US crude exports fell in August after output rose

US CRUDE OIL EXPORTS fell over the past recent weeks after reaching a record-breaking three million barrels per day in June, the country’s Energy Information Administration has said. EIA also reported that crude production for the month of June rose to a record of 10.674 million barrels per day, nearing Russia and overtaking Saudi Arabia.

An earlier Reuters survey had showed that Russia pumped 11.2 million barrels per day in July while Saudi Arabia produced 10.5 million barrels per day.

A total of 1.2 million barrels per day of crude oil was exported by the US in the first three weeks of August. Crude traders cite some factors responsible, which include a strengthening dollar, trade tensions between the US and China and increased domestic demand.

“Some deals are getting done, just not as many,” a US crude broker said.

Also, China, which is one of the biggest buyers of US crude, recently hit the pause button on taking crudes such as West Texas Intermediate (WTI), Eagle Ford and Domestic Sweet Blend.

China’s top crude buyer, Unipec, purchased nearly 16 million barrels of light sweet US crude in June, but more decline is expected after threats of tariffs on crude dropped Chinese buying to nearly zero in July.