Prospect Analysis of the United States' Crude Oil Exports to the Asia-Pacific Region

At the end of 2015, the United States lifted a 40-year ban on crude oil exports, which has far-reaching implications for the global crude oil market and crude oil trade patterns. Since the release of crude oil exports, with the recovery of crude oil production and improved export infrastructure in the United States, U.S. crude oil exports have been growing rapidly, with an average of about one million barrels/day in 2017, making the U.S one of the major global crude oil exporters. Currently, the AsiaPacific region has replaced North America as the first major destination for U.S. crude oil exports. In light of future trends in the oil refining industry of the Asia-Pacific region, it will usher in a new wave of refinery operations around 2020 and crude oil imports will continue to grow rapidly. The American region, represented by the United States, will replace West Africa as the second largest source of crude oil imports to the Asia-Pacific region, and that energy trade cooperation between the Asia-Pacific region and the United States will continue to grow. In particular, for China, the United States will become an important source of crude oil imports for our country in the future, and the two countries will shift from the past of energy competition to energy cooperation. Sino-US energy trade will play a more active role in economic and trade cooperation between the two countries.