The United States has become a global crude oil exporting power over the last few years, but exports have not exceeded its imports since World War II. That could change next year.
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 is also the leading liquefied natural gas exporter, where growth is expected to soar in coming years.
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. "Russia's invasion of Ukraine has spurred new demand for U.S. energy and should push oil exports above imports late next year assuming shale output accelerates," said Rohit Rathod, market analyst at energy researcher Vortexa.
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