US refined oil exports have reached a record high, why is expected to grow further

According to Reuters, the US refinery production is higher than ever before, seeking to meet the growing demand, but mainly from overseas demand.

Last year, the United States became the world’s largest net exporter of refined oil, which is the natural result of the US crude oil production since the beginning of the shale oil revolution in 2010. The United States in the global oil market, the traditional role of a fundamental change, after the United States is the world’s major oil import and consuming countries.

US crude oil exports in 2017 is expected to record a record high, making the foreign oil market for US refiners in the future growth prospects and profit margins more and more important.

Shale oil producers offer rich and cheap domestic crude oil supplies to refineries to give them the raw materials needed to produce internationally competitive refined oils.

The United States in 2016 to the foreign market net exports of 2.5 million barrels / day of refined oil, setting a record. According to US government data, 10 years ago, the United States net imports up to 2.3 million barrels / day.

The exuberance boosted the margins of large US refiners such as Marathon Petroleum and Valero and made up for the lack of growth in US energy demand this year.