US Gulf Coast Crude Oil Exports to Touch Record High This Quarter

Crude oil exports from the U.S. to Europe are expected to average 1.4 MMbbl/d this quarter after U.S. exports rose since the release of 180 MMbbl of oil from the Strategic Petroleum Reserve.

Arathy Somasekhar, Reuters

Exports of crude oil from the U.S. Gulf Coast could hit a record 3.3 MMbbl/d this quarter, analysts said on June 27, as Europe chases U.S. crude to offset sanctioned Russian oil.

U.S. exports have risen in the last three months, helped by Washington's decision to release 180 MMbbl of oil from the nation's Strategic Petroleum Reserve, which have flooded the domestic market.

Exports to Europe are expected to average about 1.4 MMbbl/d this quarter, about 30% higher than the year-ago quarter, while export to Asia is set to drop to under 1 MMbbl/d, according to energy data firm Kpler.

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