20 December 2022 | Other

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.  

Company MarketCheese
Period: 28.09.2026 Expectation: 4000 pips
Buy USDCAD while US inflation remains sticky
Yesterday at 08:07 AM 33
Period: 11.08.2026 Expectation: 740 pips
Go long on Brent crude up to $95
Yesterday at 06:14 AM 35
Period: 27.09.2026 Expectation: 4650 pips
Invest in USDJPY up to its all-time high of 164.00
27 August 2026 46
Period: 30.09.2026 Expectation: 500 pips
Sell ​​GBPUSD down to 1.3540
27 August 2026 25
Gold buy
Period: 10.09.2026 Expectation: 300 pips
Buy gold with $4,900 in sight
27 August 2026 41
Period: 30.09.2026 Expectation: 250 pips
Buying EURUSD from 1.1650
26 August 2026 36
Go to forecasts