In Major Shift, U.S. Now Exports More Oil, Fuel Than It Ships In

www.oann.com | 8/22/2018 | Staff
(Reuters) – The United States last week exported more crude oil and fuel than it imported for the first time on record, underscoring the nation’s growing influence as a supplier of oil to the world.

Exports of crude surged in the week to Nov. 30 to more than 3.2 million barrels per day, the U.S. Energy Information Administration said on Thursday.

Imports - Exports - Crude - Products - Week

When adding in all imports and exports of crude and refined products, for the week the U.S. exported a net 211,000 bpd – the first time that has happened, according to U.S. Energy Department figures dating to 1973.

The United States historically has been a heavy importer of crude oil in part due to a four-decade ban on crude exports that was lifted in late 2015 by then-President Barack Obama.

Petroleum - Exports - Products - Gasoline - Diesel

Petroleum exports until recently were dominated by products like gasoline and diesel, but that has changed since the U.S. shale revolution that has sped up drilling and extraction of oil, helping boost overall U.S. production to a record 11.7 million bpd.

The data comes on the same day that the Organization of the Petroleum Exporting Countries adjourned a meeting without announcing a supply-cut agreement as it grapples with sinking prices due in part to the surge in U.S. output that has upended the global supply equation.

US - Delegate - OPEC - Meetings - Kyle

“So when does the U.S. send a delegate to OPEC meetings?” said Kyle Cooper, consultant at ION Energy in Houston. “It’s really quite amazing. I do think that will occur more and more often in coming years.”

U.S. oil prices have sagged since hitting a four-year high near $76 a barrel in October. That was in part due to concerns about oversupply coming to the fore again as U.S. production surged in tandem...
(Excerpt) Read more at: www.oann.com
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