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.
Source: www.reuters.com
For the first time, the U.S. became a net exporter as per data released by the Energy Information Administration on Thursday, December 6th. For the week to November 30, the U.S. exported a net 211,000 barrels per day. Historically, the US 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. Crude oil inventories fell to 7.3 million barrels for the week, the first drawdown since September due to record low net imports of 4 million bpd. This data was reported on the same day that the OPEC adjourned a meeting without announcing a supply-cut agreement. Following the latest news developments, WTI crude oil futures fell nearly 3% Thursday to close at US$51.5/bbl.
