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US on track to become net energy exporter

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World Pipelines,

US crude oil exports reached a new all-time high of 3.3 million bpd in June 2019, a 1.1 million bpd y/y increase, according to the latest Monthly Statistical Report released today by the American Petroleum Institute (API). This latest milestone came as the US continued to sustain world-leading crude oil production of 12.2 million bpd, including 5.0 million bpd in West Texas’ Permian Basin. Increasing US crude oil exports are a net positive for American consumers who have benefited from significant declines in energy expenditures since the rise of the shale revolution.

Other highlights from the June 2019 MSR include:

  • US petroleum demand reached its highest level for June since 2005.
  • Domestic and international crude oil prices decreased despite geopolitical tensions in the Strait of Hormuz and tropical activity in the Gulf of Mexico.
  • Refinery inputs – the 2nd highest on record for June – drove petroleum inventories above the 5-year average.
  • US petroleum net imports fell to 1.3 million bpd in June from 2.9 million bpd in June 2018.

“The US appears to be making substantive progress towards becoming a net energy exporter in 2020, as projected by the EIA, with production continuing to sustain its upward climb despite oil prices having declined 10% between May and June,” said API Chief Economist Dean Foreman. “This trend has been driven in part by increasingly low breakeven prices, strong productivity gains in key production regions, and the incremental additions of new pipeline infrastructure needed to bring these resources to market.”

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