The U.S. Census Bureau data shows August crude oil exports at 4.1 MMb/d, up from 3.7 MMb/d in July. Nearly 45% of these shipments (1.9 MMb/d) headed to Asia, followed by another 41% (1.7 MMb/d) to Europe. The sharp increase in cargoes to Asia, at 548 Mb/d, was largely due to South Korea doubling its crude imports from the U.S.
Even though the Netherlands imported 296 Mb/d less U.S. oil in August than in July, the country remained the top destination for the fourth straight month at 569 Mb/d. South Korea received the second-highest volume at 517 Mb/d, the highest monthly volume the country has procured from the U.S. so far this year. Shipments to Canada were also up month-on-month at 355 Mb/d.
Additionally, as consumers snap up crude barrels from alternate sources due to lower production by members of OPEC and its allies, re-exports of Canadian barrels from Gulf Coast terminals remained high at 152 Mb/d in August.
