Published: March 23, 2023
By: Concentric Staff Writer
Fossil fuel production in the U.S. is a dynamic situation, but there is no doubt the country is actively exporting its non-crude oil petroleum products.
The U.S. Energy Information Administration (EIA) reported Monday that the U.S. set a record for petroleum product exports in 2022, which rose 7 percent over the prior year. Excluding crude oil, exports were about 6 million barrels per day in 2022, driven by an 18 percent increase in distillate fuel oil, the agency said. Distillate fuel oil is liquid fuel that includes diesel fuels and other fuels for engines and various types of power generation.
The data excludes crude oil exports but encompasses distillate fuel oil, propane, motor gasoline, non-propane hydrogen gas liquids (HGLs), petroleum coke, and other petroleum products.
“Geopolitical disruptions that occurred in 2022 are likely to continue to affect global trade of crude oil and petroleum products in 2023.” EIA said, citing data from its Petroleum Supply Monthly report. Factors listed by EIA include Russia’s invasion of Ukraine in late February of last year, and sanctions by the U.S. and other countries of Russian petroleum exports.
The export levels reflect longer-term growth trends for non-crude oil petroleum products, which more than doubled in 2022 from about 2.3 million b/d in 2010. Propane was the largest commodity of the category to be exported by volume in 2022. Propane and other non-HGLs are primarily exported to the Asia Pacific region, which accounts for more than half of U.S. exports, with Japan receiving the most exports in 2022 at 384,000 b/d.
All views expressed by the author are solely the author’s current views and do not reflect the views of Concentric Energy Advisors, Inc., its affiliates, subsidiaries, or related companies. The author’s views are based upon information the author considers reliable at the time of publication. However, neither Concentric Energy Advisors, Inc., nor its affiliates, subsidiaries, and related companies warrant the information’s completeness or accuracy, and it should not be relied upon as such.