U.S. to turn into a net exporter of crude oil in 2023

The United States has become a major crude oil exporter over the past few years. However, the country's exports have not exceeded its import share since World War II. This situation is likely to change in 2023. 

U.S. oil shipments abroad have now hit a record high of 3.4 million barrels per day (bpd). Meanwhile, exports of petroleum products, including gasoline and diesel, stand at 3 million bpd. Besides selling black gold, the U.S. is also a top exporter of liquefied natural gas (LNG). This fuel is expected to grow sharply in the coming years.

Oil consumption in the U.S. amounts to 20 million bpd, but the country's production has never exceeded 13 million bpd. Thus, the idea that the United States could turn into a net exporter seemed to be reckless. 

Data released by the U.S. government last month showed that the country's net crude oil imports dropped to 1.1 million bpd, the lowest level since 2001. This indicator is also well below 7 million bpd recorded five years ago.