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Over the past few years, the difference between our estimates of supply and disposition has increased in our U.S. crude oil balances. We have studied the growing difference and identified ways in which we have been overstating disposition and understating supply. Importantly, we believe these issues are unrelated to our monthly inventory statistics that we survey directly, but rather reflect the balance of all sources of supply and disposition. As a result of that work, we are initiating changes in our calculations and surveys that we believe will improve the balances in the future. ...
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U.S. crude oil exports averaged a record 3.6 million barrels per day (b/d) in 2022, a 22% increase (640,000 b/d) from 2021 (Figure 1). The number of destinations for U.S. crude oil exports in 2022 decreased from 39 to 38. South Korea received the largest share (10.3%, or 371,000 b/d) for the first time, followed by the Netherlands (10.2%, or 368,000 b/d) and the UK (9.6%, or 347,000 b/d). U.S. exports to India (the top export destination in 2021) and China (the top export destination in 2020) declined the most, as Western sanctions on Russias crude oil exports shifted trade patterns. These decreases were more than offset by increases to other destinations, particularly in Europe. The growth in U.S. crude oil exports was driven by increased U.S. crude oil production, releases from the U.S. Strategic Petroleum Reserve, and increased global demand for alternatives to Russias crude oil. ...
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In 2022, the United States exported 5.97 million barrels per day (b/d) of petroleum products, an increase of 7% (or 405,000 b/d) compared with 2021, setting a new record for total petroleum product exports. In volumetric terms, the largest increase was in exports of distillate fuel oilusually consumed as dieselwhich increased by 18% (193,000 b/d) compared with 2021. Exports of motor gasoline increased by 6% (52,000 b/d), while jet fuel exports (which make up a relatively small share of the total) increased by 67% (72,000 b/d). Although export volumes of propane remained the largest petroleum product export at 1.38 million b/d, compared with 2021, volumes only increased by 4% (50,000 b/d). Other growth in exports came from other hydrocarbon gas liquids (HGLs) (3% or 32,000 b/d), residual fuel oil (10% or 10,000 b/d), and petroleum coke (11% or 54,000 b/d), while other exports decreased by 10% (59,000 b/d). ...