The U.S. is now exporting crude oil to more nations than it’s importing from, the Energy Information Administration said in a new analysis out Tuesday.
Why it matters: The inflection point highlights the U.S. emergence as a crude export powerhouse and falling import reliance thanks to the domestic production surge.
Where it stands: In the first seven months of the year, the U.S. imported crude from a maximum of 27 nations in a given month, compared to as many as 37 a decade earlier, per EIA.
Meanwhile, during the same stretch of 2019, the number export destinations rose as high as 31.
U.S. crude oil exports averaged 2.9 million barrels per day during the first half of 2019, according to EIA monthly data.
More recent (although less robust) weekly data shows them trending even higher.