EIA: US Turns Into Net Oil Exporter As Imports Fall

U.S. crude oil stockpiles fell last week due to a surge in exports, as the country became a net exporter of crude oil and products for the first time, underscoring the nation’s growing prowess as a global supplier of oil and refined products.

Crude inventories fell 7.3 million barrels in the week to Nov. 30, the Energy Information Administration (EIA) said Dec. 6, compared with analysts’ expectations for a decrease of 942,000 barrels.

This was the first drop in U.S. crude stocks since September, and it came as exports surged to a record 3.2 million barrels per day (bbl/d). As a result, net crude imports to a record low of 4 million bbl/d.