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U.S. Impending Crude Oil Exporter

iPlug

Member
Sep 14, 2019
539
768
Rocklin, CA
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.png

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

Weekly U.S. Field Production of Crude Oil.png


Weekly U.S. Field Production of Crude Oil (Thousand Barrels per Day)
 
  • Informative
Reactions: ladysbff

iPlug

Member
Sep 14, 2019
539
768
Rocklin, CA
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):
Net Imports.png



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

iPlug

Member
Sep 14, 2019
539
768
Rocklin, CA
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.
 

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