Will U.S. Crude Oil Exports Smash Records Again This Year?
Crude oil and refined petroleum product exports from the United States hit a record high last year, turning the country into a net exporter. This year, as more economies are returning to growth, there’s space for further growth. However, there is also increased competition.
According to data from the Energy Information Administration, the U.S. exported 8.51 million barrels of crude oil and oil and gas products in 2020, versus imports of 7.86 million barrels. Exports of crude oil alone stood at 3.18 million bpd, which is less than half of what Saudi Arabia exported at the beginning of this year but still a substantial amount of crude. Imports of crude were higher, leaving the U.S. a net importer of crude, at 5.88 million bpd.
Even so, U.S. oil producers sold crude to a lot of countries, mainly in Asia. Asia is a natural market for the light, sweet grades that dominate U.S….