USA’s total), an increase of +6.2% y-o-y.
Exports from the USA to India declined by -28.3% y-o-y in the first 9 months of 2022 to 9.7 mln tonnes. Volumes to Singapore surged by +227% y-o-y to 9.0 mln t from just 2.8 mln t in the same period of last year. To Mainland China volumes increased by +27.5% y-o-y to 8.7 mln tonnes, and to Japan by +65.2% y-o-y to 1.1 mln tonnes.
Exports from the USA sharply increased in recent years, to the point that it is now the fourth largest exporter in the world, after Saudi Arabia, Iraq, and Russia. In the full year 2021, USA ports accounted for 7.1% of global crude oil loadings (excluding cabotage). About 57 percent of international crude exports from the USA are loaded in Corpus Christi, about 16 percent from Galveston, about 9 percent from Houston, about 5 percent from LOOP, about 3 percent from Bayport, about 3 percent from Beaumont.
In the 12 months of 2020, the USA managed to ship 137.8 mln tonnes of crude oil. In 2021 the USA exported just 134.3 mln tonnes.