In September 2019, the United States exported 89,000 barrels per day (b/d) more petroleum (crude oil and petroleum products) than it imported, the first month this happened since monthly records began in 1973. #OOTT #TWIP
bit.ly/38b67Kn
bit.ly/38b67Kn
The United States is a net exporter of petroleum!
*me in my office when data was released...
*me in my office when data was released...
Now - before everyone gets giddy let's put things into the proper context.
Net petroleum trade is calculated as total imports of crude oil and petroleum products less total exports of crude oil and petroleum products. The United States currently imports more crude oil than it exports, but it exports more petroleum products than it imports.
Long-running changes in U.S. trading patterns for both crude oil and petroleum products have resulted in a steady decrease in overall U.S. net petroleum imports.
Increasing U.S. crude oil production has resulted in decreased U.S. crude oil imports. This lowered net petroleum imports.
In December 2015, the United States lifted restrictions on exporting domestically produced crude oil. Since then, U.S. crude oil exports have been the largest contributor to U.S. petroleum export growth.
Despite increasing exports of crude oil, however, the United States remains a net importer of crude oil.
The United States continues importing primarily heavy high-sulfur crude oils that most U.S. refineries are configured to process, and more than 60% of U.S. crude oil imports come from Canada and Mexico.
In the November STEO, EIA forecasts that U.S. net petroleum exports will continue to increase, averaging 751,000 b/d in 2020, the first time that the United States is expected to be a net petroleum exporter on an annual basis.
