The nation’s exports could exceed its imports next year for the first time since World War II, according to the outlet
© Getty Images / Suriyapong Thongsawang
Sales of US crude oil to other nations have reached a record 3.4 million barrels per day (bpd), with the country expected to become a net exporter of crude oil in 2023, Reuters reported on Monday.
Exports of refined products, such as gasoline and diesel fuel, stood at about 3 million bpd, according to the report, citing official data. The US is also the leading exporter of liquefied natural gas (LNG), a segment that is expected to see growth soar in the coming years, Reuters said.
The US consumes 20 million barrels of crude a day, the most in the world, whereas its output has never exceeded 13 million bpd. American energy exports have not surpassed imports since World War II, but that could reportedly change next year. “Until recently, the idea that it [US] would be anything but a big crude importer was folly,” Reuters wrote.
However, last month, net US crude oil imports dropped to 1.1 million bpd, the lowest since such records began being kept in 2001. The report attributed the decline to the Western sanctions on Russian energy exports and Washington’s massive release of oil from strategic reserves to combat spiking gasoline prices.
Data from analytics firm Kpler shows that European refiners have snapped up US grades to offset the loss of Russian oil. Asian refiners have also boosted purchases to 1.75 million barrels per day due to the deeper discounts on US crude to global benchmarks.