U.S. petroleum products exports set new record in the first half of 2023 (9/20/2023)

U.S. exports of petroleum products grew 2% to nearly 6.0 million barrels per day (b/d) in the first half of 2023 (1H2023) compared to the same period in 2022, the most first-half-of-the-year exports in our Petroleum Supply Monthly data, which date back to 1981. Exports of propane and other hydrocarbon gas liquids (HGLs) drove the increase, as exports of other major petroleum products such as motor gasoline, distillate fuel oil, and jet fuel all decreased compared with 1H22. Export growth in the first half of 2023 was lower than growth in the first half of 2022, when exports quickly rose to meet increased demand in Europe after the region took measures to reduce imports from Russia. U.S. exports of crude oil also continued to increase in 1H23, rising to 4.0 million b/d, 19% higher than 1H22. …U.S. exports of petroleum products grew 2% to nearly 6.0 million barrels per day (b/d) in the first half of 2023 (1H2023) compared to the same period in 2022, the most first-half-of-the-year exports in our Petroleum Supply Monthly data, which date back to 1981. Exports of propane and other hydrocarbon gas liquids (HGLs) drove the increase, as exports of other major petroleum products such as motor gasoline, distillate fuel oil, and jet fuel all decreased compared with 1H22. Export growth in the first half of 2023 was lower than growth in the first half of 2022, when exports quickly rose to meet increased demand in Europe after the region took measures to reduce imports from Russia. U.S. exports of crude oil also continued to increase in 1H23, rising to 4.0 million b/d, 19% higher than 1H22. …  Read More