The U.S. has become a global crude oil exporting power over the last few years. Despite this, exports have not exceeded its imports since World War II, but that could change next year, Reuters reports.
Sales of U.S. crude to other nations are now at a record 3.4 million barrels per day, with exports of about 3 million bpd of refined products like gasoline and diesel fuel. The U.S. is also the leading liquefied natural gas exporter, where growth is expected to soar in coming years.
But the U.S. consumes 20 million barrels of crude a day, the most in the world, and its output has never exceeded 13 million bpd.
However, last month, U.S. government data showed net U.S. crude oil imports fell to 1.1 bpd, the lowest since record-keeping began in 2001. That is down sharply from five years ago, when the country imported more than 7 million barrels per day. Read the full story.