U.S. crude oil exports reach a record high

U.S. crude exports jumped to a record in April as shipments kicked into high gear.

The U.S. in December repealed its 40-year-old export restrictions on crude oil. Since then, American crude has been finding its way into the world’s markets.

Total crude exports were about 17.7 million barrels, 13 percent higher than in March, according to Bloomberg calculations from data released by the U.S. Census Bureau. The 591,000 barrel-a-day average beat the previous high of 586,000 barrels a year earlier.

Increased demand for light sweet crude has boosted purchases from the U.S. Crude exports to destinations other than Canada exceeded those the U.S. sent to its northern neighbor for the first time since 2000, data released in May showed. Canada for years has been largely exempt from U.S. trade restrictions on crude oil.

“When it comes to light sweet crude, we’ve got the best deal,” Carl Larry, director of oil and gas issues in Houston for consultant Frost & Sullivan said in a phone interview. He noted that the nations buying the oil — which are mainly in North America, the Caribbean and Europe — already have strong economic ties with the U.S.

Bloomberg News

This story was originally published June 3, 2016 at 3:07 PM with the headline "U.S. crude oil exports reach a record high."