US to Overtake Saudi in Oil Exports

United States will soon export more oil and liquids than Saudi Arabia, thanks to the continued rise in oil production from US shale plays and the increased oil export capacity from the Gulf Coast.

According to Rystad Energy, energy research and business intelligence company, it is a pivotal geopolitical shift. The US has for decades relied on large-scale imports to satisfy its thirst for oil, but this is about to change.

The Energy Information Administration (EIA) reported last week that the United States exported more crude and petroleum products than it imported. Granted, the EIA followed up with a report this week that US crude oil stocks had risen by 7.1 million barrels in a week, driven by a renewed appetite among US refineries for imported heavy crude oil.

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