US Crude Oil Exports Touched Record Levels in October

SEATTLE (Oil Monster): The November Energy Indicators Report released by the Federal Reserve Bank of Dallas has pointed out that the US crude oil exports have touched record highs during the month of October this year. The crude oil exports surged higher to touch 1.8 million barrels per day, as compared with 1.3 million barrels per day exported during September this year, the report noted.

According to Kunal Patel, senior research analyst at the Dallas Fed, the data indicates that the US is gradually emerging as a significant player in crude oil exports. The Ingleside Energy Center Terminal near Corpus Christi has reported significant progress in crude oil shipments, he noted. Despite low commodity prices, the US oil production has continued to grow stronger, Patel said. For instance, the production from the Permian Basin in Texas registered massive growth of over 60,000 barrels per day to approximately 2.6 million barrels per day.

China has increased the purchases of US crude oil. According to estimates, the country exported an average of 203,000 barrels per day to China during the initial ten-month period of 2017. The country has emerged as the top importer of waterborne US crude oil during the year-to-date period. Of late, the US shale crude production has witnessed rapid growth.

Earlier in October this year, the US had shipped crude oil to India for the first time since the US stopped oil exports to India in 1975. The ship carrying 1.6 million barrels of US crude had reached the Indian port on October 2, 2017. This is part of the 2 million barrels contract entered between the US and the two Indian oil marketing companies-Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Limited (HPCL).