EIA: the United States exported record quantities of petroleum products in the first half of 2022

In the first half of 2022 (January-June), U.S. petroleum product exports averaged nearly 6 million barrels per day (bpd), the largest first-half exports in monthly supply data in oil, dating back to 1973, according to the US Energy Information Administration (EIA).

U.S. petroleum product exports increased 11% (596,000 bpd) in the first half of 2022 compared to the first half of 2021, the fastest growth rate for this period since 2017. Almost all petroleum products contributed increased exports, and the largest volumes came from distillate fuel oil and hydrocarbon gaseous liquids (GHGs), which include propane.

Distilled fuel oil exports increased by 19% (190,000 bpd) between the first half of 2021 and the first half of 2022. High demand and low stocks globally, as well as economic sanctions against Russia and corporate self-sanction after the large-scale invasion of Ukraine in February disrupted the global distillate trade. Despite changes in trade patterns for other products, European imports of distillates from Russia have so far changed little compared to 2021.

The European sanctions, adopted in June, prohibit imports of crude oil and certain petroleum products from Russia, including distilled fuel oil, and will come into force in December for crude oil and in February 2023 for petroleum products. Because those sanctions have not yet taken effect, there has not been the expected increase in U.S. exports to Europe, the EIA said. Instead, exports to Europe fell to 71,000 bpd in the first half of 2022, while US distillate exports to Latin America increased to over 1 million bpd.

Propane was the most exported U.S. petroleum product in the first half of this year by volume, continuing a trend that began in 2020. U.S. propane exports averaged 1.4 million bpd in the first half of 2022, an increase of 6% (78,000 b/d) from the first half of 2021. US exports to Asia have grown rapidly in recent years as consumption of propane as a petrochemical feedstock and consumer demand have both increase.

This year, changing supply patterns have increased European demand for US propane. Most of the growth in propane exports in the first half of 2022 went to Europe. US propane exports to Europe rose 51% (87,000 bpd) and set a record 349,000 bpd in June.

U.S. motor gasoline exports increased 11% (89,000 bpd) to a record 910,000 bpd for the first half of 2022. U.S. jet fuel exports more than doubled in the first half of 2022 from compared to the same period last year. Only US exports of residual fuel fell slightly compared to last year, at 113,000 bpd.

Alejandro L. Myatt