US crude exports averaged a record 2mn b/d in 2018, up by 73pc from 2017, according to trade data the Census Bureau released today.
The average for December was about 2.51mn b/d, down slightly from November which was a record monthly high of about 2.61mn b/d.
In December, South Korea was the top importer of US crude, taking in 558,000 b/d, followed by Canada with 431,000 b/d. The other countries in the top five include the United Kingdom, the Netherlands and India.
China in December took about 97,000 b/d of US crude, after importing just 8,300 b/d in November. China had dropped off the list in August-October.
China took an average of 377,000 b/d of US crude in the first seven months of 2018 and was consistently the first or second top destination for US crude. But Chinese state-controlled trading firm Unipec stopped buying US crude in August as a trade war between the two countries intensified. China had planned to impose a 25pc import tax on US crude as part of retaliatory tariffs on $16bn/yr of imports in August. But the country ultimately removed crude from its final list of tariffs.
The US Trade Representative's office last week indefinitely postponed a scheduled increase in US tariff rates on imports from China as the two countries continue to work toward a comprehensive trade agreement.
US tariffs on $200bn/yr of Chinese imports had been scheduled to increase to 25pc from 10pc on 2 March. Beijing had promised to impose an equivalent increase in tariffs on around $60bn/yr of US products, including LNG. This is the second time the tariff escalation has been postponed.
Unipec said in September 2018 it was not ready to resume securing US crude cargoes for its refining system in China, but continued to buy US crude for trading purposes. It planned to resell US crude to refiners outside China, including in India, Taiwan, Thailand and Europe.
Other countries that imported US crude in December include Brazil, Chile, Colombia, Croatia, Denmark, Dominican Republic, France, Germany, Ireland, Italy, Japan, Norway, Peru, Singapore, Spain, Taiwan, Thailand and the United Arab Emirates.
The December trade data was delayed because of the partial shutdown of the US government which ended on 25 January.
The census trade data includes several categories of oil, including crude under 25°API, crude that is 25°API or higher, and condensate derived wholly from natural gas.
Domestic crude has been exported to countries around the globe since the US lifted 40-year-old restrictions on most oil exports in December 2015.
The US Energy Information Administration separately estimates weekly crude exports. The agency said today that US exports averaged 2.9mn b/d in the week ended 1 March.
