The U.S. confirms its status as a petro-superpower
New data and projections confirm the emergence of the U.S. as a net exporter of crude oil and liquid petroleum products (gasoline, diesel and and more) combined.
Why it matters: The inflection point underscores the growth of the U.S. as a petro-superpower, although we still import millions of barrels of crude oil per day and production growth is slowing.
Driving the news: The Energy Information Administration yesterday said monthly data is expected to confirm something that's been emerging in weekly tracking.
- "Based on preliminary data and model estimates, EIA estimates that the United States exported 140,000 [barrels per day] more total crude oil and petroleum products in September than it imported; total exports exceeded imports by 550,000 [barrels per day] in October," EIA said in its latest Short-Term Energy Outlook.
The big picture: "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," the agency said.
What's next: EIA sees net exports of total crude oil and petroleum products averaging 750,000 daily barrels in 2020 compared with average net imports of 520,000 barrels per day this year.
Go deeper: The U.S. is a crude oil export powerhouse