Sales of U.S. crude to other nations are now a record 3.4 million barrels per day, with exports of about 3 million bpd of refined products like gasoline and diesel fuel
The United States has become a global crude oil exporting power over the last few years, but exports have not exceeded its imports since the Second World War. That could change next year.
Last month, U.S. government data showed net U.S. crude oil imports fell to 1.1 million barrels per day , the lowest since record keeping began in 2001. That is down sharply from five years ago, when the United States imported more than 7 million barrels per day. To become a net exporter of crude, the United States needs either to boost production or curtail consumption. U.S. petroleum demand is expected to rise 0.7 per cent to 20.51 million bpd next year, so that means production would have to rise.
Export terminal operators are rushing to boost their capacity to better service the giant tankers that can carry more than 2 million barrels of oil. Analysts said net exports could taper off if numerous countries worldwide fall into a recession, hampering demand, and if further relaxation of sanctions on Venezuelan crude oil boosts that country’s shipments.
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