US poised to become net exporter of crude oil in 2023

HOUSTON: The United States has become a global crude oil exporting power over the last few years, but exports have not exceeded its imports since World War II. That could change next year.

Sales of US crude to other nations are now a record 3.4 million barrels per day (bpd), with exports of about 3 million bpd of refined products like gasoline and diesel fuel. The United States is also the leading liquefied natural gas (LNG) exporter, where growth is expected to soar in coming years.

But the United States consumes 20 million barrels of crude a day, the most in the world, and its output has never exceeded 13 million bpd. Until recently, the idea that it would be anything but a big crude importer was folly.

Last month, US government data showed net US crude oil imports fell to 1.1 million barrels per day (bpd), the lowest since record keeping began in 2001.