Remember that brief moment in late 2018 when the U.S. became a net exporter of crude oil and petroleum products combined? It was just a preview of what's to come late next year, according to the Energy Information Administration's first detailed 2020 market forecast.
What's next: "EIA forecasts that net imports will continue to fall to an average of 1.1 million [barrels per day] in 2019, and to less than 0.1 million b/d in 2020," per EIA's outlook published Tuesday.
Why it matters: That factoid is a sign of the country's re-emergence as a global oil powerhouse and increasingly prominent exporter as domestic production has surged.
What they're saying: "Steady growth from non-OPEC countries, including the United States, headlines the forecast for global crude oil production through 2020. We expect the United States to remain the world’s largest producer," EIA administrator Linda Capuano said in a statement alongside the the report.
But, but, but: Here is where I'm contractually obligated to note that the U.S. will still remain very tethered to the whims of global markets, and net exports doesn't — and, logistically, shouldn't — mean the country won't still import lots of crude.
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