The United States posted its first full month as a net crude oil and petroleum product exporter after 70 years, according to data from the Energy Information Administration (EIA). The data showed that US monthly oil exports exceed imports by 89,000 bpd in September. This marks the first full month when the US becomes a net oil exporter since the EIA began tracking the related data in 1949, the federal agency said.
The US exported about 8.76 million bpd of oil in September, increasing 18% from a year earlier. Meanwhile, imports dropped 12% to 8.67 million bpd over the same period. Further, the EIA expects the US overall net exports of crude oil and petroleum products will increase from an average of 520,000 bpd this year to 750,000 bpd next year.
In the final week of November 2018, the US became a net oil exporter on a weekly basis for the first time in 75 years when the country’s net exports of crude oil and petroleum products exceed imports by 211,000 bpd.
In the last 50 years, Saudi Arabia and other OPEC producers had typically dictated oil markets, but the boom in the US shale oil production has shifted the dynamics.
Tags: AlwaysFree,Americas,Crude Oil,EN ALWAYSFREE,Energy & Feedstocks,English,United States US Oil Exports,US petroleum exportsDecember 4, 2019 12:11 AM (GMT+8)