US petroleum export expansion strengthens since 2022
Through mid March 2024, the US has exported a combined 818mb of petroleum (329mb of crude and 489mb of petroleum products). From 2019 through 2021, US petroleum exports remained fairly constant. Roughly 3000mb of combined petroleum were exported for each of those years. 1100mb of crude and 1800mb of petroleum products. This changed in 2022 when total export volumes jumped by +500mb in total with a larger share coming from products but a larger % growth observed in crude. The 2022 data were followed by another jump in 2023 of +400mb of total export volume. This time the larger share of the increase was in the form of crude (+250mb).
It is still early in 2024, but 2024 YTD export volume averageS have thus far increased by +0.3mbd on the crude side and +0.2mbd on the product side. It appears the export volumes will climb in total for 2024. It remains to be seen if the rate of increase changes.