The US becomes a net oil exporter for the first time in 75 years
12 December, 2018
According to data from the US Energy Information Administration (EIA), during the week ending 30 November 2018, the US became a net oil exporter for the first time in 75 years.
EIA data shows that US net imports of crude and petroleum products were at minus 211,000 barrels per day, meaning this amount of US production was exported.
In November 2018, US oil production hit a record 11.7m barrels per day – higher than Saudi Arabia and Russia during the same time period.
Increased US production has been attributed to the country’s shale revolution.
Through to October 2018, the UK has imported approximately 45.5m barrels of US crude. Other key US crude customers include Canada (106m barrels) and China (78m barrels).