Canada Markets closed

Why US Crude Oil Exports Fell Sharply from a Record High

Gordon Kristopher
Why US Crude Oil Exports Fell Sharply from a Record High

US crude oil exports decreased 13.2% to 2,027,000 bpd (barrels per day) on June 29–July 6. However, the exports increased by 1,109,000 bpd or 121% from a year ago. The year-over-year rise in exports was due to the lifting of oil export ban, a rise in US oil production, and a wider Brent-WTI spread.