June 6, 2018 / 7:52 PM / in 5 months

UPDATE 1-U.S. oil exports jump to record 1.76 mln bpd in April –Census data

 (Adds further details on top destinations)
    NEW YORK, June 6 (Reuters) - U.S. crude exports surged to a
record 1.76 million barrels per day (bpd) in April from 1.67
million bpd in March thanks to the rising discount for U.S.
crude versus the global benchmark, foreign trade data from the
U.S. Census Bureau showed on Wednesday.
    Most of the increase came from Italy and the Netherlands,
which received 248,000 bpd and 104,000 bpd, respectively. 
    The total export figure was the highest on record since at
least 1920, according to U.S. government data.
    U.S. oil exports have surged since a decades-long ban on
them was lifted late in 2015 and the export economics over the
past two months have become even more favorable as U.S. crude's
discount to Brent widened to the most in over three years. 
    U.S. crude's discount to Brent WTCLc1-LCOc1 widened to
more than $11 a barrel last week, the biggest since March 2015 
as shale production has soared to a record.
    Oil producer Occidental Petroleum Corp         expects crude
exports to more than triple, adding about 3.6 million bpd over
the next five years, a company executive said at an industry
conference on Wednesday.             
    China, still one of the top destinations, imported fewer
barrels of U.S. crude in April, the data showed. Exports to
China were about 248,000 bpd in April compared with about
380,000 bpd in March. 
    Canada received the highest shipments in April, at about
342,000 bpd, while South Korea and Taiwan received 102,000 bpd
and 97,000 bpd respectively. 
    The U.S. sent its second cargo to the United Arab Emirates
at about 38,000 bpd.             
    U.S. Census's foreign trade oil data is published weeks
earlier than closely watched U.S. Energy Information
Administration trade figures. The EIA, which bases its numbers
on the Census data, will release its monthly crude figures at
the end of the month.

 (Reporting by Devika Krishna Kumar in New York
Editing by Phil Berlowitz)
  
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