The U.S. Flexes Its Refining Muscle

April 5th 2024:U.S. product exports are resilient among changing trade flows In our discussions about the U.S. oil industry, we frequently reference ever rising crude oil production and record crude oil exports. However, the United States also has a thriving refining industry. Earlier this week, the U.S. Energy Information Administration (EIA) published an analysis titled: “U.S. petroleum product exports set another record high in 2023.” According to the EIA “Petroleum product exports from the United States averaged a record 6.1 million barrels per day (b/d) in 2023, a 2.5% increase from 2022.” However, the growth in U.S. petroleum product exports is driven by a 14% increase in propane (LPG) exports, offsetting decreases in gasoline and distillate exports. So, the picture for the refined products that are moved on product tankers may look a little different. In this week’s Tanker Opinion, we’ll take a closer look at what is happening on that front.
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