US sends oil exports to China for first time since 2005: EIA
London (Platts)--28Mar2013/550 pm EDT/2150 GMT
The US exported crude oil to China for the first time since November
2005 in January, according to data the Energy Information Administration
released Thursday.
US crude oil exports to China averaged 9,000 b/d in January, the EIA's
data showed, representing 12.3% of the US's total crude exports.
The other 87.7% of US crude oil exports -- 64,000 b/d -- was sent to
Canada.
January's crude shipments mark the first significant exports not bound
for Canada since Costa Rica received 334,000 barrels of US crude in July
2011, EIA data shows. Mexico received 5,000 barrels in May 2012. This
marks the first shipments to Asia since September 2006 when 24,000
barrels were exported to South Korea.
Exports of crude oil have been heavily regulated in the US since the oil
embargo in the 1970s. Monthly crude exports ticked up through much of
the 1980s and 1990s, but fell back sharply in 2000.
Between 2000 and 2008, US crude oil exports were negligible. However,
exports -- primarily to Canada -- have gradually moved up as domestic
production has boomed.
In January, US crude oil production stood at 7.005 million b/d, down
59,000 b/d from December's 7.064 million b/d, but still at levels not
seen since 1992.
--Paula VanLaningham,
paula_vanlaningham@platts.com
--Edited by Carla Bass,
carla_bass@platts.com
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