Energy Factoid: U.S. exports of refined petroleum products set a record high in 2022
Exports of distillate fuel oil were up 18%
Data source: U.S. Energy Information Administration, Petroleum Supply Monthly
Note: HGL=hydrocarbon gas liquids
In 2022, the United States set a new record for petroleum product exports, up 7% from 2021, according to the EPA Petroleum Supply Monthly. U.S. petroleum product exports averaged 5.97 million barrels per day (b/d) in 2022 (405,000 b/d more than in 2021), driven by an increase of 18% (193,000 b/d) in distillate fuel oil.
U.S. oil refineries are engineered to produce as much gasoline as possible, which results in more distillates and other refined products than needed domestically, so they are exported.
The geopolitical disruptions that occurred in 2022 are likely to continue to affect the global trade of crude oil and petroleum products in 2023. In response to Russia’s full-scale invasion of Ukraine in late February 2022, the United States and many U.S. allies announced various sanctions against Russia’s petroleum industry. As a result, prices and crack spreads for petroleum products rose in the second quarter of 2022, encouraging refiners globally to increase production.