NEW YORK: The US Census Bureau on Wednesday released data showing exports of crude from US ports, for the first time breaking out if that crude was of domestic or foreign origin.
In what traders and analysts see as a major step in tracking what exactly is leaving the country, the data sheds light on whether the crude is domestically produced or re-exported oil from Canada. The move comes amid a loosening of a four-decade ban on US crude exports.
Total crude oil exports leaving US ports fell to 409,100 barrels per day in September compared with 461,100 bpd in August, according to a Reuters analysis of the Census Bureau’s foreign trade data.
Of that total, some 32,000 bpd were of foreign origin, sent to Italy, Spain and Switzerland. Meanwhile, some 20,800 bpd of US crude was exported to the Netherlands with the remaining US crude heading to Canada.
Re-exports of foreign crude from the United States is allowed with a government license. Last year, the US Commerce Department gave a green light to Pioneer Natural Resources and Enterprise Product Partners to export lightly-processed condensate.
More recently, Mexico’s national oil company, Pemex, said it received a year-long licensed from the United States to import US light crude in exchange for exports of Mexico’s heavier crude.
Census defines domestic exports as exports of goods that are grown, produced or manufactured in the United States, while foreign exports are commodities of foreign origin, which enter the United States for consumption and are expected to be in the same condition when exported as when imported.
It was not immediately clear whether US origin crude was crude oil or condensate. Traders say the figures only show a part of total condensate volumes leaving the country.
