In major shift, U.S. now exports more oil than it ships in

(Reuters) by David Gaffen –  The United States last week exported more crude oil and fuel than it imported for the first time on record, according to data released on Thursday, the same day OPEC ended a meeting without a decision to curb global output to balance out the historic surge in U.S. supply. When adding in all imports and exports of crude and refined products, the U.S. exported a net 211,000 barrels per day for the week through Nov. 30 – the first time that has happened, according to U.S. Energy Department figures dating to 1973. That was on the back of a jump in crude exports to a weekly record of more than 3.2 million bpd. “So when does the U.S. send a delegate to OPEC meetings?” said Kyle Cooper, consultant at ION Energy in Houston. “It’s really quite amazing. I do think that will occur more and more often in coming years.” The United States historically has been a heavy importer of crude oil in part due to a four-decade ban on crude exports that was lifted in late 2015 by then-President Barack Obama. Petroleum exports until recently were dominated by products like gasoline and diesel, but that… continue reading

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