The Export Gulf

The high price of imported crude oil and decreased domestic consumer demand seen over the course of this year has resulted in uncertain prospects for some US refiners. However, even as some have suffered, others have been able to shift their focus to foreign markets. This year has seen the United States emerge as a net exporter of finished petroleum products. US Gulf refiners have led this trend, accounting for 75% of American volumes shipped abroad. The most noticeable increases have been in distillate fuel oil exports. While much of these increased volumes are being sent to traditional European consumption centers, increased import requirements from countries economies closer to home have also served to draw barrels out of the US Gulf, and may continue to support product tanker demand in the Atlantic basin. Download here