Growth in simultaneous crude oil exports and in outbound shipments of refined fuels such as petrol and diesel could cement the country’s status as a net exporter, according to the EIA. (Source: Shutterstock.com)
The U.S. will become a consistent net petroleum exporter late next year, the government has forecast, an astonishing shift that reflects surging domestic crude oil production.
The country will ship out more crude oil and liquid fuels than it imports by September 2020 and the net export total will surpass 1 million barrels a day by December 2020, the Energy Information Administration (EIA) said in a monthly energy outlook issued Jan. 15.
The prospect raises the stakes for members of the OPEC cartel and allied producers struggling to stabilize oil markets in the face of U.S. shale supplies, which can accelerate quickly when prices rise.