Your cited source has informed us that for a single week US oil exports exceeded imports.
But the reality is that on an annualized basis we continue to run a huge deficit in crude production/consumption.
About 5.5mil bbl/day.
“But the reality is that on an annualized basis we continue to run a huge deficit in crude production/consumption.
About 5.5mil bbl/day.”
Your eia.gov site says:
“Crude Oil Net Imports 3.43 mil bbl/day”
You are absolutely correct in hindsight...but big thing have happened over that last 12 months.
Assuming a slightly higher price per barrel happens in the following months I believe you will see some of those capped wells (which aren’t counted in production numbers) tapped, with a resulting decrease in global oil prices once the additional supply kicks in.
The magic price looks like something around $70 per barrel.
Of course I could be all wrong with my prediction. Time will tell!