US exports of petroleum products in the first six months of 2019 grew at the lowest rate in more than a decade, a decline attributed to slower global economic growth and lower output by US refineries, the Energy Information Administration (EIA) said in a report on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 24th October, 2019) US exports of petroleum products in the first six months of 2019 grew at the lowest rate in more than a decade, a decline attributed to slower global economic growth and lower output by US refineries, the Energy Information Administration (EIA) said in a report on Thursday."In the first half of 2019, the United States exported an average of 5.47 million barrels per day (b/d) of petroleum products, an increase of 19,000 b/d (0.3%) from the first half of 2018 and the slowest year-over-year growth rate for any half year in 13 years," the report said.
Two factors that likely contributed to lower exports were lower US refinery runs in the first half of 2019 compared with the first half of 2018 and slowing global economic growth, which is limiting demand for petroleum products, the release added.
The report predicts continued growth in petroleum product exports such as gasoline and natural gas, albeit at a slower rate than in previous years.
Nevertheless, exports of petroleum products combined with crude oil exports will most likely result in the US becoming a net petroleum exporter during the present October-December quarter, according to the report.
