Petroleum Market - U.S. Petroleum Export Value Shrank Dramatically, Following Plummeting Oil Prices

Crude Petroleum July 18, 2016
Author: Sergey Avramenko
Head of Global Markets Research Team

petroleum market

Photo: ©  dolgachov / Bigstockphoto

The U.S. owns a 12% share (based on USD) of exports on the global petroleum market, tied for first place in the world together with Russia (12%). In 2015, the U.S. exported 79.4 billion USD, 32% under the previous year. Overall, from 2007 to 2015, U.S. petroleum exports showed mixed dynamics. A significant drop in 2009 was followed by rocketing growth over the next four years, before losing its momentum in 2014. In 2015, there was a precipitous drop of the export value, clearly attributable to the sharp fall in oil prices.

In 2010, U.S. petroleum exporters almost regained their pre-recession level achieved in 2008. Even after the wild fluctuations of recent years, exports still remained higher than their 2008 level.

The drop of exports in value terms significantly reduced revenue, which negatively affected the development of the industry and investments in oil refining.

In 2015, the main destinations of U.S. petroleum exports were Mexico (19%), Canada (12%), the Netherlands (6%) and Colombia (6%). The share exported to Mexico (+7 percentage points) and Colombia (+5 percentage points) increased, while the share sent to Canada illustrated negative dynamics (-2 percentage points) from 2007 to 2015.

Before 2010, the U.S. was a net importer of petroleum. Over the years, however, that deficit not only evaporated but turned into a 25 billion USD trade surplus in 2015, driven by rapidly rising exports.

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Source: U.S. Petroleum Market. Analysis And Forecast to 2020