Oil & Gas

Move over, Saudi Arabia. America is about to steal the kingdom's energy exporting crown.

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.

U.S. Crude Oil Inventories Fell by 3.9M Barrels Last Week: EIA

Oil prices fell on Wednesday amid signs that global markets remain adequately supplied despite a jump to 2019 highs this week on Washington's push for tighter sanctions against Iran.

U.S. Crude Oil Inventories Rose by 10.27M Barrels Last Week: EIA

U.S. energy firms this week reduced the number of oil rigs operating for a third week in a row as weaker oil prices encourage drillers to follow through on plans to cut spending.

U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks after oil futures soared nearly 40 percent this year.

Oil prices fell on Thursday after U.S. crude inventories swelled to their highest level since December adding to concerns about a global glut but OPEC talk of an output reduction limited losses. 

U.S. Crude Oil Inventories Fell by Most Since July Last Week: EIA

U.S. energy firms this week reduced the number of oil rigs operating for the third time in four weeks even as crude production forecasts increase despite some drillers cutting spending.