US oil exports set new record amid energy crisis

Specifically, last week U.S. crude oil exports rose 21 percent up to 4.548 million barrels per day. This figure represents an increase of 83% compared to the same week of the previous year.

Like thisor, the moving average of US exports Oil reached 3.486 million barrels per day in the last four weeks, 20% more than a year ago.

In December 2015, The US passes a law allowing the unlicensed export of US crude oilalthough permission is required to export to embargoed or sanctioned countries.

Significant increase in US oil sales, The growing importance of the United States as a supplier of other energy sources such as liquefied natural gas (LNG).

Largest LNG exporter

In this sense, the EIA The world’s largest LNG exporter in the first half of 2022, According to Cedigaz data.

Compared to the second half of 2021US LNG exports up 12% in the first half of 2022Due to increased LNG export capacity, rising international natural gas and LNG prices and increased global demand, especially in Europe.

International prices of natural gas and LNG reached record levels in the last quarter of 2021 and the first half of 2022. In fact, at the European benchmark, the Title Transfer Facility (TTF) in the Netherlands, prices have been trading at all-time highs since October 2021.

The EIA also highlighted that since the end of last year, Europe has imported more LNG. To offset low supply and replenish natural gas storage reserves through Russian pipelines.

Like this, LNG imports to the EU and the UK increased by 63% in the first half of 2022.

However, in June The United States exported 11% less LNG than the average in the first five months of 2022, primarily as a result of problems at the Freeport LNG export facility, which will resume partial liquefaction operations in early October 2022.

Like thisPeak capacity utilization at seven US LNG export facilities averaged 87% in the first half of 2022In line with average usage in 2021, before the Freeport LNG cut