Net Petroleum Product Exports Continue to Increase

Over the past decade, domestic refinery output of petroleum products has grown significantly while consumption has declined, resulting in a major increase in product exports. Petroleum product exports averaged 4.1 MMbpd in the first four months of the year, an increase of 500,000 bpd over exports the same time last year. Product imports are also higher than last year, but to a lesser extent, leading to an increase in net petroleum product exports.