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U.S. now a net oil exporter for first time on record

  • The U.S. became a net exporter of oil last week for the first time on record, the result of a fracking boom which has sparked massive increases in drilling and slashed reliance on foreign energy sources.
  • The Department of Energy reported the U.S. exported a net 211K bbl/day for the week through Nov. 30, the first time ever dating back to the DoE's creation in 1973, as crude exports jumped to a weekly record of more than 3.2M bbl/day.
  • Petroleum exports until recently were dominated by products such as gasoline and diesel, but that has changed since the U.S. shale revolution that has sped up drilling and extraction of oil, helping raise overall U.S. production to a record 11.7M bbl/day.
  • The DoE data comes as OPEC adjourned a meeting without announcing an agreement to cut production as it tries to cope with falling prices due in part to the surge in U.S. output.
  • Earlier: Crude inventory unexpectedly falls (Dec. 6)
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