Oct 23, 2019

The U.S. is a crude oil export powerhouse

Photo: RJ Sangosti/The Denver Post via Getty Images

The U.S. is now exporting crude oil to more nations than it's importing from, the Energy Information Administration said in a new analysis out Tuesday.

Why it matters: The inflection point highlights the U.S. emergence as a crude export powerhouse and falling import reliance thanks to the domestic production surge.

Where it stands: In the first seven months of the year, the U.S. imported crude from a maximum of 27 nations in a given month, compared to as many as 37 a decade earlier, per EIA.

  • Meanwhile, during the same stretch of 2019, the number export destinations rose as high as 31.
  • U.S. crude oil exports averaged 2.9 million barrels per day during the first half of 2019, according to EIA monthly data.
  • More recent (although less robust) weekly data shows them trending even higher.

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The U.S. confirms its status as a petro-superpower

Adapted from EIA's outlook; Chart: Axios Visuals 

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.

Go deeperArrowNov 14, 2019

The U.S. hits a new milestone in net petroleum exports

The U.S. has been a net exporter of petroleum products for a consecutive four weeks on a four-week average basis, per Energy Information Administration data released Wednesday.

Why it matters: EIA analyst Mason Hamilton noted via Twitter that it's the first time the U.S. has been a net exporter by that metric. It has previously happened for shorter stretches.

Go deeperArrowOct 24, 2019

Exxon and Chevron profits tumble in Q3 earnings report

Photo: Spencer Platt/Getty Images

ExxonMobil and Chevron both reported steep declines in Q3 earnings this morning, becoming the latest oil giants hit by lower prices.

Why it matters: Exxon is the largest U.S.-based multinational oil-and-gas company, and its financial performance has struggled in recent years.

Go deeperArrowNov 1, 2019