U.S. Impending Crude Oil Exporter

[iPlug]

Latest net import data is July, so U.S. may already be a net exporter of crude oil. Right now the story is mostly due to the U.S. being the world's leading producer. Hopefully in a few years plummeting U.S. demand will become a much larger driving factor.

U.S. Net Imports of Crude Oil and Petroleum Products (Thousand Barrels per Day)

Weekly U.S. Field Production of Crude Oil (Thousand Barrels per Day)

 

[iPlug]

Well, it's official as of this September, for the first time in many decades, the U.S. is now (barely) a net exporter of oil/oil products (oil + gasoline, diesel, jet fuel, etc):

Meanwhile, U.S. crude oil production continues to grow briskly and recently hit a record high of nearly 13,000 thousand barrels/day:

 

[Cripps]

Do you know who is buying ?

 

[iPlug]

Do you know who is buying ?

Largest market for production is self consumption.

As for exports, according to the latest EIA data:

The five largest destinations of U.S. petroleum exports by share of total exports in 2018 were.

• Mexico 16%
• Canada 13%
• Japan 6%
• Brazil 5%
• South Korea 5%

Keep in mind, the U.S. is still a net importer of crude oil because we are an even larger net exporter of finished products like gasoline as we have tremendous refinery capacity/industry to do this. But the big news is that we are now a net petroleum product exporter.