The US has become a major player in the global oil market, with record-breaking crude oil exports in 2023 following the lifting of a decades-long ban.
Fresh on the heels of a new U.S. oil production record and establishment of the U.S. as the world’s top liquefied natural gas LNG exporter, this week the Energy Information Administration reported that the U.S. exported a record amount of crude oil in 2023. The U.S. has exported small amounts of crude oil for over 100 years, despite being a net importer of crude oil. Although there was a crude oil export ban in place, some exports were allowed, primarily to Canada.
The president can impose export licensing requirements for up to a year after declaring a national emergency, or if the secretary of commerce reports that crude oil exports are causing supply shortages or sustained premiums on domestic crude above global prices. Following the passage of the bill, oil exports immediately began to climb.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russian Seaborne Crude Oil Exports Hit 2024 HighLast week, Russia's crude oil exports climbed to the highest level this year, averaging 3.7 million barrels per day over the week.
Read more »
Iran to Unload $50 Million Worth of Crude Oil From Tanker Seized in 2023Iran is set to unload about $50 million worth of crude oil from a tanker chartered by Chevron and seized by Iran in the Arab Gulf last year.
Read more »
The U.S. Oil and Gas Industry Spent $234 Billion on M&A in 2023The U.S. oil and gas industry spent $234 billion on mergers and acquisitions in 2023, the highest spend since 2012.
Read more »
China's CNOOC Saw Profits Plunge in 2023 Due to Lower Oil PricesThe decline in international oil prices in 2023 saw the profits of Chinese oil giant CNOOC fall by 12.6% from 2022.
Read more »
The U.S. Recession Myth That Tanked Oil Price Predictions in 2023Oil price forecasts are becoming more uncertain due to unexpected factors like strong demand and U.S. shale well productivity.
Read more »
Kazakhstan Eyes Expanded Routes for Oil Exports in 2024Kazakhstan is planning to increase its oil exports in 2024 despite facing reduced revenues and potential logistical complications, including navigating through Russian transit routes and dealing with possible sanctions impacts.
Read more »