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IPFS News Link • Oil

US Exported More Oil Than it Imported For the First Time in Over 70 Years

• by Brian Wang

If confirmed in survey-collected monthly data, it would be the first time the United States exported more petroleum than it imported since EIA records began in 1949. EIA expects total crude oil and petroleum net exports to average 750,000 b/d in 2020 compared with average net imports of 520,000 b/d in 2019.

* USA is a first time net exporter of oil
* USA has record-high crude oil production of 12.8 million barrels per day. The US is projected to add another 1 million barrels per day in 2020.
* USA has record-high natural gas production

US total oil liquids production is over 20 million barrels per day and increasing to over 21 million barrels per day.