America’s oil exports are about to exceed its imports in 2023

The United States has become a global exporter of crude oil over the past few years, but its exports have never exceeded its imports since World War II. This may change next year.

US crude oil sales to other countries are now at a record 3.4 million bpd, with exports of around 3 million bpd of refined products such as gasoline and diesel. The United States is also the largest exporter of liquefied natural gas and is expected to increase the volume of its production in the coming years.

While the United States consumes 20 million barrels of crude oil per day, which is the largest volume of consumption in the world, its production does not exceed 13 million barrels per day. Until recently, no one would have believed that it would be a major oil importer.

Last month, US government data showed that US net imports of crude oil fell to 1.1 million barrels per day, the lowest level since record-keeping began in 2001. This figure represents a sharp drop compared to five years ago when The United States imported more than seven million barrels per day.

Among the factors that led to changing this equation were the sanctions imposed on Russia, which affected its exports of oil and natural gas after its invasion of Ukraine, as well as Washington’s start to withdraw huge amounts of oil from its emergency reserves to face the rise in gasoline prices.

The United States needs to either increase production or reduce consumption in order to become an exporter of crude oil. US demand for petroleum products is expected to rise 0.7 percent to 20.51 million barrels per day next year, which means the need to increase production.

The United States already produces more oil than any other country in the world, including Saudi Arabia and Russia.