US crude exports hit record high in 2020

US crude exports reached a record high in 2020, showing resilience in the wake of the Covid-19 pandemic.

Total domestic crude exports averaged about 3.2mn b/d in 2020, up from 2.98mn b/d in 2019, the previous record high, according to trade data released today by the US Census Bureau and monthly figures from the Energy Information Administration.

In December, US crude exports averaged 3.35mn b/d, up by about 23pc from 2.73mn b/d in November with China regaining its position as the top destination. US crude exports destined for China averaged about 719,000 b/d in December. China had been the top destination for US crude loaded in May-October, but its intake fell sharply in November when India took the top spot. India in December was the second top destination for US crude, with about 560,000 b/d, a record high for US exports headed to that country.

State-controlled Indian refiners in December expanded their import portfolios to include more US grades, with IOC now including West Texas Light (WTL) as an eligible grade in their weekly import tenders and Hindustan Petroleum (HPCL) issuing a unique tender that sought Mars for its Vizag refinery in January and February.

Meanwhile, US ultra-low sulphur diesel (ULSD) exports to Mexico surpassed year-earlier levels in December as overall shipments edged higher.

Total US gasoline and diesel exports climbed in December from the previous month while trailing volumes shipped in December 2019. But diesel shipments to Mexico, the largest foreign customer of US fuels, reported the largest year-to-year increase of any major fuel. Shipments increased by 20pc from November and by 16pc from December 2019 to about 295,000 b/d.

Total US ULSD exports averaged 920,000 b/d, higher by 20pc from the previous month and lower by 7.1pc compared to December 2019. Exports to Mexico, Chile and France all increased compared to the previous year, while Brazilian, Colombian and Peruvian shipments fell.

Total conventional gasoline exports averaged about 930,000 b/d in December, higher by 9.7pc from November but 2.8pc lower than December 2019.