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Released October 04, 2023 | sugar land
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Researched by Industrial Info Resources (Sugar Land, Texas)--U.S. exports of petroleum products in the first half of 2023 reached an all-time high for the first half of any year, according to the U.S. Energy Information Administration's (EIA) Petroleum Supply Monthly data.
Data show petroleum-product exports totaled nearly 6 million barrels per day (BBL/d), 2% more than the same period in 2022.
Propane was the most-exported product, the agency said, averaging 1.5 million BBL/d. "Propane and other [hydrocarbon gas liquid] HGL exports in the first half of 2023 drove the overall increase in petroleum product exports," the EIA added. Those HGLs include propane, ethane, ethylene and propylene, among others.
U.S. propane and other HGL exports to Asia "have grown rapidly in recent years," the EIA said, adding propane exports to destinations in Europe, Central America and South America decreased in the first half of the year compared with the first half of 2022.
Meanwhile, "exports of other major petroleum products such as motor gasoline, distillate fuel oil, and jet fuel all decreased compared with the first half of 2022. Petroleum product exports grew more slowly in the first half of 2023 than in the first half of 2022, when they quickly rose to meet increased demand in Europe after the region took measures to reduce petroleum product imports from Russia."
Distillate fuel oil exports of 1.1 million BBL/d in first-half 2023 were down 5% year-over-year because of lower exports to destinations in Central America and South America; the two destinations account for 57% of all U.S. distillate exports, according to the EIA.
However, distillate exports to Europe increased in the first half of 2023 year-over-year--following the European Union's (EU) complete import ban on Russia's petroleum products from the beginning of 2023. U.S. distillate fuel oil exports to destinations in Europe averaged 138,000 BBL/d in the first half of 2023 compared with 56,000 BBL/d in the same period in 2022.
Industrial Info is tracking projects aimed at expanding the U.S.' ability to export petroleum products. Enterprise Products Partners LP (NYSE:EPD) (Houston, Texas) is evaluating building an ethylene export terminal capable of processing and loading up to 1.25 million tons per year, which would double the company's overall export capacity. The terminal is expected to be somewhere along the Texas or Louisiana Gulf Coast, potentially at a site adjacent to existing Enterprise operations. Subscribers to Industrial Info's Global Market Intelligence (GMI) Terminals Project Database can click here to read a detailed project report.
According to the EIA, U.S. petroleum-product exports "increased significantly" in the 2000s and 2010s because of several factors, including the burgeoning competitiveness and efficiency of production at refineries along the Gulf Coast and increasing HGL production related to rising U.S. upstream oil and natural gas production.
Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) is at work on a modernization project at its refinery in Baton Rouge, Louisiana, which began in 2021. The project entails upgrading the 520,000-BBL/d refinery's Crude Distillation Unit 7, expanding tank storage and installing a tank solids pollution collection system, in order for the refinery to manage a wider range of crude oil and advance the company's competitiveness in the Gulf Coast market. The project is expected to wrap up in 2024. Subscribers to the GMI Refining Database can click here to read more information.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
Data show petroleum-product exports totaled nearly 6 million barrels per day (BBL/d), 2% more than the same period in 2022.
Propane was the most-exported product, the agency said, averaging 1.5 million BBL/d. "Propane and other [hydrocarbon gas liquid] HGL exports in the first half of 2023 drove the overall increase in petroleum product exports," the EIA added. Those HGLs include propane, ethane, ethylene and propylene, among others.
U.S. propane and other HGL exports to Asia "have grown rapidly in recent years," the EIA said, adding propane exports to destinations in Europe, Central America and South America decreased in the first half of the year compared with the first half of 2022.
Meanwhile, "exports of other major petroleum products such as motor gasoline, distillate fuel oil, and jet fuel all decreased compared with the first half of 2022. Petroleum product exports grew more slowly in the first half of 2023 than in the first half of 2022, when they quickly rose to meet increased demand in Europe after the region took measures to reduce petroleum product imports from Russia."
Distillate fuel oil exports of 1.1 million BBL/d in first-half 2023 were down 5% year-over-year because of lower exports to destinations in Central America and South America; the two destinations account for 57% of all U.S. distillate exports, according to the EIA.
However, distillate exports to Europe increased in the first half of 2023 year-over-year--following the European Union's (EU) complete import ban on Russia's petroleum products from the beginning of 2023. U.S. distillate fuel oil exports to destinations in Europe averaged 138,000 BBL/d in the first half of 2023 compared with 56,000 BBL/d in the same period in 2022.
Industrial Info is tracking projects aimed at expanding the U.S.' ability to export petroleum products. Enterprise Products Partners LP (NYSE:EPD) (Houston, Texas) is evaluating building an ethylene export terminal capable of processing and loading up to 1.25 million tons per year, which would double the company's overall export capacity. The terminal is expected to be somewhere along the Texas or Louisiana Gulf Coast, potentially at a site adjacent to existing Enterprise operations. Subscribers to Industrial Info's Global Market Intelligence (GMI) Terminals Project Database can click here to read a detailed project report.
According to the EIA, U.S. petroleum-product exports "increased significantly" in the 2000s and 2010s because of several factors, including the burgeoning competitiveness and efficiency of production at refineries along the Gulf Coast and increasing HGL production related to rising U.S. upstream oil and natural gas production.
Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas) is at work on a modernization project at its refinery in Baton Rouge, Louisiana, which began in 2021. The project entails upgrading the 520,000-BBL/d refinery's Crude Distillation Unit 7, expanding tank storage and installing a tank solids pollution collection system, in order for the refinery to manage a wider range of crude oil and advance the company's competitiveness in the Gulf Coast market. The project is expected to wrap up in 2024. Subscribers to the GMI Refining Database can click here to read more information.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
