Daily Energy Report

US petroleum product exports at record high, Turkey/Israel trade, OPEC cuts debated, UAE raises oil capacity, Venezuelan oil exports fall, Exxon-Pioneer deal, EPA’s deceptive climate regs, and more.

US Exports of Petroleum Products Highest on Record

Summary

US exports of petroleum products have been increasing for years and reached the highest level on record at the end of last year. US crude oil exports have also increased but the growth stalled in recent weeks. Figure (1) above shows trends in US exports of crude oil and petroleum products. US-produced crude oil was banned from being exported in 1974. After the start of the shale revolution some modified condensates were exported. President Obama lifted the ban at the end of 2015. 

EOA’s Main Takeaway