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Chart of the Day: US crude reaches out to more

Courtesy: EIA

Since the crude exports ban was removed in last December , the number of countries receiving the cargos has increased quite a fold. Not that the number is a very spectacular one but significant.

In the first five months of 2016, U.S. crude oil exports averaged 501,000 barrels per day.  This rate of growth is slower than before the However, the number, and the variety of destinations for U.S. crude oil exports has changed. So far in 2016, crude oil was exported to 16 different nations, six more than 2015 and double the number of destinations in 2014.

The chart from the EIA shows the destination details. There are so many varieties and blends in the market that not every crude can be processed in very refineries. We wonder if these destinations are pilot projects, then it would have serious geopolitical as well as economic implications. 

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